People analytics has become an increasingly popular tool for businesses everywhere. It is the application of data analysis and predictive modelling of human resources to drive better decision-making around people-related issues. But what exactly are the essential features of people analytics? In this blog post, we’ll explore six essential features of people analytics that can help you better understand your workforce and make better decisions about how to use them.
6 Pillars of People Analytics
There are essentially 6 pillars of people analytics. These are:
1. Company Culture
A robust company culture is essential for any organisation that wants to be successful. People analytics can help create and maintain a healthy workplace environment by providing data-driven insights into employee behaviour.
- For instance, a company culture which talks about collaboration and teamwork should have multiple team members working harmoniously with one another to produce good results. Thus, through data analytics, one can see if there is a disconnect between company policy and actual working styles. By bridging this gap, people analytics can enhance the culture of any corporate organisation.
2. Talent Management
To have a strong people analytics program, your organisation needs to have a good talent management system in place. Here are some essential features that your talent management system should have:
– A way to identify top performers:
You need to be able to identify which employees are your top performers so that you can target them for retention and further development.
– A way to monitor turnover:
You need to be able to monitor turnover rates so that you can take steps to improve retention.
– A way to integrate with other systems:
Your talent management system should be able to integrate with other systems, such as your performance management system so that data can be shared seamlessly between them.
3. Leadership Practices
Several leadership practices are essential for people analytics. Examples include:
-Building trust and credibility with data:
People analytics can only be effective if leaders trust and believe in the data.
–Making data-driven decisions:
Leaders need to be able to use data to make informed decisions about people-related issues.
Leaders need to be able to communicate the results of people analytics clearly and concisely to employees, managers, and other stakeholders.
4. Performance Management
Performance management is the process of setting goals and measuring progress towards those goals. It includes setting objectives, tracking progress, and providing feedback.
The benefits of performance management are clear. It can help individuals and organisations improve their performance and achieve their objectives. But what are the essential features of effective performance management?
There are four essential features of effective performance management: goal setting, data collection, feedback, and coaching. Let’s take a closer look at each one of them.
- Goal setting is the process of defining what you want to achieve and establishing a plan for achieving it.
- Data collection is the process of gathering information about your progress towards your goals.
- Feedback is the process of receiving information about your performance and using it to improve your results.
- Coaching is the process of providing support and guidance to help someone reach their full potential.
5. Employee Engagement
Employee engagement is critical to the success of any organisation. People analytics can help companies identify and address issues that are impacting employee engagement. Here are some essential features of people analytics that can help organisations improve employee engagement:
– Data-Driven Insights:
People analytics uses data to generate insights about employees. This data can be used to identify trends and patterns that impact employee engagement.
– Employee Engagement Surveys:
Surveys are a key part of people analytics. They can be used to collect data about employee engagement levels and also track changes over time.
Communication is essential for any organisation, but it’s especially important when it comes to employee engagement. People analytics can help organisations understand how employees prefer to communicate and what channels are most effective for reaching employees.
– Employee Retention:
Employee retention is a key metric for any organisation. People analytics can help institutions understand why employees are leaving and what steps can be taken to prevent turnover.
6. Learning and Development
These days, upskilling has become vital for all employees as it would not only help in benefitting an organisation but also help them scale up their own careers within the company. People analytics focuses on learning and development. The idea is to focus on different areas where there is a gap in knowledge or progress and design programs or classes to help employees acquire this knowledge, thereby boosting their performance. Moreover, people analytics also offers valuable feedback on the success or failure of a particular learning program, thereby helping companies to make more engaging and valuable learning and development initiatives in the future.
With business analytics becoming a major decisive factor in successful business administration, you can learn the intricacies of people analytics with a PG Certification Programme in Business Analytics & Applications offered by IIM Tiruchirappalli. It will deal with the basics of analysing data, building optimal tools for analysing and parsing large amounts of data, and dealing with challenges that come along the way. The pedagogy features a hybrid learning mode, with synchronous classes spread out over 56 to 64 weeks. IIM Tiruchirappalli offers one of the most promising business analytics certification courses in the country, so don’t miss out.
People analytics is an invaluable tool for any organisation looking to understand its workforce better and make informed decisions about employee performance. Thus, they are a staple in online business analytics courses. People analytics helps the organisation understand better the problems faced by the employees, which in turn helps in establishing a healthy and positive workplace culture.