People analytics refers to the strategic use of employee and candidate data to gain insights into their impact on organisational objectives and to evaluate the efficacy of hiring and HR initiatives.
By leveraging mathematical, statistical, and modeling techniques on large datasets (commonly referred to as big data), people analytics helps in identifying and forecasting patterns across various aspects of talent acquisition and management. This includes but is not limited to recruitment, retention, compensation, performance evaluation, and workforce demographics.
The implementation of people analytics involves monitoring employee retention rates, analyzing compensation structures, evaluating performance metrics, and identifying key traits among team members. This data-driven approach not only provides a competitive advantage for high-performing individuals but also streamlines the recruitment process by identifying top candidates and optimizing recruitment costs. Moreover, it fosters a positive employee experience by aligning organizational strategies with individual goals and preferences.
FAQ
People Analytics utilizes various data sources such as employee demographics, performance evaluations, recruitment data, turnover rates, employee surveys, and even data from external sources like market trends and competitor analysis.
Common use cases for People Analytics include predicting employee turnover, identifying top-performing employees, optimizing recruitment strategies, assessing training effectiveness, and designing targeted retention programs.
While larger organizations may have more data at their disposal, People Analytics can be beneficial for organizations of all sizes. Small and medium-sized enterprises (SMEs) can also leverage People Analytics to gain insights into their workforce and drive improvements in HR practices and business performance.
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