How can People Analytics improve business performance?

In today's dynamic business landscape, data has proven to be the new currency, and when it comes to improving the performance of an organisation, understanding the power of people analytics can become a powerful tool.

But first, let’s understand what People Analytics is.

At its core, People Analytics involves analysing data about individuals within an organisation to tackle complex business challenges.?

You can harness this data from different sources, such as HR systems, IT departments, external surveys and more.?

Insights derived from people analytics can drive you through significant organisational change.

That being said, how can businesses benefit from People Analytics?

Making use of such analysis provides a lens through which you can:

• Boost workforce confidence and self-esteem: By delving into the factors that drive employee engagement, you can adapt your practices to boost morale across your workforce.
• Enhance Employee Retention: Identifying critical areas and adapting incentives to reduce attrition, benefiting different groups of professionals.
• Measure Workforce Metrics: From performance and wellbeing to inclusion and diversity, people analytics empowers you to measure your workforce comprehensively, catering to both internal and external stakeholders.
• Make Evidence-Based Decisions: Informed by data, people analytics enables smarter, evidence-based decisions to improve workforce wellbeing and organisational performance.
• Showcase HR Impact: It quantifies the impact of HR policies and processes on workforce and organisational performance.
• Assess ROI: People analytics can even estimate the financial and social return on investment for various change initiatives.

Undoubtedly, there are several benefits associated with People Analytics.

But how it can be legally employed since it involves employee monitoring and surveillance??

Technology has made data collection about individuals seamless, from websites visited to time spent on specific apps.?

However, it bears mentioning that People Analytics must always be employed within the bounds of the law and, more importantly, within the boundaries of respect and trust.

Having said that, it's important to emphasise that the following key principles for responsible employee monitoring should be upheld:

• Transparency: Clearly communicate what you're monitoring and why. Transparency builds trust.
• Employee Involvement: Consult with your employees to ensure that monitoring measures are relevant and necessary. This collaborative approach ensures buy-in.
• Cultural Sensitivity: Recognise and respect cultural differences. Your monitoring system should not inadvertently discriminate against minority groups.

Bear in mind that People Analytics has nothing to do with micromanagement. It's about harnessing data responsibly and ethically to drive positive change within your organisation.

Finally, as the boundaries of HR expand, it's essential for all people professionals to embrace evidence-based practices and become insights-focused.?

By doing so, we contribute to a brighter, data-driven future for our organisations.

Use the power of data to unlock new horizons for teams and businesses across the globe.?