by WEX Benefits
Employees are leaving their jobs in record numbers! As a result, HR professionals are looking for smarter ways to stay informed on their employees’ needs so they can better support them. People analytics could be the key to unlocking the secrets of recruiting and retention in a challenging environment for employers. Check out our latest episode of Benefits Buzz or keep reading to learn more!
What is people analytics?
People analytics is the collection and application of employee data to analytics in human resources. Similar to how we’re seeing data help us make more informed decisions in our lives, including with our benefits, people analytics is doing that for HR teams.
WEX Chief Human Resources Officer Melanie Tinto said on our Benefits Buzz podcast that, even at WEX, the role of people analytics is still evolving.
“There is a lot of diversity in how it is approached, but typically, you have interdisciplinary teams made up of data and analytics professionals and HR subject matter experts,” Tinto said. “We strive to work in a collaborative and inclusive way with others in the HR function, because these partnerships are key to collecting data and innovating.”
When is people analytics commonly used?
Employees are typically the greatest operating expense for companies, but they’re also companies’ biggest competitive advantage. So companies are starting to realize there’s a lot of opportunity in how talent decisions are made, including:
- Making better compensation decisions
- Hiring a diverse workforce
- Retaining critical talent
What’s one example?
Tinto mentioned on our podcast that WEX had recently noticed our turnover rate among remote employees was higher than it was with hybrid and in-office employees. Digging into the data, Tinto and her team noticed that remote employees were often leaving early in their tenure.
“The data really helped us understand what was going on, and our talent development team is revamping our onboarding process to provide managers with resources on how to integrate employees and help them build networks inside the company,” Tinto said.
Would you like more valuable insight? We cover a number of HR topics on our Benefits Buzz podcast. Check out more episodes!
The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel.