Topic: Resource Library

People Analytics Can Provide Answers to Age-Old HR Challenges

 

People analytics is listed as one of the top 10 areas for HR teams to focus on in 2017, according to a recent survey by Deloitte. Driving this trend is the emergence of cloud-based programs that record real-time behavioral data from employees. The growing availability of people analytics challenges HR professionals to capture, interpret and leverage the data to impact factors such as talent acquisition, employee engagement and employee performance.

Luckily, these challenges are also major opportunities for forward-thinking HR teams and business leaders. Here are a few ways people analytics can be used to drive employee recruitment, engagement, retention and performance:

Recruiting

HR teams that pull data from internal employee surveys gain critical insight into which benefits are most valued and most used. Research shows that 79% of job seekers value more robust benefits to flat-out pay increases. Keeping track of which benefits are making the most impact to current employees shapes how HR teams build and market unique value propositions outside of traditional monetary compensation. In such a competitive job market, a unique employee perk or benefit can make all the difference in converting potential candidates. HR teams that focus on analyzing current data to drive how they market nontraditional compensation have a much better chance at staying relevant and recruiting top talent.

Engagement and Retention

After hiring an employee, it is important to keep them engaged. Deloitte reports that 91% of workers stay in a job less than 3 years. By recording employee data and analyzing trends in the workplace, HR teams gain a better understanding of the overall employee experience. Figuring out which elements are most positiveand which are not gives critical insight that informs winning retention strategies.  Analyzing the hard data on the overall employee experience mitigates the guesswork of what’s driving engagement and retention. Alternatively, seeing where employees are satisfied, and taking steps to align core policies and programs with employee interests and motivators will help employees feel their input is valued, which directly boosts retention.

Employee Performance

People analytics can also be impactful in monitoring employee performance. A study shows that top performers can deliver 400% more productivity than the average performer. Having ground-level data will highlight and profile top-performing employees so they can be properly recognized. Additionally, people analytics has the potential to identify under-performing managers or departments, so HR can create interventions, move team members around accordingly, or provide training as needed. The ability to record and analyze real-time information about employee performance optimizes productivity and proactively recognizes potential issues with under-performing teams or managers.

As access to people analytics increases, so can the impact of the HR department. Having data that can be used to inform decision-making and investments equips HR to have a greater role in driving business goals. This requires a proactive mindset from HR leaders – companies that seek out ways to capture people analytics and leverage it in their day-to-day tasks gain an edge over those that use the data as a reactive measure of addressing elements like engagement and retention.

For more insight on how HR can address workforce issues in a proactive manner, check out our blog, “Thinking Forward about Total Compensation.”

Could Corporate Travel Incentive Save You Money?

travel incentive

Corporate incentive travel is nothing new. Many companies leverage these vacation rewards as a popular spin on the more tangible, traditional corporate incentives like extra paid time off (PTO) or tuition reimbursement. Some 46% of U.S. businesses already include corporate incentive travel in their employee rewards programs. These organizations may be ahead of the curve. Today, corporate incentive travel is proving to be a more relevant, effective and impactful employee reward than ever. Why? Simple – because people like to travel.

Oft-mentioned Millennials are surging into the workplace, bringing with them new values and motivators – like travelling. Topdeck Travel has found that a whopping 94% of 18-to-30-year-olds travel overseas at least once a year. The travel bug isn’t just biting young up-and-comers, either. Gen-Xers and Baby Boomers both report increasing their leisure trips over the past year.

In addition to their booming travel habits, today’s workforce is approaching corporate benefit and total rewards programs with less value on monetary compensation. According to The Balance, many employees and job-seekers place more importance on elements like health and wellness, career development and, you guessed it, travel perks.

Savings from Corporate Incentive Travel

Booming travel habits and evolving workplace values illustrate how corporate travel incentives can have a positive impact across an organization, and most importantly, on its bottom line.

Here are a few ways travel incentives can deliver massive ROI for companies:

Employee Productivity & Engagement Gains

Aligning incentives with real employee motivators is what makes incentive programs most effective. And if employees want to travel, offering travel as a reward for great work is a strategic way to improve workplace productivity. In addition, the trips and retreats are a great way to foster a fun and unique corporate culture and improve employee engagement – especially for teleworkers or contractors who aren’t in the office every day.

Company Branding & Culture

Travel incentives make great marketing fodder during the talent acquisition process. Pictures from past trips and information about upcoming destinations can help paint an organization’s brand as fun, adventurous and unique. This brand impression is vital – a study from Employer Branding reports that a company’s brand is the first thing a job-seeker considers when applying for a new job.

Travel Incentives Are Scalable

Whether for a group of 100 international employees or for a single member of a team, corporate travel incentive programs are adaptable to a company. Cash-based incentives like bonuses and profit-sharing are fixed to budgets and employee numbers. A travel program can adapt to a company’s budget and workforce constraints. Instead of shelling out for a cruise to Cancun, a company could invest in a more local trip – or allow employees to choose their own.

An evolving workforce requires companies to adapt in the ways they drive employee engagement and innovate workplace culture. Corporate incentive travel may give business leaders an edge in organizational branding, culture-building and employee engagement that leads to massive gains on the bottom line.

Check out other unusual and impactful employee benefits, read our blog “15 Unusual Employee Benefits That Drive Productivity”. You can also explore a whole new way to promote your unique total compensation program by trying the online total rewards software for free today!

Four Must-Use Features of CandidateRewards

Total Rewards Software

 

The next evolution of CandidateRewards is almost here, bringing with it a variety of new tools for busy recruiters, HR pros and talent acquisition specialists. While the first version of the platform gave employers a major edge in making candidate recruiting and onboarding more streamlined and engaging, our new version offers a whole new set of features designed to accelerate the recruiting process, boost candidate conversion rates and cut costs for talent acquisition teams.

Here are four of the most innovative features of the upgraded CandidateRewards platform: