Faced with a growing need for meaningful insights into the workforce, companies are beginning to recognize the enormous, untapped potential in what they already know, and what they could know, about their own people. It's called "people analytics," and it's changing the way companies think about everything from attracting and developing talent to employee engagement and retaining talent.
In a world where “one size fits all” no longer applies, data analytics enable companies to hone their talent acquisition, employee compensation and employee retention policies, making them more dynamic, agile and personalized than ever before
Various methods for collecting data about employees employee surveys, exit interviews and the tracking of employee life events, relocation data, benefits updates and promotions.
More recently, social media platforms such as online discussion groups, blogs and Wikis, can also provide clues about generational and cultural differences.
Differentiating Individual Need
Analytic data can uncover broader cultural social norms about your employees It can also reveal significant differences among smaller employee segments about the value of employee benefits such as pay, work assignments or workplace flexibility.
The Japanese care most about the organization’s values, putting pay for performance (a commonplace practice in the United States) at the bottom of their list, while in the United States, personal development is considered most important.
Segmentation analysis is also an effective tool in human capital design and recruitment allowing employers to classify employees by skills, rather than broad-based job descriptions. In many companies, employees skill sets are entered into database and updated regularly. This helps the organisation in mapping skills and job into logical combinations that leads to judicious use of HR and help employees to develop career.