A new concept has emerged in the field of Human Resource Management, known as ‘People Analytics’. The concept revolves round the fact that people are the building blocks of probable growth and innovation that can occur in an organization. The element of cost also comes under its purview.
“People Analytics draws heavily on big data enabled by technological advances, using the same in reference to behavioural pattern and people related issues. It streamlines businesses, irons out the complex issues at work; boosts employee loyalty and limits the churn (attrition)”, says Dr Anil Rao, Dean and Director –Welingkar, Bengaluru
Global giants have employed ‘people analytics’ to accelerate the profitability of the company by making the workplace more engaging. Global majors that have been successful with this concept include Facebook, Starbucks, Bank of America to name a few. The concept primarily deals with scope of manpower potential in achieving the organisational goals.
The fluidity of people analytics lies in the fact that it can be applied at different levels – individuals, groups or organisations as a whole. However, organisations are still in the process of figuring out how analytics could help take better people decisions within the organisation. The other areas that are under study include understanding workforce composition, assessment and reporting on key people issues, alignment to business strategy, improvement of employee data integrity, benchmarking key people metrics against external peers and more. So, the objective, data-driven and empirical approach that forms the basis of People analytics could pave a way for phasing out conventional HR practices that have proven ineffective and outdated.
Also Contributed by Prof Dr Uday Salunkhe, Group Director, WeSchool