Having stronger people analytics functions enables you to dig deeper into your people metrics to discover trends and insights. It is important for HR to have access to an integrated view of people data across all HR systems because making decisions based on incomplete data can be disastrous…
HR’s role has changed drastically over the past few years. In a time where job-hopping is the norm and frustrations with the workplace can spread virally, HR needs to always be one step ahead—to be proactive rather than reactive, to be strategic rather than merely operational— and this applies to companies of all sizes. Digital HR transformation is the key for HR teams to shift to a more strategic role. Leaders should leverage tools/systems that help optimise different pieces of the HR puzzle, along with analytics across these systems to identify, understand and solve current issues, and predict future ones.
US $400B, 40% YoY growth—to say the HR Tech market is booming in 2019 would be an understatement. New tools are coming up to solve different pieces of the HR puzzle, and I wish I had the level of customization offered by these tools at my disposal during my senior HR roles. Instead, my teams had to build these systems in-house.
Both the Singapore and the Global HR Tech markets follow a similar trend and face the same problem―most HR tech tools are focused on a particular HR silo, such as recruitment, engagement, compensation and so on. While some of these tools are very effective in their own niches, it is for the same reason that they are found lacking when it comes to reporting & analytics, because of the interconnected nature and correlations between different HR silos. As a result, data-driven HR leaders must use/ build solutions that integrate the wealth of people data collected across these apps and provide a holistic view of the entire employee experience.
While the amount of data collected on employees has grown exponentially, most HR teams ―unlike marketing and operations―still remain ill-equipped on their analytics capability. The average mid-sized firm uses 6 to 7 different HR tools for different purposes, which makes cross-silo people analytics very complex for firms without a dedicated people analytics team, and most firms lack the budget/ manpower to setup a people analytics function in-house.
Having stronger people analytics functions enables you to dig deeper into your people metrics to discover trends and insights. It is important for HR to have access to an integrated view of people data across all HR systems because making decisions based on incomplete data can be disastrous, especially considering it can potentially impact a new hire/ termination in this case, along with the costs of lost productivity.
HR leaders should also leverage benchmarking data to make strategic decisions and set realistic targets for compensation, recruitment, attrition, and diversity. However, most of the available benchmarks are out-of-date or self-reported, in addition to being too expensive for most companies still in their growth phase. Viewing your people metrics in the context of the market will enable HRBPs to be more effective during conversations with management.
One of the most difficult pain points I faced as a senior HR leader, and that still remains prevalent today, was to present the research and findings done by my analytics team to business leaders in order to empower managers to make data-driven people decisions. Getting stakeholder buy-in for building a more data-driven and strategic HR unit requires HR to present its findings in an accessible manner, where managers need to be effectively guided to understand their people data and the insights they should derive from these trends. It is also of utmost importance to be able to translate the results of these findings into measurable business outcomes.
We setup Panalyt to solve these problems, leveraging our team’s 55+ years of combined HR experience and technical experience to build a tool that empowers your line managers with powerful analytics across the employee life-cycle, benchmarked against live market data, at a fraction of the cost of other alternatives. Get in touch with us to learn why unicorns such as Careem, Mercari, aCommerce and Circles.Life have chosen Panalyt as their trusted People Analytics partner as they rapidly scale their organizations.
About the author :
Daniel West is the Founder and CEO at Panalyt, a people analytics SaaS tool that integrates people data across HR systems and files to deliver actionable people analytics in the hands of business leaders, empowering them to make data-driven people decisions. Prior to founding Panalyt, Daniel has held senior HR roles at Apple, Uber, Noble Group, Morgan Stanley and has also advised high-growth startups on how to scale effectively.
Panalyt is a unique workforce analytics tool that integrates and translates HR data from multiple sources into real-time, coherent and actionable People insights. The platform leverages on three key features: powerful analytics, integrated Data universe, and intuitive insights.
1) Powerful analytics: Panalyt advanced analytics tool allows you to retrieve highly accurate HR insights about attrition, gender ratio, key performers, recruitment insights, employee interaction; compare your data with custom KPIs or real-time market standards; and obtain trend forecasts that puts you at the forefront of the talent market.
2) Panalyt Data Universe: Panalyt connects you to a vibrant HR ecosystem. Our platform provides powerful benchmarking tool that draws data from all of our existing clients, and lets you compare your company performance with others, while ensuring all confidential information is highly protected.
3) Intuitive Insights: Created by HR professionals with over 25 years of experience, our dashboards include necessary features and elements intuitively created to give managers a guidance and a head start in People Analytics.
At Panalyt, we aim to drive better people decisions through instant access to integrated data.