Workforce Analytics- Why and What matters?

Supriya Nigam is a lead Content Writer & Digital Marketing Strategist at CareerBuilder India. Her passion for helping people in all aspects of digital marketing flows through in the expert HR Technology industry coverage she provides. Also, an avid Yoga practitioner.

Today, we see that several organizations are struggling to address a host of strategic human capital concerns. Additionally, these problems are being exaggerated in an economic turbulence, which is pushing organizations to make tough choices about every aspect of their operation.

Despite the promise of reduced departmental operational costs and better efficiency, the implementation of workforce analytic applications remain indefinable.

Here, comes a revolutionary phase in strategic human capital management where business leaders are looking to the CHRO (Chief Human Resource Officers) for answers.

Why Workforce analytics matters now?

When the time, money and efforts spent to consolidate the workforce data, many HR leaders now appreciate organised access to a wealth of information. As yet, several have used that organized data sets to generate reports more efficiently and quickly.

However, this is just tip of the iceberg of what can be achieved with this substantial pile of data. It is a time to anticipate how changes to the business are likely to influence the picture of talent management. And for talent acquisition leaders, that takes a level of insight that they never had on deck.

Workforce Analytics- Why and What matters?

That is where Workforce Analytics cross the threshold.

What analytics may deliver?

Generating Reports is not enough to address strategic human capital challenges in today’s environment.

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To date, HR professionals want analytics markers from which they can unite human capital performance and strategy to varied business goals.

The business leaders are looking for answers of following questions:

–    Where does it make sense to start?

–    How should they team up with rest of the executive team?

–    How much impact can they anticipate?

At the strategy table, workforce analytics can provide HR the insights and tools required to make a substantial contribution.

The Unsurpassed Benefits

1. Deliver Smarter Business-Focused Insights

In a past few years, several organizations have turned to data out of need. To take informed workforce decisions, they only want better insights. Ten years ago, tools like simulation modelling and scenario analysis may have seemed overblown. However, today they are becoming customary elements of doing business.

Similarly, HR analytics may seem too much to invest in, but they are the pre-requisites of Human Capital Management in near future.

2. Forestall Human Capital breakdown before they strike

When it comes to dealing with projected workforce management scenarios including, employee engagement and retention during M&A (Merger and Acquisition) and the effect of aging workforce on business bottom line then your DATA can hold the clues.

Step Forward – Anticipate what is next

– Shore up your data. The HR Analytics does not necessitate a spotless data to do the job – however the better the quality, the reliable the insights. The first step is to warrant which data is more appropriate to the particular problem.

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– Emphasis on one conundrum. With a substantial amount of quality of data, it is apparent that workforce analytics can deliver the answers. Start by determining one persistent workforce-related problem, and expand out from there. Hence, a clear direction in practice is required for better decision making.

– Connect with leaders in business. The front-runners from a range of disciplines and teams must smoothly interact and engage in identifying the right set of data and lay the robust groundwork for action.

Talentstream Technologies did not only treat people like widgets and crunch numbers. It analyse a problem and make efficient use of gathered data to help solve it, without losing a focus on the human element that drives performance.

Therefore, using data analytics in Human Capital Management is not enough. It needs a clear direction with one problem-one solution at a time approach to maximize the outcome.

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