People analytics is the new buzzword in talent management. After years of talking about the opportunity to apply data to people decisions, companies are now marching forward and making the venture. According to a recent study, only 8% of firms feel that their organization is robust in applying people analytics. While HR leaders mostly agree that HR analytics is a key vital thing to address complex business and talent needs, more than 80% of them accept as true that they lack the skills to leverage people analytics.
Employees’ View Point:
- 63% of employees lack confidence that their employer is keeping data about them private
- 72% of employees believe their companies are not telling them what data they are collecting
- Employees are 150% more likely to quit if a peer leaves the company than if a manager leaves the company
- 34% of U.S. CEOs are very concerned they will not find talent with the key skills they need to compete
- 87% of employers are highly concerned about retention and engagement, 86% about leadership, and more than 85% about current workforce skills.
- Despite the vast amount of engagement surveys in businesses, Glassdoor ratings for the average company are 3.1 out of 5
HR is under increasing pressure from the business to maintain benefit costs, but face a difficult battle in monitoring costs while handling employee engagement and fulfilment with their welfare program. Organizations have the data needed to make a positive influence on employee benefit plans, and HR leaders are turning to people analytics to make informed benefits decisions.
Some unexpected statistics showed up earlier in the year suggested that 40% of HR Professionals still use manual techniques to track and store their people data. While three in four companies believe using people analytics is vital, only 8% consider their organization is “fit” in the area—with no development since 2014. I think data analysis is going to become a well-known discipline within HR in the next 10 years.
Keeping an eye on the use of HR and work-life applications — and setting up HR analytics — can help managers and HR leaders successfully estimate the emotion of their staff, better regulate flight risks and enable them to report workforce concerns before they become unfavorable to business.