“Next-generation performance management technologies already enable integration with data from areas like sales, marketing, or customer management. Machine learning and artificial intelligence can help turn this data into actionable insights around promotions, compensation, development opportunities, and career moves.”Josh Bersin, Merging Performance Management and People Analytics
5 Ways HR Can Benefit from People Analytics
In the past, HR teams have been data-rich but insight poor because they lacked access to analytics that could help them. For years, the discipline of people analytics or HR analytics was considered a niche skill, and advanced data analysis was often limited to one-off projects done by a technical individual with limited budget or access to specialized analysis tools.
All of this is poised to change with the increasingly rapid and widespread adoption of advanced analytics that will finally allow HR professionals to transform the piles of raw data available to them into actionable insights. These insights can be used to support data-driven decisions around high-potential talent, promotions or compensation, development and succession planning and, importantly, agile cross-functional team staffing.
Robust people analytics deliver insights from and insights about your workforce. They show you where you need to focus your efforts to drive business outcomes—to make the organization better, faster, and stronger. And this new generation of tools isn’t just for the ‘data elite,’ or even just HR; people analytics benefit the C-suite and management as well, which means your return on investment has the potential to grow exponentially.
The potential value of these analytical investments is extremely high; while the exact numbers for people analytics are still being determined, research has found that general business analytics can generate $13 for every $1 invested.
To help HR professionals understand the potential impact these systems can have, we’ve talked to some of the top experts in the space to illuminate how people analytics can be harnessed to:
- Improve and evolve their performance management process
- Ensure organizational alignment around critical goals
- Develop and motivate an agile workforce
To learn more, get your free copy of 5 Ways HR Pros Can Drive Business Value With People Analytics today!