The regularly evolving business environment makes it necessary to have better people decisions. Despite the rapid growth in workforce data, simply having this data is not enough for businesses to succeed.
As a business owner, you have to evaluate your data to know the main cause of issues, apply the right solutions, and plan for future problems based on the evidence at hand. People analytics(1) enable companies to take advantage of data to optimize the experience of their workforce, have the best organizational structure, and maximize productivity.
What is People Analytics?
Also referred to as workforce analytics or HR analytics, people analytics is the process of gathering and transforming HR and organizational data into actionable ideas that improve how businesses operate.
This information is presented in the form of charts, graphs, visualizations, questions, and easily understandable answers. Even though a lot of individuals think that people analytics were created strictly to improve HR functions, the information revealed helps businesses to meet their goals and achieve success.
( Also Read: What is People Analytics? )
Features of People Analytics Software
People analytics software enables HR departments to make better HR initiatives. Some of the features of people analytics technology include:
- Security: It secures the data of customers so that HR departments and personnel can guarantee data privacy and security.
- Automation: A user can program people analytics software to directly send reports to HR personnel. You can automate it to send reports regularly for consistent insight.
- Reporting: The technology of people analytics software provides charts, lists, and heatmaps, for HR personnel to view vital HR data trends.
Best People Analytics Software for SBMs
This is a cloud-based business intelligence solution created for small and medium businesses. It provides different HR analytics and workforce management qualities like compensation plan modeling, succession planning, HR metrics, talent management, and so on.
The analytics provided here allows users to monitor trends and their workforce performance over a particular period. It also enables businesses to predict and modify decisions related to their business goals. TrenData is best for businesses that have more than 300 employees.
- Compensation plan modeling
- Employee management
- Library of HR metrics
- Leave tracking
- Determining skillsets
- Effective planning
- Managing talents
- Analyzing trends
Tableau has been vital in democratizing data for workers and creating ideas for brand management.
It is a data visualization platform that can be used outside HR; a lot of analytics teams benefit from it. The software can pull in data from your different data pools, and then use various visualization formats to show real-time analytics dashboards that include maps, charts, graphs, and so on.
- Providing customer insights
- Equipping employees
- Developing data-driven culture
Visier provides cloud solutions for small and medium businesses. It answers lots of best practice questions on a wide range of topics. This software comes with new product enhancement every quarter, ensuring that it stays ahead of the game. Visier is purposefully created for mid-market to enterprise clients and has a wide service offering.
- More than 5,000 customers
- Keeps 10M employee records
- More than 75 countries are represented
- Has a customer satisfaction score of 90 percent
This tool comes in handy for businesses that want a simple business intelligence tool. It seamlessly integrates with Excel and can be embedded into any product.
SplashBI assists HR personnel to better understand the things happening in their company and plan for the future. It has pre-built integrations and reporting, making it easy to set up.
Its AI engine can assist HR teams to understand the causes of candidate drop-off in the recruiting funnel, the factors that drive turnovers, and if promotions fair across the company.
- More than 2,000 pre-built reports and visualizations
- Over 115 tutorial videos
- A renewal rate of 99 percent
- More than 100 types of charts
Peakon is incredibly user-friendly, making it easy to complete surveys and have interactions. Users can see their results dashboard over time and it has a great feedback loop where managers can easily acknowledge or respond to comments.
- Quick feedback
- Competency management
- Customizable templates
- Data analysis tools
- Management of negative feedback
- Regular performance tracking
Nakisa is straightforward HR analytics software for small and medium businesses. It provides tools for organizational design and accounting and assists HR and data teams to get vital information from their human capital management suites.
They have pre-packaged reporting across the things you care most about. Also, businesses the ability to perform custom reporting and clean up their current data sources by writing back to the source.
- About 902 clients
- Over 4 million subscribers
- Found in 125 countries
- Supports 18 languages
OrgVue puts organizational design and planning at the forefront of its product. Their insights are made to guide users into the future.
This analytics platform is specifically created for human resources. It helps you to plan for the future of your brand and understand its present health. There is an interesting self-assessment you can take on their website to see how you measure up against other analytics.
- Improve the accuracy of HR and Finance data by 30 percent
- Analyzed more than 12,000 employees
- Save 400 days in analysis
This software puts people analytics, employee management, performance engagement, and growth/development into one platform.
Lattice is a next-generation performance management software that makes it possible for employees to view how their efforts are impacting the company as a whole.
With Lattice, you’ll be able to see what teams are working on and how their initiatives measure up with that of your business.
- Used by more than 2,000 companies
- Favored by over 3,670 people leaders
- Processes 1.67M sets of feedback
- More than 10,000 resources
Use of People Analytics Software
Determine the best talents
Business owners often find it difficult to get the right people who fit the individual job roles within their organization and, due to this, they’re at risk of losing money when a new employee fails.
By using people analytics, you’ll be able to look at the professional life of an employee by tracking, sharing, and interpreting performance-related data.
Lower talent scarcity
Structured recruiting strategies give insights required to cast a more accurate hiring net. It makes it easier to know who to target for a specific position when a requirement arises in the organization.
Clever people analytics can determine if compensations translate into better retention or performance. It also helps to identify employees that deserve pay rises or other incentives plans.
It helps businesses understand the type of talent they need to hire. This puts those businesses way ahead of their competition by attracting the right talent in a shorter time.
Training is vital for the growth of any business. Gaps in training can increase expenses and cause other unwanted issues. If training programs are not handled properly, it can deplete the budget of the company.
Using the most recent people analytics and workforce analytics solutions, you’ll be able to delve deeper into the behavioral aspects of work and make better business decisions. Enabling your HR to update and upgrade their knowledge and capabilities will ensure that your company optimizes the latest people analytics offers and give you a smarter, happier workforce.