The phrase “data-driven” has found its application in every department and processes of the corporate industry, be it marketing, sales or HR. Analytics has become an important aspect of optimizing business assets. Here, talking about the assets, let’s drift our attention to the most valuable asset of an organization: its people. People Analytics-the practice of drawing insights from employee data to make important decisions makes an eminent part of modern HR practices.
For years, HR professionals have faced multiple obstacles while managing employees’ data manually which results in delayed and inefficient decision making. As per Deloitte’s 2018 Human Capital Trends report, 85% of companies envision people analytics as a high priority, but only 42% believe they are either ‘very ready’ or ‘ready’ to meet expectations. But the scenario has changed with the arrival of cloud-based, sophisticated analytics tools or software that allow HR professionals to digitally manage the employees’ data and draw valuable insights from it in a very efficient manner.
HR professionals now have the technology-based, advanced software at their disposal that automates the process of employee management and data handling. The digitalization of people analytics has optimized the HR processes and enabled businesses to employ people data in more timely and effective ways.
A renewed and intense focus on people analytics in Human Resource also signifies the shift in how C-suite views the workforce. Ian Cook, vice president of people solutions at Visier, an analytics provider in Vancouver, British Columbia, Canada says,” There’s been a shift away from viewing people as a commodity and the thinking that ‘as long as we have enough workers to fill jobs and it’s not costing us too much, we’re fine. Now more often CEOs want to know that they have the right people with the right skills in the right jobs to execute on their strategy. There is a growing focus on talent quality, not just the talent costs.”
Growing Options For People Analytics
The evolution of analytics tools and software has created a highly competitive marketplace. Businesses have multiple options when it comes to choosing the right tool for their business needs. Most HR professionals prefer cloud-based people analytics software like Compport that is an all-in-one system for managing the complete analytics and compensation processes. Depending upon the nature of the organization and its work structure, the HR functions may employ a single software or a variety of software tools for people analytics. In a study of the people analytics technology market by Deloitte, it was revealed that the most mature organizations use an average of seven analytical tools. Nonetheless, you must ensure that the software or analytics tools you implement in your firm generate accurate and up-to-date data and enable real-time access to insights in order to generate a high return over technology investments.
Make Better Sense of Data
As the process of people analytics turns more sophisticated, data-driven, versatile and optimized with analytics software, the scope of employee data evaluation has expanded beyond the standard and traditional measures like employee headcount and turnover data. HR professionals use these flexible tools to measure areas such as the progress of diversity, inclusion initiatives, and worker overtime trends. The focus has been shifted from mere numbers to the value they bring to the organization.
Compensation & Productivity Analytics
When it comes to automating the HR processes, the businesses seek to employ flexible software that covers all the major verticals of the HR department i,e, compensation, analytics, and employee surveys. The cloud-based easy to use software such as Compport covers all the major aspects of HR management and automates compensation, analytics, and employee feedback processes. The software takes the burden off the HR professional by analyzing the data and generating valuable compensation plans, and employee surveys.
Data Security & Access Issues
One of the major concerns of HR professionals that have been taken care of by the analytics software is data security. The traditional people analytics methods required HR professionals to take sensitive employee data out of HR systems and put into spreadsheets or data-visualization tools for analysis, that incorporated various security risks. The technology-based analytics tools ensure the optimum security of data as the data is encrypted and is only accessible to those who are authorized to access it.
Workforce parity & Inclusion Analytics
The global businesses have been making great efforts to bring gender parity among the workforce and have sought more sophisticated analytics to measure the impact of their diversity and inclusion (D&I) initiatives. People analytics software has made it possible for HR professionals to apply a data-driven approach to attain workforce diversity. The software extends smart solutions to address issues like pay equity, unconscious bias in hiring or promotion decisions with analytics. Moreover, the software helps businesses to ensure that members of underrepresented communities feel included through insights drawn from analytics and advanced surveys.
It takes a combination of the right technology, agile functionality, and flexible structure in software to generate a good ROI from people analytics. A right and competent analytics software like Compport can scale your organization’s and its employees’ growth to an unmatchable pace. The software offers exemplary solutions for compensation, analytics, and surveys. It offers 1000+ multi-dimensional intuitive analytics and tools for better analysis and decision making. What makes Compport the most efficient compensation & people analytics software is its capability to design a fully-fledged compensation plan in just 30 seconds. Contact us to get this software for your HR department to manage various compensation tasks with a single tool making the process of HR management simpler, optimized and more agile.
Also Read: Benefits of Systematic Compensation Management on Employees’ Performance