Take a look at the short video clip below from our online training course An Introduction to People Analytics to learn about the business value of People Analytics, presented by David Green.
The Return on Investment for People Analytics is significant
As David discusses in this clip, there is a huge value for teams looking to invest in People Analytics, with a study from Nucleus Research showing that the return for investing in analytics was $13.01 for every dollar invested. This has increased from $10.66 since the last time they ran the study three years earlier. There are three reasons cited for this ROI:
More plentiful data
Better technology to analyse data
Increased skill pool of analysts
Credit Suisse calculated the ROI of attrition
One great example of a company that has measured the ROI of People Analytics is Credit Suisse, they found that one single percentage point of attrition was worth between $75M and $100M in savings for the business, so there is clearly a huge value in building people analytics skills into your HR organisation and starting to focus on areas that can add true value back to the business.
If you are looking to learn more about how to get started in people analytics then check out the myHRfuture academy online course on people analytics titled 'An Introduction to People Analytics' that is taught by David Green and Jonathan Ferrar. It's a great introductory course for anyone interested in learning more about people analytics.
ABOUT THE AUTHOR
Ian Bailie is the Managing Director of myHRfuture.com and an advisor and consultant for start-ups focused on HR technology and People Analytics, including Adepto, Worklytics and CognitionX. In his previous role as the Senior Director of People Planning, Analytics and Tools at Cisco Systems, he was responsible for delivering the tools and insights to enable and transform the planning, attraction and management of talent across the organisation globally. Ian is passionate about HR technology and analytics and how to use both to transform the employee experience and prepare companies for the Future of Work.