Using People Analytics to Measure Talent

During his time at WeWork, data scientist Brian Richmond established the company’s first people analytics team, which earned him the prestigious Employee Excellence Award. Brian Richmond maintains a strong interest in investigating the potential of people analytics to revolutionize how data can be harnessed to create and maintain the right company culture, improve diversity and inclusion, and hire and keep the best people.

The rapid collection and assessment of data enabled by people analytics has the ability to refine and improve the parameters used to identify high-performing employees.

Traditional assessment models usually depend on the opinions of management, which can be biased and inaccurate. People analytics allow employers to measure other aspects of an employee’s performance that can be used to assess their contributions, including successful collaborations with their colleagues.

Furthermore, by automating the data collection process, HR can identify underperforming employees in real time and deliver feedback in a timely matter. Managers can also use this data to develop personal development plans for their employees and make one-on-one feedback session more relevant. Machine learning can even be used to predict employee turnover, and take steps to reward and retain top employees.

Global Big Data Analytics Market to Keep Growing

Big data coding image: pexels.com

A PhD graduate in anthropological sciences from Stony Brook University, Brian Richmond serves as a senior data scientist at Aura Health in San Francisco. In addition to establishing the company’s product intelligence team, Brian Richmond built its first data infrastructure and applied machine learning models to optimize the product.

Every year, more and more companies recognize the importance of integrating big data analytics into their business strategies. In December 2018, Research and Markets, the world’s largest collection of market research information, released the Global Big Data Analytics Market Forecast to 2023, which showed technology trends, competitive analysis, market drivers and constraints, and a five-year revenue forecast for the global big data analytics market.

According to the report, the big data analytics market will increase from $8.5 billion in 2017 to $40.6 billion by 2023. This massive growth is attributed to the positive impact of big data analytics in operational management, vendor management, customer engagement, and customer and enterprise data security.

Using Data Analytics to Improve the Hiring Process

Brian Richmond

Prior to leading the product intelligence team for the startup health and wellness company Aura Health, Brian Richmond founded the innovative people analytics department at WeWork. As an experienced data scientist with a background in statistics and anthropology , Brian Richmond advocates for data-driven decision making to inform the hiring process.

By collecting and analyzing the appropriate data, employers can gain insight into their hiring process and achieve a number of benefits, including:

Attracting Diverse Hires – Data analytics can identify how current recruiting practices might inadvertently introduce bias into the hiring process, and how to create a more diverse and inclusive workplace. This data can also reveal any strategies that have successfully appealed to a wider range of candidates and the factors that improve retention.

Budgeting Effectively – Advertising on job platforms, offering sign-on bonuses, and other recruiting tactics are costly. Employers can use data analytics to determine which recruiting strategies are most effective at attracting the most talented candidates and reallocate the budget accordingly.

Tracking Hiring and On-boarding Efficiency – Employers can use data analytics to understand how much time and money it takes to fill vacancies depending on position type and how many applicants need to be sourced before a suitable candidate is found. This data can also identify points in the recruiting process that could be shortened or even eliminated, and how to improve the efficiency of getting new employees up to full speed.