Employee engagement is definitely one of the most discussed yet the most misunderstood concepts in the era of global reorientation. As it is more about active than forced engagement and speaks a lot about the emotional commitment of the employees to the organization. The current mission is to trim the loose ends with enough support, be it in customizing the benefits, having enough re-skilling programs to opt for, permitting intra-departmental transfer options, and enough motivation to dedicate their best efforts at work.
Employee engagement is one of the core factors to encourage best work practices that work on the returns of businesses. According to statistics, 71% of C-suit leadership’s employee engagement will remain critical to their business development. And people analytics promises to build that discipline to pull a robust structure for employee engagement. It’s also proven that an engaged employee will play a significant role in targeting the overall transformation alongside development.
People analytics- The missing link
People Analytics is completely data-intensive – to be precise, it is a quantitative measure of HR actions. Typically, quantitative data in the People Analytics space comes from employee surveys, as well as HR data systems. Information relating to demographics, compensation, attendance, and other relevant aspects of employees is stored in these systems which bring numbers and reports to approve of the qualitative aspects.
Firms that utilize data to drive decisions are 79% more likely to outperform other organizations. This exemplifies the significance of leadership in HR analytics. Companies that are leaders in workforce analytics have also had the following experiences:
- Talent results are 12 percent better.
- Stock returns are 30% greater than the S&P 500.
- Cost reductions and efficiency advantages are realized three times faster.
Employees who are engaged perform better than those who are not. Hence companies are seeking a high level of employee engagement arranged with data-driven methods to polish their HR policies to make their organizations 21 percent more lucrative to stay on the charts. Making people analytics an inevitable organization practice for the future of work.
The Future of Work
Over the past two years, the pandemic forced upon changes in HR operations which veered the entire employee management to drift towards hybrid workforce management. In fact, the corporations have gone so far as to publish a paper on the post-pandemic future of labor. Businesses aren’t only altering how and where workers work in this highly revolutionary moment; they’re also finally understanding that employees play an increasingly essential role in the success of the business and digital transformation as a whole. Even before the epidemic, it was evident that a lack of participation might cost american businesses up to $550 billion per year in lost productivity and higher turnover. Employees who are disengaged make 60 percent more mistakes than those who are engaged.
With 20% of the workforce displaying preferences of remote occupation at jobs, digital engagements will take the front seat to engage employees. And the only way to survive the change is to welcome ‘multifold change’ to impact the system which is impossible without people analytics on board.
Hereby people analytics will lead the strategic functions solely as a data-driven approach to workplace management. They’ll discuss how data is driving advanced analytics, the shortcoming like – people challenges recruitment, performance assessment, leadership headhunts, and promotion to remuneration will take over analytics-driven decisions to maximize both engagement and ROI.
The digital ‘edge’
Digital technology had been successful in transforming the employee engagement
The decentralization of talent management is being driven by digital technologies. Employee engagement has shifted away from the traditional strategy in recent years.
Let’s add up a few figures and facts to the above-mentioned claims. Recent findings suggest that instead of concentrating just on engagement and culture, human resource analytics should be used. Read on to see how employee engagement may be improved via pulse feedback systems, health and fitness applications, and employee self-service technology.
According to a recent Microsoft poll, it boosted the focus on employee engagement. The corporation has gone so far as to publish a paper on the post-pandemic future of labor. Even before the pandemic, Gallup has found that as per the current set up 64% of employees were disengaged even before the pandemic, and 15% were actively disengaged—that is, acting against the organization’s objective. What’s worse is only 21% of employees consider themselves “very engaged.” That’s right: just one out of every five of your employees genuinely wants to work for the organization.
By now, it has been quite evident why HR processes need to change today and effective technology can iron out the odds with strategic workforce management. It’s time to create a winning digital HR transformation strategy by applying HR digital tools. The PG program in Digital HR and People Analytics from XLRI Delhi-NCR gives you a broad understanding of the important trends, problems, and possibilities that come with strategically implementing digital HR in the hybrid workplace of the future.