The market for people analytics software/technology (PAT) has grown rapidly in recent years and is expected to continue its rapid growth.
According to a recent survey by RedThread Research, “the people analytics technology (PAT) market is thriving, reaching $5.6 billion in 2022—a 41% growth rate since 2021 and a 50% CAGR over the past three years.” (1)
Customers use PAT to help in the following areas, shown in order of most common to less common:
- Employee retention
- Organizational efficiency
- Collaboration
- Innovation
Another study conducted by Sage Research, found that “while 94% of business leaders say their companies have access to some form of people data, “62% of HR leaders admit to not being able to use people analytics to spot trends and provide actionable insights.” (2)
Conclusion
The value, importance and urgency of utilizing people analytics technology continues to grow. It appears that the barrier to utilization is the skill level of HR leaders and professionals. The solution is training. A quick Google search will provide multiple options for training.
Before signing up for a training course, check with your current HR software provider to determine its people analytics capability. Knowing what people analytics are available can inform your selection of training courses. Also, your HR software provider may offer training on how to utilize people analytic tools within the software.
Auxillium West HRnetSource offers a full suite of people analytic tools and Auxillium West HRnetSource customer support is happy to provide training on how to use the people analytic tools.
(1) https://hrexecutive.com/amid-uncertainty-look-to-the-maturing-people-analytics-market/
(2) https://hrexecutive.com/why-are-people-analytics-skills-still-lacking-in-hr/