Are you just getting started with HR Analytics? Or maybe you’ve heard about it and aren’t sure what it is? We can help you get to grips with the definition, who it benefits and how it can help you and your HR team improve the workplace. Read it here in our Beginner’s Guide to HR Analytics.
What is HR Analytics?
HR Analytics (or People Analytics) refers to the insights that drive HR to make informed decisions. The CIPD defines it as helping ‘HR practitioners and employers to gain insights into their workforce.’ The knowledge you gain through HR Analytics will help you boost retention and enhance your employee experience.
It’s about more than just hard data though. At its best, HR Analytics helps you understand the world and experience for every employee. By understanding trends across the business, you’ll be able to put yourself in your peoples’ shoes to learn what matters most to them. It almost sounds like a contradiction – can data help create empathy? Yes. As long as you are willing to listen.
HR Analytics Project Examples
Here are some practical examples of how you can use people analytics:
Boost employee retention
Learn what employees love about your business and hold onto top talent
Predict employee turnover
Find out what triggers people to leave and when. Talivest’s analytics tool helps you do this easily.
Personalised career development
Help employees carve a career path and highlight learning opportunities. See how our analytic tool in Employee Development can successfully help with employee skill gaps and building a career path.
Tailored employee benefits
Ensure employees get the benefits and rewards that they really care about
Benefits of HR Analytics
How can HR Analytics make an impact? Firstly, it’ll make you a more valuable HR leader, generalist or administrator. Imagine being able to rely more on statistics and less on ‘gut’ or ‘hearsay.’ Having data to hand will make you more credible as a business leader and will help you have greater influence with senior leadership.
HR Analytics will also give you a data-based narrative. You can share this with stakeholders when making a business case for your next HR initiative or solution. They’ll quickly see the reason behind your suggestions, as it’s all based on data. Knowledge is power, and with HR Analytics you’ll have a lot of knowledge.
Reduced Employee Turnover
‘Employee turnover costs the US $1 Billion every year. It’s now one of the central focuses within the HR industry,’ says Laura Belyea, COO of Talivest. By measuring your employee analytics through anonymous surveys, you’ll learn how best to hold onto your top talent. As a result, you’ll reduce your employee turnover and cut down on costs to replace talented leavers.
How much does your Employee Turnover cost? Use our Free Calculator
Enhanced Employee Experience
David Green is a top HR / People Analytics leader who sees the value of insights on the employee experience (EX). “People Analytics can start to improve the employee experience and the wellbeing of people at work, and if that’s not HR’s role then I don’t know what is.” HR needs to continue its journey towards getting the best data it possibly can, to stay relevant.
Personalisation for Your Employees
It’s no longer enough to have a one-size-fits-all approach when it comes to total rewards and benefits. Tailor-made, targeted benefits enhance an employee’s experience at work. For instance, depending on the stage you are at in your career or personal life, you might favour flexibility over pension, or vice versa. You can only find out what matters to your people by segmenting the results of your survey. You can do this through surveys by filtering results by location, region, or seniority.
“Employees are demanding the sort of experience they get as a consumer where things are personalised” – David Green, People Analytics Leader
How to Get Started with HR Analytics
The easiest way to get started with HR Analytics is to start collecting feedback from your employees and do a deep dive into what people say is going well and where the company can improve.
Real-time feedback tools like Talivest allow you to do quick Pulse questions targeted to a specific segment of your employee base. You can then quickly make decisions in real-time based on what your people are saying.
How Talivest Helps You
Talivest is an employee engagement and people analytics platform that can helps organisations get to the root of the problem of high employee turnover. By engaging your employees and gaining real-time anonymous feedback from them, you can get actionable insight into the health of your organisation.