Workforce analytics can make a significant impact to a company's bottom line
Do you want to boost profits, increase employee satisfaction, retain and engage staff, improve health and safety, and meet your diversity and inclusion goals? An exclusive feature published by HRD in partnership with Frontier Software explains how data analytics can make a significant difference in all these areas.
Read the full exclusive feature on the untapped power of data here.
HR metrics provide a static measure of where you’re at. Workforce analytics takes that a step further by delving into the who and the why. For example, if you’re assessing the risk of an ageing workforce, HR metrics can tell you how much of your team is working beyond retirement age, but you need the analytical data to get any long term, useful information.
Workforce analytics covers productivity, staffing, people and workforce delivery, attraction and retention and it all directly relates straight back to the bottom line of a company.
Read more: Impact the c-suite with your HR analytics
HR departments who want to use analytics must identify metrics that can drive change.
Tips for identifying metrics that drive change
- Seek out measures that are aligned to business improvement strategies
- Use targets for key measures to improve the visibility of performance
- Make targets meaningful and achievable
- Engage all areas of the business to determine what analytics and measures would support their function
Creating a workforce analytics plan
- Determine the data and tools needed based on HR and business priorities
- Work with management to decide how data will be managed – establishing, expanding, or maturing data governance
- Build relationships with other managers and work collaboratively when HR decisions will affect their area or function
- Develop analytics knowledge for yourself and those who can benefit from data analysis
- Source the data you need that is not already available.
- Increase your use of analytics without consuming all your time.
