People-based management decisions to increase Profit & Productivity
Hey, every day we all face the challenge of making decisions. Some of us trust our gut feelings while others rely on intuition, but we all look for some level of reassurance to predict the outcome and reduce risk. We know that decisions with higher impact require more careful thought. That's why we're excited to share with you how collecting and analyzing people data can directly impact your organization's productivity and profitability. Let's explore this idea together.
Conventional business approach
In the business world, making sound decisions is crucial to the success and longevity of any organization. Most companies leverage the power of data to gain an advantage. Data is objective and provides a logical way to analyze past events and predict future outcomes, making it the best tool to make informed decisions.
For example, when it comes to sales decisions, analyzing customer data is crucial. High-impact factors like preferences, geolocation and income level can be the key to making a successful sale.
Then it only makes sense to start using your internal data, generated by your team, to optimize your organization's structure, processes and efficiency.
The human impact
There's no denying that productivity and profit are closely linked. The more productive your team is, the more successful your organization will become. That's why it's fundamental to find a way to translate human factors into business value, as productivity is a key driver for generating revenue.
Fortunately, many organizations have recognized the importance of people analytics as a powerful tool to achieve their goals, such as improving productivity, increasing margins, and enhancing customer satisfaction.
However, we understand that it can be a real challenge to track and record data effectively. Many companies still rely on paper-based documentation, spreadsheets, and email reports, which limit the ability to analyze and compare data effectively. The Tribie platform might be a great fit for you if you’re struggling with that pain. We’ve created an efficient and easy-to-use tool that collects all sorts of non-work related information about your employees without intruding on their personal space. Its main goal is to help you understand their needs and make decisions on how to improve their satisfaction, and thus productivity and engagement with the organization.And if this is news to you, let’s explore why you need to collect that kind of information in the first place…
Why people-based decisions work for your organization
Here’s our Tribie expertise on how people-based decisions can work for you:
Recent trends in work models, largely inspired by the pandemic, have resulted in a shift towards a more employee-focused corporate culture. The new found freedom liberated many employees from ties they once felt towards their employers, placing retention efforts pretty high up on the HR agenda list. Here’s where continuous analytics of satisfaction rates and overall feel in the company come in handy. The importance of understanding employee trends through data has created a need for a new level of sophistication in the way you collect it.
Statistically, companies where the HR department works closely with business unit managers have proven to make more effective decisions in terms of work processes, which inspires greater employee productivity. The managing director of HBR Analytics Services, Alex Clemente, testifies that according to their research,
"Companies that unlock their people data and share it with non-HR managers actually perform much better and are able to improve business processes and performance, as well as retain staff and attract new talent."
In this sense, representing employee data to higher management presses for a new level of importance on the HR role within the corporation. From employee advisors, the HR position will gradually shift to strategic advisor, demanding more input in the decision-making process than ever before.HR tech such as Tribie & other data collection tools are here to make the HR professional’s life easier in that sense.
Our Tribie tips on how to utilize the people analytics you collect
Every business’ primary purpose is generating revenue. Tie all employee-related activity to business outcomes. You will need to compare people data with data from the financial department and check how your input has impacted the company financially.
If you’re still uncertain about how to implement a data-driven approach in your company, or how to use the people data you’ve collected so far, then you can reach out to us and we can help you come up with a specific action plan that works for you. In the meantime here are the basics:
1. Define business objectives: Identify the key business objectives that you want to achieve through people analytics. This will help you determine the type of data that you need to collect and analyze.
2. Collect relevant data: Collect employee data through various sources, including performance reviews, surveys, attendance records, training records, employee engagement surveys, and social media monitoring.
3. Analyze the data: Use statistical analysis and data visualization tools to identify patterns and trends in the data. This can help you identify areas where you need to focus your efforts to improve productivity and increase sales.
4. Develop actionable insights: Use the insights gained from the analysis to develop specific, actionable recommendations for the company. These may include changes in employee policies, training programs, or management practices.
5. Implement changes: Once you have identified the necessary changes, develop a plan to implement them. Make sure that all relevant stakeholders are involved in the implementation process, and that you have clear communication channels to ensure that everyone is aware of the changes.
6. Monitor and evaluate: Once the changes have been implemented, monitor their effectiveness over time. This can help you identify areas where further improvements can be made, and can also help you evaluate the overall success of your people analytics program.
We discussed utilizing people analytics in a company to optimize productivity and profitability. We explored the importance of data collection and analysis, and how it can be used to make informed business decisions. We also touched on the significance of human factors in productivity, and the challenges associated with effectively tracking and recording people data.
If this post convinced you to begin collecting your internal data more efficiently feel free to reach out to our team. We would be happy to help you in that department!