More and more, business leaders are recognizing that people are a company’s most valuable asset. Sales and R&D are certainly key components to driving a business forward, but so is hiring, motivating and retaining top talent. And now, more than ever, there are data and metrics to help companies better understand their employees on a deeper level: people analytics.
What are People Analytics?
People analytics, otherwise known as workforce analytics or talent analytics, refers to the process of collecting, organizing and analyzing employee-related demographics and data to inform strategic decision-making.
While they’re similar to HR metrics, they aren’t the same - HR metrics largely cover HR initiatives, like hiring, employee development programs and onboarding efficiencies. People analytics go beyond HR, encompassing the entire organization to see what’s happening underneath it all.
ChartHop's people analytics reporting makes your data actionable with rich visualizations and faster insights.
While many HR teams rely on this data, people analytics can be used by anyone in a company, regardless of department or team. The insights uncovered can help managers, leaders and executives all make better decisions and ultimately, reach their goals.
Why You Should Harness People Analytics
There’s a reason 71 percent of companies agree that people analytics should be a high priority for their organization. While they offer hundreds of benefits, here are a few of the most stand-out advantages workforce analytics can offer your business:
They ensure you maximize hiring ROIs
Hiring new people can be costly and time-consuming. From posting job descriptions, to vetting resumes, to coordinating interviews, the hours and dollars spent making sure you hire the right people can add up.
Leveraging people analytics can help your teams make sure they’re getting the most out of their hiring investments, before and after they’re hired. With people analytics, you can:
- Reduce time-to-fill - When you have the insights to see how long it took to fill past roles and what skills past hires had, you can make strategic decisions that attract better candidates, faster.
- Cut down on cost-per-hire - Knowing where past hires were sourced from (i.e. job boards, corporate career portals, social media) can help you save money on recruitment marketing down the line.
- Ramp up onboarding - When you analyze onboarding metrics, like time to productivity and training completion rates, you can see what onboarding tactics are most effective, and what aren’t. This ensures your new hires can hit the ground running.
Software like ChartHop integrates with applicant tracking software, HR stacks and other hiring tools so you’re able to collect and analyze hiring insights in one, dynamic platform. These integrations also make it easy to examine your human capital - the skills and knowledge sets your employees have on each team - to fill hiring gaps, or know when it’s time to invest back in your employees through training.
They make it easy to track and boost employee engagement
It’s no secret - employee engagement is crucial for all businesses, regardless of shape or size.
With people analytics, you can uncover just how engaged your employees are in the workplace and, if they’re not, tackle those issues head-on.
One easy people analytics tool you can use to gauge engagement is the eNPS survey. eNPS stands for “employer net promoter score,” and is a survey employees complete regarding satisfaction, motivation, and other engagement metrics.
By analyzing eNPS scores, especially using a platform like ChartHop, your leaders can quickly visualize exactly how employees feel about their jobs, the company culture, and the business as a whole.
ChartHop's eNPS survey reporting gives you granular insight into the pulse of your org.
A platform like ChartHop also allows you to dive deep into granular data. Rather than seeing high-level engagement scores across an organization, ChartHop allows you to deliberately dissect datasets to provide the insights necessary and address real issues. These robust analytics include:
- Race, gender and ethnicity
- Performance and compensation
- Location and time-zones
- KPIs and 1:1 tracking
When these insights are leveraged alongside high-level eNPS scores, you can spot trends, identify gaps and make decisions to boost engagement.
They help tackle absenteeism and turnover
Absenteeism and turnover go hand-in-hand. Chronic absenteeism is an early indicator your employees are disengaged and potentially looking for new work.
People analytics can arm you with the tools to examine attendance and turnover more thoroughly. With a platform like ChartHop, your executives can see an overview of the company’s absenteeism rate and make changes accordingly. ChartHop also lets you splice data according to filters like team, department, manager, and tenure. Similar to employee engagement, this allows business leaders to drill deep into what’s happening behind the scenes - like a negative company culture, lack of career pathing, or leadership issues - that might be causing people to miss work.
Similarly, people analytics can help you address retention issues. With a dashboard like ChartHop, you can:
- Evaluate causes - Especially with voluntary turnover, you can see exactly why people gave their resignation and adapt your retention strategies appropriately.
- Identify resignation trends - Collect and analyze demographic data on people who have left in the past. Are there groups of certain people who leave more often than others? Why might that be? Use this information to your advantage to change these patterns.
- Determine “at risk” employees - Using engagement metrics and absenteeism rates, you can pinpoint which employees might be at-risk for giving their resignation. Having this information before a worker leaves gives you the opportunity to make the changes needed to keep them.
Plan For Your Future With People Analytics
As your company grows, the more insights and data you have to understand your people, the better you’ll be to plan for the future.
With people analytics and software like ChartHop, everyone - not just HR executives - is empowered to see the “big picture” of your workforce and the people who fuel it.
When leveraged to maximize hiring ROIs, assess engagement and reduce turnover, people analytics can help you accomplish your business goals. Knowing your people inside-and-out gives you the insights to make better decisions and scale intentionally.