Workforce analytics – high powered data analysis companies use to find correlations and insights in their workforce. These insights are used to improve the business through staff retention, cutting costs and increasing company revenue.
Examples of insights through workforce analytics:
Increase staff retention
Workforce analytics can pinpoint teams within your organisation that are struggling to retain their staff. With this information you can identify potential issues.
Is there an issue with team management? Is the team lacking implementation of a succession plan? Is there a workload issue due to legacy software? These lines of investigation, triggered by your HR metrics, give you the power to plan, see and act.
Save your company money
Key metrics are used to flag when team members are close to retirement and can reveal which employees are at risk of leaving. Use these insights to proactively address these risks before they start to become a drain your organisation’s revenue.
The competition for talented individuals is also a risky business. Are you losing your first choice candidates to fill vacancies to a competitor? Use workforce analytics to measure the impact and cost repercussions of this and tighten your onboarding procedure.
Increase company revenue
Is staff morale lacking? The attitude of your sales, project and support teams are pivotal in whether your customer’s decide to spend more money with you. Your high turnover rate may be influencing your buyer’s purchasing decisions or promoting an unstable environment to potential customers.
Discover which attributes your most successful sales people have in common. Are they progressing through the company at a rapid rate? Do they share the same leadership? Are they reaping the rewards of their hard work with quick commission reimbursements?
Compare HR metrics and start your investigations to ensure you position your recruitment processes to attract the right people.
Getting started with Workforce Analytics
Start with the problem.
As noted by Deloitte’s Josh Bersin, the key to success is starting with the problem, not the data. What problems do you want to solve? What decisions would you like to make? Once these are confirmed you can start pulling relevant data to use to your advantage.
Find and clean your data.
Make sure you data is coming from one source of truth. You may have performance metrics and data being captured form your talent management system overlapping with the data being retrieved from your payroll system.
Create one source of information using clear definitions of terms such as ‘position.’ Tight governance of your data will avoid inaccurate results and skewed data within your workforce analytics.
Choose the right software.
There are many analytics packages out there. Choose one that has an intuitive dashboard and has the power to present meaningful results quickly.
Visier has a intuitive dashboard so you can get your results fast. Using the supportive, rich interface and metrics catalogue create your favourites, it’s that simple.
Software applications such as Visier are pure SAAS applications, hosted in the cloud, with true multi-tenant architecture. Every customer is on the same version and the capacity and speed of software means your results are delivered faster.
Make it snappy, and iterate.
Don’t plunge into an 18 month project to get workforce analytics up and running. Getting a small amount of information into your analytics tool, quickly, is really important. Once you start to see results, you can change and refine your analytics over time.
Try it out.
Be proactive. Increase your organisation’s revenue by knowing when your workforce is at risk.
Call Michelle Clancy to access your free demo of Visier workforce analytics +61 3 9879 4060