People Analytics or HR analytics is fairly a new topic that is making a buzz in the industry. It is evolving with time and can be defined as systematic identification and quantification of the people drivers of business outcomes. In simple terms, it is a data driven approach towards Human Resource Management.
HR department heavily relies on ‘gut feelings’ as there are fewer data available on the employees and hence, HRs need years of experience to answer most of the questions. However, with People Analytics, the dependence on ‘gut feeling’ is eliminated. It enables professionals to make data driven decisions to the effectiveness of HR policies and interventions. The goal of people analytics is to convert the data into information and use that information to gain different insights. This allows HR to make a strategic decision.
With more access to the data, the more diverse and richer it will be to utilize the People Analytics model. The workforce which is built would be based on specific data about individuals and HRs will know what the employee needs to be engaged, what he needs to learn to excel and grow. This enriched data will streamline the process for the organizations and they will be able to tell which products, policies, and services work best for which employee. The firms will become employee-centric by employing People Analytics.
HR Analytics model will become a valuable asset for organizations as it enables corporations to measure the business impact of people’s policies. If an organization ensures it provides tailored solutions based on profiling and the employees want to reap benefit from the model, the employees will have to share their personal data as well such as job preferences, development in the sector, individual goals, growth rate, etc. Since the data will take out guessing work, the model seems the future of HR Management.