People Analytics: The key to talent hiring and retention
Analysis of key talent metrics and surveys can prove to be a major game changer in understanding employees’ pulse, which is the major area where most of the firms miss to succeed.
The period of ‘great resignation’ in the recent past and layoffs happening at startups across the world could have been abated if organizations were to deploy and use people analytics more diligently. More understanding of people and their evolving needs combined with changing market dynamics could have provided organizations with a much-needed sense of what was coming their way.
In today’s data driven world, it is high time that Human Resources teams accept and adopt analytics as a significant, game-changing factor, while making business decisions. The old ways of HRM are no longer enough to keep pace with competition and unexpected contingencies.
Usage of analytics is giving HR professionals and leadership the opportunity to switch from a traditional, intuition-based decision-making process to a more structured and objective algorithmic approach.
“Although slowly, I believe, organizations are realizing that traditional methodologies and approaches no longer work in the post-pandemic world, and they need to develop a better understanding of their people who are the company’s biggest asset. Visibility around potential use cases and increased awareness about the need is what makes organizations willing to invest in people analytics nowadays,” said Aashish Nuhani , Director of Analytics, Leap Commerce.
Not many organizations haven’t realized the true full potential of people analytics. While hiring remains the most prominent and celebrated use case taking much limelight, people analytics can add value across the employee lifecycle.
Talking about talent hiring – organizations are looking beyond their immediate needs while hiring for the role. The question is ‘Can an accountant you are hiring today become CFO and lead your whole organization someday?’
“Organizations are starting to answer this question while hiring. People analytics equip hiring managers with an in-depth understanding of the overall profile of candidates which goes beyond the traditional aspects of candidature looking at their emotional quotient, leadership style, and empathy. For candidates, on the other hand, it helps them in mapping them with a role where they are more deemed fit per their strengths thus setting them for success. Overall, it becomes a win-win for all the stakeholders,” Nuhani added.