Business leaders nowadays believe they’re that becoming a data driven enterprise is simple. But they are missing an important part of it: people analytics. It gives you insights from your talent data and it’s crucial.
Why is it important?
It comes down to the fact, that in every other case companies depend on data to make big decisions. For example, in sales, you take a look at previous purchasing behaviours. So why not treat people data the same way? Why not measure your team’s engagement and skills?
I will give valuable information on how your team is prepared to deliver their goals.
Most companies are yet to include their people data in important reviews and summaries. In the era of big data, not using data about your most valuable assets is missing a huge investment opportunity.
So what can you do?
1. Create and execute a strategy
40% of the time strategy is undermined by talent deficiencies. Many executives say that it’s a huge challenge to account for people in their business strategy. Make sure you are able to determine your needs and plan out support for your people assets.
2. Account for the real costs of talent
Employees are your single largest annual investment. And according to PwC, they make more than 30% of revenue. Monitoring people data, such as hidden labour costs or trends regarding turnover can show you issues that were holding back your business. They can also shed light to different opportunities that will allow you workforce to be more effective.
3. Maximize your people investment
In 2015 companies earned less revenue on people investments. Despite a drop in labour costs! In this bizarre situation, the key message is clear. Make sure you are maximizing your investments.
We will be glad to help you set your first steps in the magnificent world of people analytics. If you want more in depth knowledge, head over to our Data-driven Employer Branding group on Linkedin, by clicking the link here.
author: Martyna Karpiuk, Product Specialist at EBnavi