What is People Analytics?

A constantly changing business environment has created an urgent need for better people decisions everywhere, especially when decision effectiveness is 95% correlated with financial performance. To succeed, you must gather and apply your data to make the most optimal people decisions that will mitigate your problems and improve your future development. Business leaders never want to make guesses; they want to make fact-based decisions. People analytics is all about making the most well-informed choices on talent using quality insights.

What is People Analytics?

People analytics is defined as the collection and application of talent data to improve critical talent and business outcomes. Better hiring decisions, effective performance management, and better retention are possible due to strategic and informative data that can be easily applied.

When to Use People Data?

People data can be used in several ways; however, it is most effective when leaders can utilize it to decrease the issues they are facing or when they want to develop a stronger team for the future.

Examples of when to use people analytics include:

• Workforce Planning

• Hiring

• Employee Retention

• Increase Productivity

• Learning and Development

The Process of People Analytics

The first part of the process is determining what data is relevant to your business goals. If it does not add strategic value to your end goal, then finding this data may be a waste of your time. The next step would be to apply your relevant data and predictive analytics to defining processes regarding talent management, leadership development, etc. Consider utilizing a people analytics tool to make digging up and applying the data a lot easier–we recommend the Predictive Index. Lastly, you want to ensure that the people analytics you are using aligns with what you’re trying to achieve.

Want to take advantage of people analytics and optimize your company’s talent? At Vega Inspired Solutions, we are here for you. Contact us today to see how we can help you recruit and attract the best candidates for your job openings with our talent optimization service. We specialize in helping our clients develop a process to hire the best talent by diagnosing their needs, designing a system that can always hire the best, and inspiring new talent to develop into high-performing teams or leaders.