People analytics are crucial to success in modern business no matter at all times. But its importance becomes only clearer during periods of uncertainty.
Consider the period through which we’re all currently living. Previously, we could check in with our employees to get a general understanding of how they’re performing on their job. While the data we took away from these conversations wasn’t exactly objective, it did allow us to keep tabs on our team.
Now, with employees working from home and the nature of work rapidly changing, we need data points. We need to know our hiring process is running efficiently, and we need the key performance indicators (KPIs) of our teammates at our fingertips.
Knowing where to start is half the battle. Here are three people analytics insights to which your team should have access regardless of whether they’re working from home or in the office.
1. People Analytics for Hiring
The development of a top notch team starts with an efficient and effective recruiting and hiring process. Your recruiting team first needs to identify talent and then make an attractive pitch about your company to an employee.
All of this can lead to ballooning costs–particularly now, when a premium is being placed on technical skills since we’re all relying on computers now more than ever before. But how do you keep track of all the incoming talent?
It starts with a quality applicant tracking system. A solid ATS should give you clear insight into the average amount your company spends per hire as well as the amount of time it takes from the start of the recruitment process to the time the employee is onboarded.
Perhaps more importantly, a modern ATS system can give you a glance into the most effective forms of job advertising your company uses. For example, if your company uses a job board such as Indeed, the applicant tracking system should show you how many current employees began their applicant journey using Indeed. If you’re finding certain advertising sources are not attracting a high volume of applicants or are only leading to applicants who are rarely if ever eventually hired, you might want to reconsider the advertising platform.
2. People Analytics for Tracking Individual KPIs
People respond to incentives. It’s usually the first lesson you’ll learn in any economics class. Sometimes, however, the incentive structure you create for your team isn’t effective as you would likely.
But without a clear system of tracking progress toward individual KPIs it can be very difficult to determine whether the system you have created is sound. And performance management is arguably more important now than it ever was before. Many employees feel stretched trying to manage their personal and professional lives simultaneously as a result of work from home arrangements. They desire recognition from their leaders.
Luckily, modern enterprise resource planning (ERP) systems simplify performance management. These systems allow you to log conversations you’ve had with employees and record goals for each of them. Then, as they make progress toward the goals you’ve set, the system updates automatically, sparing you the hassle of having to manually update data.
A solid performance management system should significantly reduce the amount of time you currently spend goal setting and tracking. Be sure to set these expectations with any new ERP vendor with whom you before making a purchasing decision.
3. Insight Into Staff Morale
We already mentioned the drain the pandemic has been on work teams around the world. It’s hard to remember another time when our personal and professional lives collided in such an abrupt way.
Your team doesn’t expect miracle work from your management team. They simply want empathy. Thankfully, you’re still able to offer them this despite not currently working in the same facility as them. It all starts with knowing where they are and how they’re doing.
Knowing where your employees live and how the areas around them have been affected by the pandemic is a great step toward understanding their plight. If the data your HR team possesses about an employee indicates they live in an area that has been ravaged by the pandemic, or if they are a member of a demographic group disproportionately affected by it, you should be mindful of these factors whenever you’re having a discussion with them.
On a more basic level, you need to keep pulse checks on your staff. Occasionally have your HR team distribute brief digital surveys to get a feel for how your team feels about current work arrangements. If you notice any alarming trends, the onus is on members of the leadership team to address it either individually or at a staff-wide level.
If you’re looking for business software capable of taking all of the data mentioned before and putting in one place and at your fingertips, we’re here to help. Our business software experts are here to help you configure a software solution tailored to your company’s people analytic needs.
Contact us today for a free consultation!