Over the past few years, analytics has emerged as a powerful growth driver for key business functions such as marketing and finance. Ironically, as one of the largest custodians of organisational data, HR has been much slower to adopt analytics. While solutions like HRIS and time and attendance have long been in use, HR teams have been unsuccessful in using data from these technologies to inform their short and long- term strategies.
As organisations begin to deploy end-to-end Human Capital Management (HCM) solutions, or integrate their existing point solutions, HR can finally collect and centralise large volumes of employee, vendor, and customer information. And this presents a significant opportunity for HR to extract value from data. In the past, fragmented solutions and legacy data recording methods prevented HR teams from centralising and unifying employee data. This in turn led to data becoming siloed across various HR functions (recruitment, payroll, performance management, etc.).
Fortunately, as organisations and business leaders begin to realise the value of people data, HR now has the opportunity to unlock the full potential of human capital.
In this guide, we outline the concept of people analytics and explore the key benefits of deploying it. This guide will also cover best-practices and challenges you might face when deploying people analytics.