WHAT IT'S ALL ABOUT...
Is analytics an integral part of your workforce strategy yet?
This article gives 5 reasons why if you haven’t been thinking about workforce analytics, you should be…
1. Unified data with real-time insights
Did you know that 71% of companies lack the ability to drive real-time insights into their workforce?
The go-to approach for workforce planning typically sees teams spending their time juggling between disparate spreadsheets, but this approach fails to tell the full story.
Things are constantly in your organisation and without real-time insights, even the smallest shifts in your workforce, such as someone receiving a bonus or pay rise, could quickly disqualify your data.
This can leave you in a constant state of cleaning up messes after they’ve happened – but why simply react to problems when you could instead tackle them in advance.
Using workforce analytics allows you to take a more proactive approach. With real-time insights at your fingertips, you can understand what’s really going on in your workforce and make quick and accurate decisions without the fear of “so yesterday” data.
On top of this, it provides a single platform for all of your workforce data. This gives you a single version of the truth at all times so you can easily see how your plans will impact different areas of the business.
2. Greater HR performance efficiency
Research by IBM has found that organisations deploying workforce analytics systems are 66% more likely to increase HR performance efficiency without increasing headcount…Something that’s especially important as we brace ourselves for the tsunami of uncertainty that’s sure to follow Brexit.
But what’s the secret behind this greater efficiency without the extra spend?
Well, analytics works to automate many of the tedious admin tasks that HR often get tied up in. This frees teams from spending hours inputting data into spreadsheets and gives them the freedom to focus on higher-value tasks.
Turning their attention from trying to make sense of complex spreadsheets, to instead having freshly delivered insights about their organisation provides HR teams with a better understanding of their business than ever.
This empowers HR to find creative solutions to problems in their workforce that they would have never otherwise had known existed. It provides them with the ability to make informed decisions about where resources are allocated across their business and helps them to be more effective as a department… All without simply hiring more people to “get the job done”.
3. Increased workforce ROI
On top of producing greater efficiency within the walls of HR, organisations that deploy workforce planning analytics are 4.3 times more likely to increase the ROI across their entire workforce.
Workforce analytics allows you to be intuitive to the needs of your organisation. From providing deep insights into employee performance, to carrying out what-if scenario modelling to see the impact of possible pay rises and employee training… the possibilities are endless.
Based on these insights, you can then plan strategically to ensure that your workforce is set up for success.
Long story short, the more in-tune you are with your workforce, the better equipped you are to optimise it and workforce analytics gives you the power to do exactly that.
As you begin to use analytics to improve ROI, you’ll have an increasingly holistic view of your organisation, and therefore understand how to best serve it. This will help you change the narrative from “what can we do to cut costs” to “what can we do to further enhance our workforce”.
4. Increased employee tenure and retention
With the average employee only staying with an organisation for two years, employee tenure and retention remains a hot topic for many organisations.
Despite this, research shows that best-in-class organisations that adopt workforce analytics are 49% more likely to hold onto their employees for longer.
This is because, rather than simply having to cross your fingers and hope that employees stay around, analytics lays out the facts.
It gives you metrics into the risk factors associated with employees leaving the organisation so you can understand the warning signs and take early action to prevent this from happening.
Aligning these insights with your wellness, wellbeing and reward management schemes also works to ensure that your people don’t just stay, but stay happy.
5. Intelligent succession planning
As you grow it's crucial you have the right skills to support your vision.
Workforce analytics not only helps you to understand the skills you need to succeed as your organisation grows, but it also helps you to create a roadmap of how you can go about obtaining these skills.
For example, a financial plan may indicate that your workforce requires a particular skill to meet future demands.
Workforce planning models can help evaluate the costs associated with the required training, and even allow your businesses to build in a premium in the case that you would have to hire new talent.
All of this means that you’ll have the right skills needed to thrive, whilst having peace of mind that your expenditure doesn’t exceed your budget.
Oletta Stewart is a Content Writer for MHR Analytics.
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