As we draw closer and closer to 2021, business leaders in every sector are looking back at a chaotic year and wondering how they can position themselves for greater success.
It’s the nature of great leaders to push the envelope and develop bold new solutions to our problems. Where others may settle for the status quo or accept issues as “just part of business,” the most effective leaders have always explored how we can break past these challenges – and looked for opportunities in crisis.
People analytics are a perfect example of this phenomenon. Businesses have always struggled with hiring the right people and unlocking their staff’s true potential. However, people analytics now provide leaders with a tried-and-tested method of selecting the right candidates and inspiring them to perform.
2021 will be a banner year for people analytics as more and more business leaders appreciate the value these tools offer their companies. Here are three reasons why business leaders can’t sleep on people analytics any longer.
Innovation Requires Risk-Takers
COVID-19 and a turbulent economy have dramatically reshaped markets to the point where change is do-or-die. Meanwhile, digital disruption is leaving no industry untouched.
Innovation is now more important than ever, and businesses need to rapidly adapt to stay competitive in an evolving marketplace. While many business leaders are quick to name innovation as a top priority in their strategy, they always miss one critical component…their people strategy.
In order to successfully innovate, businesses need to ensure they have the right people in the right positions. More specifically, they need individuals who are comfortable taking risks and making bold decisions.
Without these people on our team and in key positions, we are destined to fail on innovation. People analytics allow us to identify who is risk-averse and who is comfortable with risk in a matter of minutes, greatly increasing our chance of success here.
Of course, businesses need to align their people strategy with their business strategy regardless of whether their goals include innovation. This is just one example of why people analytics will be so crucial in the near future.
People Analytics are Proven Solution for Driving Team Performance
Now more than ever, business leaders need to get the most from their teams. Businesses simply cannot afford low employee engagement or underperforming teams.
With people analytics, business leaders can rapidly identify what drives their team members and what will help them thrive in the workplace.
Leading analytics platforms like those offered by the Predictive Index can provide leaders with customized reports on any given employee, complete with suggestions for supporting them in the workplace.
In a nutshell, people analytics take the guesswork out of leading team members, promoting their growth and keeping them happy in the workplace.
It’s Now Unacceptable to Make Business Decisions Without Data
We now use data to guide virtually every business decision. Our ability to track and analyze data has exploded over the past decade, and savvy business leaders are milking that for everything it’s worth.
There’s no good excuse to overlook any relevant data in our decision-making!
So why aren’t more business leaders using data to guide hiring and performance management? We can now use scientifically validated analytics to make better hires and drive stronger performance with our teams.
We have access to tried-and-tested people analytics that improve our success with these processes. Here at Qualigence, we use a platform provided by the Predictive Index to ensure our team and our clients can consistently make better hires, build winning teams, and unlock the full potential of their people.
In a nutshell, business leaders need to ask themselves why they would neglect to use these tools when data provides so much value to other decisions and tasks.
Businesses Need People Analytics More Than Ever
Between digital disruption, the pandemic, and a turbulent economy, it’s clear that disruption will not only continue but accelerate in 2021.
As such, it has never been more important for businesses to have a rock-solid talent strategy to support their overarching business objectives.
It’s only a matter of time until people analytics are a staple for leading businesses. The question for business leaders is whether they will be an early adopter or resign themselves to playing catch-up.
If you’re interested in learning more about people analytics, schedule a call with our Predictive Index trainer Steve Lowisz today. He’ll ask you some questions about your current situation and break down how you can use data to solve your biggest talent challenges.