Today’s world is data-driven, and now, like other sectors of the business, hr too is leveraging data to manage and recruit the best talent available. Since the advent of revolutionary hr tech a few years ago, people analytics has gained traction like never before. Hr and people analytics had existed for long, but until the advanced technologies such as AI came into prominence, they were not been given the due they deserved.
In the past couple of years, data science has evolved drastically, and so are the other disruptive tech, like machine learning and artificial intelligence. And that has allowed hr analytics to rise to the top. At present, most large-scale corporations are leveraging people and hr analytics in their workforce management strategies, starting from recruitment to a worker retires.
Some Interesting Stats That Prove the Vitality of People Analytics
A study conducted by IBM and MIT concluded that companies equipped with a high level of analytics reported 58% higher sales per worker, 24% higher operating income, and an 8% higher growth in sales.
Besides the above-mentioned stats, a Deloitte survey in 2017, found that companies that leverage people analytics to make business decisions achieve 82% higher 3-year average profits compared to their low-maturity counterparts. Similar to other research (Nucleus Research, 2014) in this regard says that the firms that invest in analytics, obtain an ROI equivalent to $13.01 per one dollar spent.
4 Key Areas Hr Executives Can Apply People Analytics Into
Talent Sourcing & Acquisition
An intense competition always prevails among the top corporations in the world to hire the best talent at their respective companies. ‘The war for talent’ is always on. Beating competition in this specific area requires you to make optimal use of data. And people analytics hr tools offer just that.
Analytics can assist hr professionals in gaining insights into the skill and behavioral patterns of the ideal employees. Once they get to understand, where to source these candidates from, and how to track ideal candidates, hr people can begin to enhance the quality of talent being shortlisted.