A recent Deloitte report found that those who are using people analytics properly are making up to 82 percent more profit in a three-year timeframe than those who are not using people analytics strategies or are using them poorly. Sure, there was an initial apprehension to people analytics, as with many new technological advances, but now they’ve become a staple in the act of recruiting, amongst other areas. But what exactly encompasses people analytics and what can you do with it?
This is the very data analysis techniques that shows companies the breakdown of their processes, including employees, jobseekers, performance management and more, according to Zenefits. Integrating this kind of analysis is a great way to effectively enhance staffing, helping you to improve the process and find an overall higher quality of employees. Let’s take a further look at this rising trend in the staffing industry.
What Can Be Done With People Analytics
Using people analytics gives one insight into any inconsistencies that their business might have, meaning that you can address future ways to run certain company aspects, like your staffing efforts. According to Ideal, people analytics are often used in HR because of the innovations with technology and software; they are also used for the fact that it makes HR think in proactive data-based decision making instead of reactive instinct-based decision making. It’s the best way to streamline your business: find out where your time, money and resources are really going. Having people analytics for your staffing agency means you can give your business outline a complete overhaul in order to save money and retain employees for the long term. When it comes to recruitment, this is how people analytics helps:
- Systematically measure where your best talent is coming from, giving you a better idea of where to allocate recruitment marketing spend.
- Analyze the quality of hire and what skills will best suit your company (personality, skills, knowledge).
- Utilize software in order to assess candidate characteristics and find the strongest candidates to go forward with the interview process.
- Calculate money and time saved through people analytics recruitment and improve your ROI.
- Helps identify and predict the optimum times to hire candidates or slow down on the hiring process.
- Measure and effectively increase workplace diversity for the long term through analyzing demographics and targeting places where improvement is needed.
The Future of People Analytics
People analytics doesn’t just end with the improvement of recruitment. It also benefits a number of areas such as employer branding, people development, employee satisfaction, retention and more. It can help balance out a lot of factors of your business model. It’s imperative to start using people analytics soon; it’s such a huge part of recruiting new talent and staffing liability insurance. Once you get the hang of it, you’ll be finding better, longer-lasting candidates at a much quicker rate.
However, as you continue to implement new trends and ideas into your staffing agency’s daily operations, it’s always important to ensure that your Staffing Liability Insurance program will be able to keep up with your possible new set of risk exposures. Whenever you make a change to your business operations, always make sure to discuss it with your insurance agent.
About World Wide Specialty Programs
For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (800) 245-9653 to speak with one of our representatives.