People Analytics in 2023, What to expect in the HR-Tech world?
World of People Analytics is constantly maturing, and 2023 is no exception. Organizations continue to focus on optimizing their workforce and People’s related processes and working on their data to be more accurate in making better decisions. Therefore, we should see a number of emerging trends in the field of People Analytics as well. These are some of the trends that may impact the HR-Tech world shortly:
- Increased use of Artificial Intelligence and Machine Learning
AI and ML are no Buzz words for HRs anymore. These technologies are being used to automate and improve the accuracy of People Analytics processes, such as Recruitment and employee retention. HR departments are now aware of the importance of using technology to replace their manualy time-consuming processes, and it is not a fancy topic for them anymore. ( In this article, you can see how ML could help in predicting recruitment success) So 2023 will be a good time for those who want to see the values of these emerging technologies in their HR departments.
2. More use of advanced data visualization in HR
With the increasing amount of data being collected and used in the HR area, it is becoming increasingly important to be capable of presenting insights in a clear and compelling way. Data visualization is becoming an essential tool for HR experts in 2023. It allows HR stakeholders to easily understand and interpret large amounts of data, such as employee performance metrics, recruitment statistics, and turnover rates. By meaningful and professional ways of visualizing data, decision-makers can quickly identify trends and patterns that may not be immediately obvious from data. It can help them make more informed decisions about their HR initiatives and will have a direct impact on employee engagement in the end. Additionally, data visualization can support HR professionals to communicate information effectively to other departments and integrate people trends with business outcomes.
3. More significant use of external data sources in HR
Organizations have started to understand the value of external data sources such as social media, job boards, and public data to better understand the workforce and market trends. Until now, the usage of these external data sources was limited to marketing and sale teams, but recently many organizations have realized that external data sources can also provide a wealth of information for their HR departments. By integrating these data, HR can make more informed decisions and take a better data-driven approach to managing the workforce.
4. Data will approve diversity, equity, and inclusion
The importance of diversity, equity, and inclusion is becoming increasingly clear. Organizations are using People Analytics experts to better understand and improve their DEI initiatives. Understanding the data surrounding diversity within an organization will provide valuable insights into the current state of diversity as well as identify areas where improvements can be made. Tracking the experiences of different groups within the organization by considering the gathered data on employee engagement, turnover, and promotions is the other step to be considered.
Certainly, 2023 is to bring more exciting developments in People Analytics. Let’s look forward to seeing how these trends continue to evolve this year.
