7 Ways how companies can benefit from people and performance analytics
According to Deloitte, 2017 witnessed over 57% jump in people analytics capabilities adopted by companies. It also predicts, this trend will be exploding unabatedly and helps to create entirely data-driven people management solutions for large enterprises.
When Alan Turing tinkered with his giant room-sized machine, the primary purpose was fast computation. Later with the phenomenal increase in storage capabilities, every business started using it primarily for storage and retrieval. Analytics is the natural extension of using those Zettabytes of Big Data for business growth.
Here are the 7 ways enterprises and aspiring level 4 companies can benefit from People & Performance analytics
- Builds Foresights: Historical data reveals prevailing patterns and statistics which can be extrapolated to forecast trends. Analytical reports help you deduce future trends, disruptions and to stay one step ahead in all issues and opportunities. For instance, you can predict the attrition rate or a seasonal surge in workforce demands from your analytical reports and be ready with the right solution.
- Reduce Mistakes: Mistakes are costly and sometimes devastating for businesses. The path to decision making is dangerous and riddled with treacherous traps. One misstep and organization may find itself in freefall. Armed with the right data, you can navigate those treacherous paths confidently and avoid critical mistakes.
- Develop Preemptive Measures: With continuous analysis of the prevailing trend, it is easier to discover the early signs of failure and proactively implement preventive measures. For instance, you can identify John’s unsatisfactory sales performance at the early stage from his real-time goals analytics and provide proactive reinforcement strategy for a healthy turnaround of the situation.
- Deliver Personalized Experiences: Enhancing “Employee Experience” is the mantra for the progressive and agile companies. They rely on reports of employee engagement activities to gain a better understanding and deliver personalized experiences. For example, the demographic reports of the adherence to the company’s core values help them design core value enforcement activities customized for each age group.
- Use HR Data Intelligence to Grow Your Business: You would be familiar with the market and sales CRM software and using the analytics effectively to grow your business. Likewise, you can use your HR Performance Management analytics and reports to optimize your talent management effectively for business growth.
- Achieve Data-Driven Decision Making: HR and performance metrics are the driving force behind organizational growth. Structured HR data and analytical reports aid effective data-backed decision making in developing future growth strategies. For instance, project-wise performance trends analytics help you identify your talent potency across the projects and make future plans.
- Get 360-Degree Views of Your Employees: A 360-Degree employee feedback data profiling is a treasure trove for any organization and is possible only with a comprehensive HR analytical Reports. It helps you identify the right talent for every project, determine their adherence to company’s core values, discover their HiPo scores to nominate for leadership roles, peers feedback on behavior competencies, their engagement level, and aspirations.
Be it a legacy business like Costco Wholesale or cutting-edge, tech business like Google, they give due importance to People analytics and find innovative ways to foster, motivate, reward, recognize and develop people and culture for sustainable growth.
Make your own growth story with Synergita, the employee performance management and engagement software with comprehensive analytical reports. Call Us Today!