Today, we use analytics to interpret huge amounts of data, which helps us enhance the efficiency and productivity of various tasks. Then, why not use workforce analytics in human resources?
By using workforce analytics in the HR processes, it is possible to streamline various activities such as recruitment, employee training, and management. From being clueless about the starting point of a recruitment drive to having intuitive, detailed insights of various aspects, data analysis can give you all the required information you need for effective hiring.
For instance, the hardest part of an HR’s job is to analyze what millennials are looking for in a particular job profile. Today, having a career and job means much for than just money and profile. Hence, using workforce analysis and data extracted from social media, you can evaluate what people look for in a specific job role.
A content writer may rather join a job with less pay but more workplace innovation. Graphic design may want to work in a company where he or she can explore new design aspects. Knowing these things in advance can assist you in aligning your requirements with the requirements of the workforce.
Here are some of the amazing benefits of implementing workforce analytics:
1. Reducing Delays
One of the biggest hurdles that every business face is setting deadlines. Sometimes, you receive these deadlines directly from the client but analyzing if the time is enough is a real task. With workforce analysis, you can easily figure out these things for foolproof execution.
You can utilize previous data to interpret the absenteeism, work efficiency, and completion rate of your employees. Further, if you have an urgent project at hand which needs to be completed on time without errors, you can analyze the efficiency pattern of your employees. This will help you assign highly productive staff to this project.
2. High Retention
While you may be under impression that your most productive employee is happy at the workplace, they may handover a resignation letter in your hand. Then, you would ask them about the issues and they would be prepared to leave as soon as they get a chance.
Workforce analytics can help you predict this flight response or resignation way earlier than you think. You can draw upon data and predict if your employees are really satisfied with what they are getting in the workplace. When you know these things in advance, you can take steps to retain these employees before receiving a resignation letter.
3. Performance Benchmarking
Just like yearly performance reviews are no longer valid in today’s scenario, similar performance metrics for every employee is not right. You can benchmark performance metrics for all your employees keeping in mind their designation, position, work profile, experience, and working condition. You can additionally bring metrics such as innovation, creativity, client satisfaction, punctuality, etc. to evaluate incentives and pay raise.
4. Better Execution of Pilot Processes
Every business has to complete a series of pilot processes. Whenever a new pilot process comes up, the manager would draw on their gut feeling and experience to choose the best employees for this task. Sometimes, this goes terribly wrong because you can’t always predict who is the best for a specified task accurately every time.
However, with workforce analytics, this can be predicted accurately most of the times. You can draw upon previous data, modify, and interpret it to know which employee can perform best in a particular type of project. Then, form a team and let them deliver pilot tasks with utmost efficiency.
HR managers and in fact, the whole team spends a lot of time in executing these tasks manually. They are constantly on their toes to increase workplace performance and productivity. With workforce analytics at your disposal, this task can become extremely easy. You can stop your best employees from leaving and deliver important tasks on time.