Talent management issues cost businesses millions each year.
In our experience, addressable critical employee attrition costs enterprises $10+ million on average for every 2000 employees, and typical businesses waste 100 full-time employee equivalents of productivity for every 1000 employees.
These are massive costs that could be limiting your company’s ability to capture market share, expand operations, and meet revenue targets. Worst of all, these costs are self-inflicted due to the hidden toll of talent mismanagement.
Effective people analysis is impossible with HR data alone
For a people analytics professional, these problems are even more aggravating. You know these costs could be reduced or even eliminated, if only you had access to the right data, insights, and tools.
As it is, addressing the costs of people mismanagement feels like a thankless, uphill battle.
You try to work proactively, like a professional in any business sector would, but are burdened by reactive data, such as survey results. This data only shows what went wrong after the company has paid the price of employee attrition or lost productivity.
You want to understand the true impact of people analytics on the business, but don’t have the data to draw a clear line from your recommended strategies to business results
You need to provide actionable insights and engage leadership to get the ball rolling on better talent management, but don’t have enough data oversight to show the value of your strategies.
Then there’s the discouragement of being unrecognized for your work because it’s nearly impossible to prove correlations between your people analytics initiatives and their impact on business KPIs.
Thankfully, there is a solution to these problems and it begins with a new approach to people analytics, built on talent intelligence.
How to transform people analytics with insights from talent intelligence
You might not know it, but you’re currently sitting on a data goldmine in the form of HCM and business data. The trick is drawing these two data sources together and applying meaningful analysis. When done well, it opens the door to previously unheard-of data insights and the ability to make an outsized (and irrefutable) impact on your company’s top and bottom line.
This is how you can make the transition for yourself and, in the process, move from flying blind and burning money to driving enviable business results.
Move from a reactive to a proactive mindset
The first step is committing to taking a proactive approach to people analytics and talent management. Modern people analytics is about preventing expensive problems, rather than investigating what went wrong after the fact.
However, adopting a proactive mindset requires real-time insights and business intelligence.
This requires moving from surveys and other lagging indicators to real-time analytics and insights. Understanding what happened in the aftermath of an employee exodus or months of lackluster productivity might be useful to some degree, but it’s nothing compared to detecting problems immediately and taking action before these events happen.
With talent intelligence, it’s possible to get the insights you need in real time so that you can take a proactive approach to talent management.
“With Praisidio, we were able to proactively improve critical employee work-life and retention, which translates to millions of dollars for our business.”
Just changing the way you collect data and leveraging the power of talent intelligence to see your HCM data in real time will change the way you work as a people analytics professional and will increase your value to company leadership.
Embrace a new generation of talent insights
Having up-to-the-minute information is incredibly valuable. However, talent intelligence can take people analytics a step further and create predictive insights that are based on hard evidence, not hunches or gut feelings.
Embracing the era of predictive people analytics enables you to move from being a forensic HR investigator to understanding what’s happening on the ground at any given moment and being able to anticipate HCM problems — and correct them — before they make a financial impact.
Talent Intelligence makes it possible to quantify things such as burnout, the impact of recognition and connection on employee performance and retention, and other talent management metrics that were previously difficult or impossible to measure.
An illustration of how this looks: a life sciences company needed to identify and solve a significant retention disparity between managers.
With Praisidio, they diagnosed the root cause as disconnection and revealed that employees at high risk of attrition had 75% fewer meetings with leadership, a connection that likely would have been impossible to make with surveys and other legacy data collection.
Praisidio recommended the organization improve access to one-on-one and skip-level meetings with leadership and, as a result, the organization experienced a dramatic improvement in employee retention.
With talent intelligence solutions, you can identify and take action on issues that would have been invisible in the age of surveys and reactive data collection.
Make more of your existing data
Talent intelligence leverages on data, and you won’t have to use data from some hypothetical company or theoretical models. When you couple your HCM and business data to Praisidio, you apply the power of machine learning to the data you already have.
Praisidio turns even the weakest signals in your HCM data into trends, forecasts, and risk analyses. Praisidio also identifies correlations between HR metrics and real-world impacts, then recommends solutions to prevent negative outcomes for your teams.
For example, a large tech company implemented Praisidio in a critical development team of over 1,000 employees.
Praisidio quickly identified meeting load issues and a shortage of maker time for the team. The team of development directors reorganized daily schedules and adjusted meeting requirements to free up more than 100 FTE of maker time and improve development capacity by more than 10%, all while reducing burnout, improving retention, and unleashing previously unrecognized productivity gains.
Your company almost certainly has the data to measure meeting load and maker time, but this data is seldom utilized in traditional HCM analytics systems. Without a talent intelligence platform like Praisidio, this tech company would have been flying blind as they tried to increase the team’s productivity.
“With Praisidio, none of our engineering projects were late for the first time in years. It’s a must-have tool for people analytics teams.”
Right now, you have a ton of data at your fingertips, you just need the right data analysis tools to turn that data into actionable intelligence.
Understand (and prove) the impacts of talent on business results
One of the biggest challenges in people analytics is showing the connection between what the people analytics team is undertaking and the money-making business results. Talent intelligence makes it possible to clearly demonstrate this connection.
Praisidio not only turns your HCM data into metrics that identify problems, but it also uses your data to create insights that show the impacts of solving these problems. Having clear access to both sides of the equation makes it easy to understand the direct effect of core metrics such as headcount and employee attrition.
Additionally, having all of this cause-and-effect info gives you a high-definition picture of how workload, connectivity, recognition, compensation inequities, meeting frequency and type, and career growth issues impact your company’s top and bottom line.
This enables you to discover correlations between talent initiatives and business results. You can then track these correlations in real-time, and easily forecast how investing in talent management strategies will impact business results.
Start an objective conversation with leadership
With these forecasts in hand, it’s possible (for the first time) to present objective, actionable insights to company leadership and show how talent is a huge part of the business success equation. Taking this data-driven approach forces any conversation about talent investment to be grounded in rational and evidence-based arguments.
This is especially valuable in times of economic downturn when gut reactions often lead the conversation. Coming to the table with objective facts about talent investment helps your leadership make less reactive and better-informed decisions.
Additionally, you’re more likely to get full buy-in on talent management initiatives when you can present clear action plans, backed by easy-to-understand analytics, and your projected outcomes are reliable.
Here’s how this looks in practice:
The people analytics team at a large services company believed they should invest in their highly tenured customer support professionals. However, company leadership needed to be sure they would see a return.
Using forecasts and insights generated by Praisidio, the people analytics team proved a direct correlation between longer staff tenure, faster resolution of customer issues, and an outsized impact on net promoter score.
“Utilizing Praisidio, we quantitatively demonstrated to our executives how people analytics can impact the business with improved NPS, which directly impacted the top line.”
Once the talent investment train is on track, use Praisidio’s talent intelligence-powered analytics to give regular updates and continually prove the ROI of talent investment to the leadership team.
Get the recognition you deserve
The last part of the process, and potentially the most important, is to prove your impact on the company’s bottom line as a people analytics professional.
The best part about using talent intelligence for people analytics is that it gives you full transparency and irrefutable correlations between your work and business results. This makes your value to the organization straightforward to demonstrate and your contributions undeniable.
Step into the future of people analytics with Praisidio
Praisidio is the next generation of talent insight. It represents both a technological and cultural shift in the field of people analytics, consigning surveys and reactive data analysis to the past and opening the door to proactive analysis and initiatives.
With Praisidio, you can observe HCM trends in real-time, generate actionable insights, and demonstrate correlations between talent management and business KPIs. This gives you the data, insights, and tools you need to push the boundaries of your role and make a clear, provable impact on business objectives.
Leave ineffective legacy HR practices in the past. Book a demo with the team to see how Praisdio can help you achieve more with a proactive approach to people analytics.
