What is Workforce Analytics?
Although many companies are able to capture and analyze some data (e.g., absence, manpower, salary information), how practical is that output?
This is a great idea. The company’s most valuable asset is its workforce. But how much information do they have about this vital asset? It has been possible for years to analyze and report on financial data. But why is this not being done with the workforce? It is possible to use workforce analytics to obtain a variety of important information that can then be used for strategic decisions.
WHY USE PERFORMANCE ANALYTICS?
Effective workforce analytics allows HR to take the business forward and ensure that strategic milestones are met. Workforce analytics can be used to identify top talent and possibly replace an employee with an internal resource. Workforce analytics allows you to analyze your data and make better decisions, making the right actions to help drive business success.
What can I do with PERFORMANCE-ANALYTICS DATA?
It is just one step to collecting and recording data from different business areas. To make the most of this data, you need to present it correctly. A static data set that is just a collection of numbers is useless. However, dynamically processed information displays trends and statistics quickly, which is much more valuable. Take, for example:
A spreadsheet with over 10,000 records of staff’s age, department, and location would be challenging to analyze and provide any benefits. This data can be presented in graph form. It will show the age ranges of each site and department. This makes it much easier to understand, analyze, and gain insight. This will allow you to quickly determine how many of your employees are approaching retirement age and create a succession plan.
Here are some of the areas where workforce analytics can be beneficial:
Training and development
Performance of employees
Motivating and aligning employees to reach your business goals
The link between employee survey results and financial performance.
There are many ways to combine and analyze data owned by businesses. However, not everyone knows how to do this effectively. It is necessary to have real-time data. Transferring data from different systems to one central repository can be costly and time-consuming. Org Plus and CIPHR Connect allow businesses to combine data from other sources into one source of truth. These data can be used to analyze and report on the data, which will help in developing business strategies and justifying crucial decisions.
It is essential to be able to integrate HR data across all business areas. This can be done through either automated exports or direct integration. Whatever system is used for incorporating this data, it should be intuitive and easy to use to query the information.
The output of workforce analytics should allow the business to quickly spot trends and other important information about human capital from all areas of its company.
These are the tools businesses use today.
Integration analytics from HRMS/HRIS… 39%
Analytics using financial solutions (e.g., ERP 14%
Corporate/IT-delivered business intelligence system… 12%
Dedicated business intelligence… 8%
True workforce analytics solution…
Source: Visier Inc. 2012 Survey on U.S-Based Employers, Fisher Vista
The majority of businesses still use spreadsheets to analyze their data, as you can see by the above statistics. These spreadsheets, which are not automated or intuitive in most cases, would take many hours to create and analyze.
In 1982, Computers in Personnel was established to offer software and consulting on the use of personal computers within the personnel departments. Computers in Personnel is a pioneer in technology-based people management. We design, deliver and implement HR Software and HR Systems.
Organizational success is dependent on influential people and good data management. Technology is an enabler but must be used in new ways. This includes blending traditional techniques with modern integration mechanisms and creating new services.