Monday, 18 July 2016

The Importance of Workforce Analytics

Did you know that, all the data you've been collecting also has a secret life? And once this is revealed, it can provide the information which you need, to make better& more strategic business decisions. A strong analytics tool is one of the major key to see your present data's value.

Workforce Analytics is one of the easy ways to start organizational performance tracking. On-demand dashboards &Data transformation plus hundreds of performance indicators are some of the features which may help you to measure and analyze workforce performance and eliminate any surprises. Data exploration and visualization enables users to easily create dashboards which have a variety of interactive graphs and charts, like geographic maps, scatter plots, as well as built in filters and progressive disclosure.

An automated workforce analytics tool uses your present data to provide continuous visibility into labor costs and track key performance indicators that which would impact your productivity and labor costs. This is basically a combination of methodology and software which applies statistical models to worker-related data, finally allowing enterprise leaders to have an optimized successfactors HRM (human resource management).

Workforce analytics would help business leaders to improve and develop recruiting methods, which would make general and specific hiring decisions, and keep the best workers with the company. In addition, workforce analytics also help management personnel to:

  • Identify the need for new departments and positions
  • Assign and delegate responsibility for tasks and goals
  • Determine which departments or positions can be reassigned or eliminated
  • Analyze and predict current and future technological needs
  • Identify and quantify factors that influence employee job satisfaction
  • Predict the probability of an individual employee's success
  • Help the enterprise to identify, encourage, and cultivate its future leaders
  • Identify and quantify physical risks to employees in specific positions
  • Optimize the enterprise's organizational structure