In today’s competitive landscape, leaders simply can not rely on gut feelings when making critical people decisions. We help leaders make better people decisions with data.
People analytics is a method of applying statistical principles and technology to large sets of talent data to help leaders make informed decisions about their workforce. Successful companies use people analytics to:
Make Better Hiring Decisions
Applicant tracking and assessment has topped the list in early machine learning applications, especially for companies and roles that receive high volumes of applicants. Machine learning tools help HR and management personnel hire new team members by tracking a candidate’s journey throughout the interview process. This can be done by using information gathered during the interview process to help predict a successful hire.
In order to make sure data is reliably supporting decision-making, one must first define a ‘successful hire’. It could be defined as a candidate who is likely to stay with company over the long-term or it could be defined as a candidate who is likely to be promoted. Or it could be a combination of the two.
Decrease Employee Turnover
Understanding why people decide to stay at or leave a job is probably one of the most important questions for HR. AI/machine-learning algorithms that can detect patterns in the data from among an array of variables are well-equipped at quantifying this problem and they can do it much more effectively and efficiently than a human.
Gain Insight Into Employee Engagement
Utilizing data analytics to understand and evolve employee engagement can be a powerful capability. By understanding differences amongst various employee groups, data can be utilized to create an algorithm that helps to predict and improve engagement.
Financial institutions, for example, can use algorithms to mine employee behavioral data to identify “rogue employees” before any criminal activity takes place…or at least they can mitigate the damage and fire them.
Increase Accuracy In Job Placement
The process of increasing accuracy in job placement focuses on building analytics around who will be an ideal fit for a particular job, then applying analytics to help HR leaders to determine best-fit matches for job placement.