The importance of real-time information for people management
The employees of a company are very important to your success (or failure!). Being attentive to their behaviors and treating their data in the best way is fundamental so that the company can monitor in real time what goes on with its employees. In this way, you will be able to make effective people management. In today’s article, we address the importance of real-time information for people management!
Understanding the term People Analytics
People Analytics is a term that will be very fashionable in the coming years. People Analytics is the process of collecting, organizing and analyzing employee behavior data in order to contribute to decisions made in the company, anticipating trends and adjusting strategies. “When we use data to understand the behaviors within the work environment that make people efficient, happy, creative, experts, leaders, followers, we are using People Analytics,” said Ben Waber, CEO of Humanyze. It is very important to use this form of analysis to obtain information about productivity declines, reduced employee engagement, and difficulty retaining the best talent. Using analysis tools in human resource management makes it simpler to analyze behaviors, understand why people act in a certain way, and take corrective action before it is too late.
Advantages of real-time analysis for people management
Decreased turnover in teams
Many companies face the challenge of seeing their teams change multiple times in a short period of time. Without realizing why, they are not able to retain the best talent, which means that there is little stability. By analyzing the data, it is possible to get to know each employee better and help him to feel better in the workplace, thus avoiding his or her leaving. It is important to know the motivations, long-term desires and opinions of the employees, because only in this way the management positions will be able to create a pleasant environment and where each employee feels good.
Smarter recruitment processes
Big Data in human resource management is a key factor in finding the right people for the right roles. For example, through Big Data it is possible to find out if people who have an interesting work experience are more likely to stay in the company for long periods of time or if the duration of previous experiences has an impact on the performance of the current job. Based on these results, the company can focus on the most relevant factors at the time of recruitment.
Performance evaluation
Real-time analysis through the use of tools such as Multipeers helps ensure that employee performance is measured more accurately by determining what times of the day the company has the best productivity rates. You can also identify which collaborators perform best. KPIs are very important for the correct management of people as they help us to work on information and gain important insights for decision making.
Types of Big Data Analysis That Will Benefit Your Business
Descriptive analysis
This type of Data Analytics answers the question “what is happening now?”. Through the response, companies can analyze data on customer losses, sales for a particular product, and the outcome of launched campaigns. Descriptive analysis allows immediate decisions to be made with a high level of security, since the analysis is based on concrete and current data. The information coming from this type of analysis is usually displayed in graphs and tables, which allows the manager to have an overview of the processes monitored.
Predictive Analysis
Predictive analytics is an advanced form of Data Analytics that aims to answer the question “what will happen?”. It is a type of analysis that makes predictions through probabilities. This analysis is possible thanks to techniques like regression and progression analysis, pattern matching and various types of statistics. This type of Data Analytics is widely used in stock market and investment companies.
Diagnostic analysis
Diagnostic analysis will explain why something happened. This type of analysis will relate all available data and information to find patterns of behavior that may explain the results. It is an important analysis to find problems and above all to avoid repeating them in the future.
Prescriptive analysis
The prescriptive analysis is the analysis of premonition. It answers the question “what could happen if we take this action?”. This type of analysis is very important especially in the sales area. For example, “if we think about giving a 15% discount next month on the company’s lesser-selling product, the likelihood of increased sales is 40%”. The prescriptive analysis raises hypotheses about possible results of actions taken by the company. It is an essential analysis for managers, as it helps them to evaluate the best way to choose a certain strategy to solve a problem.