Why Should You Consider People Analytics as a Service (PAaaS)?

People Analytics has transformed the landscape of HR, and it’s been incredibly rewarding for me to witness firsthand the tangible benefits it brings to organizations. The shift towards evidence-based decision-making empowered by people analytics is not only reshaping strategies but also elevating HR’s stature to a rightful place at the leadership table.  As per Deloitte’s 2017 High-Impact People Analytics Research, almost 60% of organizations with 10,000+ employees have a people analytics team.

However, despite the recognition of its significance, there’s a sobering reality we must confront:  while 71% of organizations place people analytics on top priority, only 22% are currently applying it full-time! This stark disconnect between recognition and implementation has resulted in a stagnant adoption rate over recent years, painting a less-than-optimistic picture of the status quo.

The question that naturally arises is: why is this hesitation to embrace people analytics when its potential is widely acknowledged among HR leaders? 

Let’s explore this challenge together to uncover the underlying factors impeding its widespread adoption and how People Analytics as a Service (PAaaS) emerges as a potential solution.

People Analytics: Implementation & Challenges 

To embark on a successful journey with people analytics, a well-thought-out strategy is essential to yield meaningful insights.

Traditionally, the implementation of people analytics involves several key steps:

• Identifying various data sources and establishing the accuracy and completeness of the data
• Defining metrics that are aligned with business and people agenda for the year
• Determining the tools to deliver the outcomes (Different stakeholders influence this decision)
• Assessing current skills in the team to interpret data and build evidence and/or data-based decision culture
• Moving from MIS and Dashboards to prescriptive and predictive analytics
• Determining which statistical models are best suited for your data set and intended outcomes 

Admittedly, this seems like a daunting task! Challenges often cited include:

• Managing data from multiple sources and formats across the organization can be time-consuming, with data collection and segregation consuming nearly 80% of the time.

• Too many analytical tools make the work of selecting the right one one of the most tedious tasks. Easy-to-use tools often don’t offer the desired results, while complex ones can be the biggest barriers to adoption.

• The involvement of data raises the data privacy and security quotient bar. With various local and global legislations governing the use of personal information, your people analytics practice needs to carefully evaluate this territory. 

• Machine Learning and Data Science require an extremely high level of technological knowledge and involvement. You need to recruit a highly skilled team of data experts, experienced in data science, data mining, machine learning, work psychology, and communication. Or, invest in upskilling and reskilling. Either way, both are extremely time-consuming and can be an expensive option. 

• For your people analytics to yield the results, the team must be sensitive to the business while also being aware of typical HR metrics and practices. Many times you will see HR teams struggling to share relevant metrics and so-what analysis with business leaders. 

• That’s not the end though. Result assessment is crucial. An analysis is of no significance if there are no listening programs to ensure that the results are aligned with the objectives.

The process of implementing people analytics indeed requires substantial time, effort, and financial investment, adding to the already heavy workload of HR teams operating under strict schedules. While the adoption of people analytics software holds potential, the absence of necessary time, resources, and expertise can hinder its effectiveness, preventing it from fulfilling its intended purpose.

So, how can one navigate through this complexity while still ensuring the smooth adoption and integration of people analytics to unlock the potential of your workforce fully?

Here’s a thought: Consider People Analytics as a Service (PAaaS). It presents a more efficient, intelligent, and rapid approach to harnessing people’s data for organizational success.

The Potential of People Analytics as a Service (PAaaS)

People Analytics as a Service can make a marked difference to your organization because you’ll have a highly specialized team from the outside (as a vendor) working as an extended arm of your team. The vendor has everything in place – technology, tools, skills, and talent. Consequently, your organization moves into the fast-track mode of adopting people analytics. 

Some of the advantages are:

• You save time (a lot of time!)
• All processes and systems are set up with agility 
• With state-of-art tools, the ecosystem is future-proof
• The high-tech setup ensures data governance and security aspects 
• You can start small and scale up with a range of People Analytics tools
• Subscription plans make the process cost-effective 
• No need to hire skilled technical staff 
• You can focus on core HR workflows with managed services. 
• Reduces your workload 

Nuest Consulting – Your People Analytics as a Service Partner

Nuest Consulting offers People Analytics as a Service for businesses looking to move from static MIS to using metrics and insights as decision-making tools. We work with you and your team to understand your business, its context, current maturity of HR processes and be that ATC for your HR pilots. 

Our PAaaS, as a monthly subscription service, helps set up your people analytics ecosystem fast and cost-effectively. All pain points related to data collection, cleaning, interpretation, and result assessment are addressed by us to first build relevant metrics and data visualizations that drive business value. We aim to ensure that your HR MIS is transformed into a report that gives you actionable insights into your processes. Once we settle this we aim to build prescriptive and predictive models that will enhance your decision-making. The availability of the ready-to-use capabilities of our team of experts with 50+ years of combined experience in HR Analytics is an added advantage.

Why should Nuest Consulting be your PAaaS partner?

We make your people analytics journey smooth and seamless with our affordable Monthly Subscription plans that come in three packages – Starter, Intermediate, and Advanced. Each plan includes a selected range of managed services like,

• Build HR MIS and analytics dashboards
• Create customized and ad-hoc reports
• Facilitate data transformation from multi-systems and business apps
• Data visualization
• Perform analysis for insights
• What-IF analysis
• Conversational analytics and insights
• Data Alerts – anomalies and achievements
• Predictive and prescriptive analytics
• Act as your COE for people analytics

With Nuest as your people analytics partner, you get a competitive edge in driving the most value out of people analytics in the fastest possible time and at the best costs. You have access to timely, actionable, and practical insights that empower you to make consistent and continued data-driven decisions.

You stay ahead in the talent market, make more effective decisions, and leverage deep data science to the fullest without really going through the hassle of choosing a tool or hiring more talent. Consequently, your business is more adaptable to meet changing and new demands. 

Want to discuss the details? Schedule a Strategy Call today.