People Analytics can be defined as a process of working with HR data and translating that into data-driven actionable insights to improve the way business is done.
People Analytics (aka talent analytics or worforce analytics) is a deeply data-driven, evidence-based stream of data analytics where professionals are tasked with using concepts of data science, implement data models, and visualize data to recommend actionable insights. Simply put, People Analytics is the end-to-end data lifecycle from extraction to communicating to the business, but on HR data.
People Analytics is quintessential to an organization in this time and age when now, more than ever, an organization can make or break with its people. People Analytics is associated with what the business can become by the impact the people within create on business goals, mission and mission and evaluate the effectiveness of human resources initiatives.
People Analytics is not a small, niche team; rather, it folds the entire organization in and plays a pivotal role in driving workforce strategies.
Why People Analytics?
More than 70% of companies now say they consider People Analytics to be a high priority and yet, only 8 percent of organizations report they have usable data, while only 9 percent of the companies believe they have a good understanding of what talent dimensions drive their performance— that’s an ocean of opportunities for more companies to consider People Analytics right there!
Organizations today are facing a radically shifting context for the workforce, the workplace, and the world of work. In that age of change, where the organization of the future is arriving now, talent acquisition and employee experience are key contributors in business KPIs
.The interplay between data and people looks promising for a lot of reasons but primarily because —
- the raw material for people analytics already exists with companies — human resources track, store, maintain everything
- much of the data does not change over time — facts about individuals like ethnicity, gender, and work history do not change as often
- human capital is an appreciating asset for a business and can either save you money or cost you the business
For anyone with a knack for analyzing HR data, to optimize talent management and organizational performance, studying the human psyche, and correlating it with the employee experience, People Analytics is for you!
Life In A Day: People Analyst
A People Analyst is responsible for understanding, analyzing, executing, and resolving business and HR concerns and identifying opportunities for existing and new workforce.
A People Analyst follows more or less the same day in life as any other data analyst, the difference being the data worked on— people analysts work with HR data, including but not limited to —
- talent acquisition
- attrition (the rate at which people leave the company)
- employee roster
- employee sentiments
- employee retention and engagement
A People Analyst is responsible to lead the design, development, and implementation of the data models, tools and procedures, statistical analysis, quantitative and qualitative research, and predictive modeling to drive the discovery and articulation of HR impacts and insights for the business.
People Analytics serves as an advanced analytical support/resource for the leaders to brainstorm and create effective and efficient talent strategies.