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People analytics, intelligent data analysis, enables HR managers to make data-based, forward-looking decisions. Companies are increasingly turning to this data-driven approach to retain employees in the long term.
Data-driven actions instead of making decisions based on instinct. In times of digitalization, data competence is the key to success as a company. Every day, companies collect data from their customers to better serve their needs. But data collection also holds potential within a company - especially in HR.
The fact that the HR department deals with employee data is nothing new. Key figures, such as hiring or turnover rates, were already documented in HR before the digital transformation. "People analytics is not just about measuring actual states, but also about finding out the reasons behind developments. We not only answer the question of 'what', but also 'why'. Ultimately, the combination of these two data sets provides us with the basis for improvements," Kai Burr, Head of HR at Arvato Financial Solutions, explained at the "StrategieTage HR" conference. The cross-industry resonance reinforces his decision to further integrate People Analytics into HR processes.
Newly gained insights from anonymized interviews, surveys and standardized HR data can be used to positively shape employee experiences within a company. "For example, our staff has reflected to us that they would like us to provide more opportunities for development. In addition to offering additional learning options, we created new internal career pages to specifically address this request. We will also accommodate their demand for more transparent information flows through the use of an inclusive intranet, an accessible communication platform," Burr explains, and continues, "People Analytics gives our employees the opportunity to share their needs with us, and in turn, gives us the chance to respond. Ultimately, changes like these are what makes our employees stay with us."
A world where business meets the needs of humanity. Where financial technology makes a difference. Where everyone is in control of their own financial story. At Riverty, we’re building it, together. A team of more than 5,000 experts in 13 countries, we’re finding smarter, simpler, seamlessly connected ways to manage your money. From flexible payments to accounting and debt collection, our holistic solutions empower everyone to live their best financial lives. It’s time to enter a new era of economic freedom.
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