People Analytics Industry Set to Surge over the Next Three Years
A recent article published on straitstimes.com has given us some very interesting statistics regarding people analytics. The article opens by looking at some of the results of a study carried out last year by PricewaterhouseCoopers (PwC), and we think the findings they discuss are worth looking at in a bit more detail.
People Analytics: Understanding VS Adoption
According to the article, the study by PricewaterhouseCoopers found that 86 per cent of business leaders were of the shared opinion that the creation or development of their people analytics function was a strategic priority for the next one to three years. However, only 46 per cent of these business leaders actually had an existing function dedicated to people analytics.
What does this tell us about how modern businesses are approaching this area of operations? Well, on the surface, the obvious conclusion is that out of the companies where people analytics is seen as an important part of business, less than half of them have actually done anything about it so far. But beneath this, is information that could predict where the Human Resources industry is headed over the next few years. If 86% of organisations have prioritised people analytics as part of their 3-year strategy, but only 46 per cent of them actually have a people analytics function, this could mean that software companies providing people analytics solutions may well see a huge surge in adoption over the coming years.
What Is People Analytics?
People analytics is getting more and more popular, and it might make you feel like you should be introducing it into your business. But what is it?
To put it simply, “people analytics” is the act of applying data to people decisions. The idea behind people analytics is to collect large volumes of performance data across a range of metrics, and then create meaningful insights that drive better performance.
There are many examples of this working in practice. For instance, careerbuilder.com tells a story of how a small rural town in Oklahoma put workforce analytics to use in order to attract a high-tech Belgian company to open a new construction site in their region. This went on to create 160 new jobs!
Many Human Resources Information Systems (HRIS) now have certain elements of People Analytics in-built. If you’ve not migrated your manual HR processes to an automated HR system yet, now might be the perfect time for you to take a free trial.
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