Finding the Best People Analytics Software? [7 Ques to Ask]

July 28, 2021

Finding the Best People Analytics Software? [7 Ques to Ask]

Introduction

With the pandemic disrupting every aspect of business, it has become essential for business leaders and HR leaders to make decisions based on data. Relying on guesswork or one-dimensional metrics does little to improve productivity and accuracy.

People analytics has been an urgent need for quite some time now. And, it is all the more crucial today. Organizations are making the shift towards data-driven decision-making, and people analytics solutions play an essential role in providing strategic value to the business. A renewed focus on the people analytics software is gaining momentum with the arrival of cloud-based analytics. HRs are putting data to good use and driving business value, improving hiring strategies, retention, growth, and diversity. Ultimately, driving powerful changes within the workforce by analyzing insights from data.

Similar to most business operations, people analytics software requires a direction to be rightly executable. How can an organization decide what insights are necessary for its strategic decision-making? And, if it has all the necessary foundational tools needed to support workforce planning and performance management?

Ask the right questions, when choosing a people analytics software –

1. Will it lead to more innovative recruitment?

HR’s utilize tools and techniques to recruit top talent often. This is an area where people analytics tools can help HR identify top talent, potential recruits, anticipate skill gaps, and predict position vacancies based on historical data.

These analytics tools can help monitor the competitor’s openings, advertised opportunities, and assist in identifying all the growth opportunities for competitive organizations.

2. Will it address the generational needs?

People analytics can address the changing worker demographics. Analytics helps plan for the needs of the diverse employee base, especially the long-term workers. It syncs data and assists in healthcare provisions for the older employees. It helps improve performance and reduce turnover by utilizing the synced data and insights to bring economic benefits to organizations and addressing the issues of the shifting worker demographics in the long term.

3. Can it manage turnover?

Basic analytics like turnover analysis and attrition are not enough to address the issues of a sustained churn. Organizations are utilizing predictive analysis models to identify individuals that are most likely to leave the company. People analytics tools can also assist in anticipations, helping HRs to plan for a succession plan for the role or decide whether intervention can solve the concerns. The risks showcased can help organizations to stay on top of things.

4. Will it nurture the talent?

For any organization, it is necessary to keep the top talent in critical roles. Data assists organizations in comprehending the holistic view of the value-demonstrating metric and help them analyze how to sustain client engagement. It helps them nurture the best ones through sophisticated reward analytics, assessments, and engagement models. It is easy to gather people’s data. However, performing analysis and deriving predictions from the data can help organizations ask the right questions from the data collected.

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5. Will it assist in increasing diversity?

People analytics solution is a powerful tool for businesses to gain visibility into diversity initiatives. It assists in identifying bias, answers the questions about employee lifecycle and diversity in the organization. It can also address problem areas and track progress on diversity, inclusion, and representation. Whether women fill certain roles or leadership roles are trending towards a lower age threshold, such key questions can be answered.

6. Will it increase productivity?

With insights from data, people analytics tools can help organizations create and monitor a productivity index to monitor the actual hours spent on completing a task. Often, companies can monitor the index and achieve an ideal target time to save time, money and increase productivity.

7. Can it optimize workforce planning?

People analytics can help organizations stay informed about the workforce and predict if talent is required to meet specific business objectives. It can drastically improve the workforce planning process and reduce the planning cycle times. Along with that, it can also improve accuracy and risk management capabilities.

SplashBI for HR to the Rescue!

As organizations expand and improve the scope of their talent management processes, there is a necessity to know the productivity, effectiveness, and financial impact of their HR actions.

SplashBI for HR is an advanced BI platform that enables executives, line managers, and HR teams to quickly gain insight into complete data about the people and the processes in their company.

HR specialists have access to workforce performance, including talent acquisition, talent advancement, retention, and succession.

With SplashBI for HR, schedule reports for automatic delivery to key stakeholders. Regulate and track company-wide KPIs. Create alerts or effective indicators when data falls out of trend and observe the progress of HR campaigns.

With SplashBI for HR, you can determine and build as many custom reports as required without administrative assistance or data specialists. Integrate large amounts of data into easy-to-understand charts, graphs, or tabular reports. Build user-defined dashboards to track the metrics that mean to specific team members.

Still not sure whether your organization needs the people analytics platform? Contact us or schedule a demo, and one of our representatives will get in touch with you!

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FAQ

How can data analytics and reporting tools help prevent or reduce employee attrition in an organization?

Data analytics and reporting tools help prevent employee attrition by identifying patterns and root causes of turnover, allowing organizations to implement targeted retention strategies.

People analytics can identify key factors influencing employee attraction, engagement, productivity, and attrition.
By analyzing why employees leave, organizations can predict attrition risk and intervene proactively.
Data analysis helps in understanding the impact of workplace changes (e.g., remote work, return-to-office policies) on retention.
Identifying exit drivers and problem areas through data allows for the development of more effective HR policies.
Predictive analytics can forecast how initiatives will affect retention and engagement, enabling data-driven decision-making.

How can organizations effectively measure the impact of workforce diversity on business performance?

Organizations can measure the impact of workforce diversity on business performance by leveraging people analytics to identify diversity gaps, track pay equity, and analyze recruitment funnels. These insights help in understanding existing biases and refining diversity initiatives for better productivity and innovation.

Utilize people analytics to gain insights into workforce diversity, including gender, age, and ethnicity.
Analyze diversity gaps and pay equity to ensure fair financial compensation and identify potential biases.
Leverage recruitment funnel data to understand and improve diversity in candidate pipelines.
Studies show that diverse management teams can lead to increased profitability.
A diverse workforce fosters innovation, creativity, and reduces employee turnover.

How do I choose the right workforce analytics platform for my organization?

To choose the right workforce analytics platform, consider your organization's specific needs for data integration, feature set, scalability, and user-friendliness. Look for platforms that can connect to various HR systems, provide insightful analytics, and offer robust reporting capabilities tailored to your strategic HR goals.

Ensure the platform can seamlessly integrate data from disparate sources like UKG Pro and other HR systems to provide a unified view of your workforce.
Evaluate the platform's ability to deliver actionable insights, KPIs, and predictive analytics to address key HR challenges such as turnover, engagement, and talent management.
Prioritize user-friendliness and accessibility, enabling HR teams and business leaders to easily access and interpret data for informed decision-making.
Consider scalability and flexibility to accommodate future growth and evolving business needs.
Look for comprehensive reporting and dashboarding capabilities that offer both standard and customizable views relevant to your organization's strategic objectives.

What tools or software can help me track and analyze attrition data?

SplashBI offers advanced analytics tools that help organizations track and analyze employee attrition data, providing insights into the factors driving turnover and enabling proactive retention strategies.

SplashBI provides an Exit Risk Analysis dashboard that identifies employees at risk of leaving by various metrics such as manager, compensation, and department.
The solution analyzes turnover rates, absence rates, and other key performance indicators to help reduce regrettable turnover.
By analyzing data on employee engagement, job satisfaction, and turnover, SplashBI helps organizations understand retention factors and develop strategies to improve them.
People analytics capabilities within SplashBI allow for the identification of factors influencing employee attraction, engagement, productivity, retention, and attrition.
The system can predict attrition risk, enabling timely interventions to mitigate the impact of employee departures on the business.