People Analytics: Is Data HR’s Most Critical Asset?

The insights gained from data are valuable to organizations. It helps human resource (HR) executives make decisions to improve operational performance, make employees happier, and uplift productivity. Additionally, data allows businesses to boost revenue while adding value to the company. So, can people analytics data increase employee retention and elevate a brand’s value? In this article at Consumer Goods Technology, Liz Dominguez discusses how merging data with human resources can help firms establish an employee-centric culture with Petra Mudder, director of global people analytics at Kellogg Company.

Does People Analytics Improve Decision Making?

According to a study conducted by McKinsey & Company, people analytics led to an 80% increase in recruiting efficiency. The report also suggests a 25% rise in business productivity and a 50% reduction in attrition rates. So, what are the other benefits?

Boosts Employee Engagement Levels

“People and business data are tremendous assets that, when analyzed effectively, can drive our HR strategies and culture, including equity, diversity, and inclusion; retention and engagement, and manager effectiveness,” says Mudder. Additionally, data is powerful in addressing the evolving needs of today’s hybrid workforce.

Supports Diversity and Inclusion Goals

Managing diversity and inclusion is the top concern for many HR executives. But data can support diversity and inclusion culture by tracking metrics such as the degree of pay equity among employees and the diversity of new hires. Mudder opines that HR executives must question themselves, “What can we do to make our organization better and help our people to thrive?” It is here that data helps HR executives find direction and understand if they are progressing.

Uplifts Employee Retention Through People Analytics

Employees are central drivers of success, even in this age of robotics, artificial intelligence, and automation. Therefore, employee experience is the key factor in driving down attrition. This means that greater levels of engagement can lead to improved retention levels. Data analytics will help HR executives locate patterns and trends across departments, service lines, and teams. Big data highlights issues that may arise and allows business leaders to respond in real time to attrition issues as they unfold.

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