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People analytics helps organizations understand employee needs, create transparency, and respond to different business scenarios in a better manner. People analytics enable the implementation of a data-driven approach for hiring and employee retention.
Fremont, CA: Talent analytics or people analytics refers to the process of utilizing analytics that can empower HR executives and recruiters to make key decisions about their employees. For this purpose, people analytics leverages statistics and modern technologies such as machine learning and artificial intelligence to analyze large volumes of talent data in order to help organizations make informed business and recruitment decisions.
People analytics helps organizations understand employee needs, create transparency, and respond to different business scenarios in a better manner. People analytics enable the implementation of a data-driven approach for hiring and employee retention. Apart from these core tasks, people analytics can improve multiple aspects such as engagement, productivity, employee development, and leadership. Besides, people analytics help HR executives better understand talent data for employees in their entire employee lifecycle. By leveraging people analytics, businesses can execute more accurate workforce planning. Therefore, every business leader needs to know the use cases and benefits of people analytics.
Recruiting suitable talent can be an extremely tricky business for recruiters. In order to make this task more simple, recruiters can use people analytics to find out high-performing employees. People analytics can study candidate data, like past work performance, career motivation, background experiences, and social life. Also, people analytics can help employers decide the ideal number of interviewers needed to ensure that the right talent gets recruited. By utilizing such insights, businesses can cut down the costs involved in training and turnover. Therefore, people analytics can provide a data-driven approach for hiring suitable talent.
Statistics show that average employee turnover can cost a company almost 33 percent of an employee’s salary. Such employee exists can happen because of multiple factors such as high work stress, low salary, long commute, poor work-personal life balance, and poor work culture. HR professionals need to address these factors for improving employee retention. People analytics can enable businesses to better understand employee pain points with the help of large volumes of collected employee data. Thus, organizational would be able to gain some idea whether an employee may leave their job.