TechDogs-10-Minute Guide To "Workforce Analytics Software"

Business Intelligence

10-Minute Guide To Workforce Analytics Software

By TechDogs

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Overview

Every month, three million Americans leave their job. Not because of layoffs. Not because of sackings. They deliberately choose to leave their job - they don't want to be there anymore. Ouch. Why? Well, there are myriad reasons, such as no opportunity to progress, no chance to prove their value to an organization, poor work conditions and shoddy bosses. Unless you're a mind-reader, you may be oblivious to their frustrations.

However, what if a tool could help identify the employees feeling like this before they get to the point of no return and help you make better recruitment decisions in the future? The answer is Workforce Analytics Software. Read on to learn more about Workforce Analytic, the benefits of understanding employee data and why you should make it your priority.
TechDogs-"Workforce Analytics Software"
Managing your company's workforce planning is a hefty task, isn't it? People often associate it with team building, training, staffing, employee engagement, performance evaluation, etc., - people-y stuff, you know.

If people management were a music genre, it would be opera - sometimes dainty, sometimes ominous, always genteel. You can hear it, can't you?

*record scratch*

Well, it's time to step aside, opera-lovers! There's a new kid in town and its name is Workforce
Analytics Software - the heavy metal of the corporate world.


What Is Workforce Analytics?


Workforce Analytics is badass and gets into the nitty-gritty of employee data to identify trends, opportunities and risks in your workforce. If you're thinking, "Hang on - that sounds like a SWOT analysis", you're right.

Let's look at why Workforce Analytics came to exist in the first place. In the beginning, there was human resource analytics, which analyzed people-y things, such as employee churn, training progress and performance metrics. However, all measurements occurred at the individual level; it focused on Bob in IT or Delores in Revenue Management.

What happened next was that the organizations changed. Business leaders wanted to understand how they could improve performance, encourage collaboration, develop efficiencies and plan for the future across the entire organization. People-centric analytics alone couldn't tell them all they needed to know because people analytics might tell the numbers but don't show them why behind the data.

Robots have been around since the 50s, chatbots since the 60s and well, the Autobots have been around for millennia - everyone knows that Optimus Prime is nine million years old, for heaven's sake.

So, why the shift? Well, for too long, workforce-based decisions were made on gut feel, out of necessity, or because others were doing it too. Yet administration, site maintenance, employee engagement and also training & development are cost centers. They're an expense. You wouldn't allow your IT team to make willy-nilly budgetary decisions with no business outcomes case, so why is it okay when it comes to your workforce?

People management has stepped up a gear with organizations treating it just as they would treat their sales and marketing functions. The businesses reaping the most benefits from this new approach have implemented Workforce Analytics Software into their tech suite.
 


What Is Workforce Analytics Software?


Workforce Analytics Software are tools and platforms that collect employee data and provide analytical models of that data. This allows employers to make data-driven decisions and manage their human resources effectively. These decisions are mostly about the following business functions.
 
  • Recruitment

  • Retention

  • Workforce Digitization

  • Managing employee productivity

  • Multi-location workforce optimization


For business leaders and managers to have a holistic view of the organization, people analytics had to evolve to become Workforce Analytics Software - a tool for all, rather than one department.
 

What Are The Benefits Of Implementing Workforce Analytics Software In Your Business?

 
So, now we know what Workforce Analytics is, let's get into the reason why you're here: how you can use Workforce Analytics Software to make your job easier.
 
  • Retain Employees

    What would you think if your organization recruited a $40k-a-year new employee and celebrated by burning $20-30k on a ceremonial bonfire? Barmy, no? Well, hold your thoughts because that's precisely what happens. On average, each time a business recruits a new salaried employee, it costs 6-9 months' salary in training and recruitment. Workforce Analytics Software allows you to spot the signs of a disgruntled team member when there's still time to do something about it as a part of employee retention.

  • Develop Employees

    Some employees actively seek development opportunities, while others are more reactionary. Workforce Analytics assesses how your staff engages with training and development content and uses this insight to influence other employees.

  • Succession Plan

    No one works at the same company forever. Even a die-hard loyal team member who would never dream of leaving has to retire at some point, and inevitably, you need a plan for when this happens. Instead of putting it off or shoving it to the bottom of the to-do list, Workforce Analytics Software can identify who within the existing team has the skill and experience to fill the gap.

  • Recruit Better

    Imagine being responsible for predicting what skills and roles your organization may need in the future as it grows or expands into new markets. Ugh. Pressure. Workforce Analytics Software uses business data to do this for you.

  • Shift Planning

    Shift management is a complicated and thankless task. No one pats you on the back when you nail it but everyone has something to say if you don't. Workforce Analytics Software provides insight into the optimal number of team members for each shift, 24/7/365.

  • Implement A Fairer Compensation Structure

    How do you make an employee go from happy to fuming in five seconds flat? You implement an inefficient compensation structure that means they get paid less than someone else doing the same job. That's a bad joke — as bad as mismanaged pay. Thankfully, Workforce Analytics Software monitors, identifies and alerts you to any discrepancies.

  • Improve Employee Performance

    Plenty of things influence how team members perform, such as how engaged they are, whether they feel supported by a team leader and whether they're happy at work. Workforce Analytics Software identifies motivational (and demotivational) triggers so that business leaders can get the best out of their staff for improved employee satisfaction.

  • Improve Digitization Of Workforce Data

    Combine Machine Learning with Workforce Analytics Software and you break the performance statistics barrier to see what lies underneath: an employee's engagement. How engaged an employee is a vital predictor of how they may perform. Think of NFL players. The most talented, promising young athlete can bomb when disconnected from the rest of the team.

  • Improve Company Culture

    Toxic employees - we all know one, right? That person who brings the whole team down with the Negative Nancy opinions and Disruptive Derrick attitudes. Who needs 'em! We've also worked with people that inspire us and personify the company's values. Predictive Workforce Analytics helps you understand the traits of those who uplift your organization and those who bring it down so you can employ more of one and less of the other.

What Insights Can You Expect From Workforce Analytics Software?


TechDogs-Expected Insights From "Workforce Analytics Software"-The Future Trends Of Workforce Analytics Software
Analytics is one of those funny old words that everyone can define but no one can put their finger on because it means a million things to a million people. In the world of workforce, there are four types of analytics software.
 
  • Descriptive

    A useful tool called descriptive analytics helps you track current performance and compare it to previous years and everyone lived happily ever after - the End.

  • Diagnostic

    Diagnostic analytics tells you what's happening behind the numbers - the cause to your effect.

  • Predictive

    Predictive analytics is the closest you'll get to someone predicting your future, with no risk of any tall, dark strangers getting in the way. In all seriousness, though, predictive analytics is statistics-based forecasting - it uses Data Mining, Machine Learning and Artificial Intelligence.

  • Prescriptive

    So, you have your predictions but aren't sure how to act upon them - who you gonna call? Prescriptive analytics! It offers suggested actions based on current and past data and predicted needs.


Some Workforce Analytics Software covers all aspects. In contrast, others specialize in one or two, so do your due diligence and make sure that whichever solution you go with can support you, both now and in the future.

If you're keen to see what solutions are out there, why not check out the SAP® SuccessFactors® HXM suite or the Visier People® tool.
 

What Are The Future Trends Of Workforce Analytics Software?


Technology loves a trend and the world of Workforce Analytics is no different. Let's look at some of the future trends Workforce Analytics Software might provide.
 
  • The Right People In The Right Place

    Organizations must fill positions quickly, which means that, instead of finding Mr. or Mrs. Right, they often settle for Mr. or Mrs. Close-Enough. Workforce Analytics Software will allow organizations to do more to automate the initial recruitment stages, quickly identifying applicants that fit both the organization and the role.

  • Data Interrogation And Productivity

    As Machine Learning and Artificial Intelligence tools swarm the workplace, it will allow organizations to analyze Big Data so they can scale teams more appropriately, skill teams more effectively and create optimum work environments.


Conclusion


According to SplashBI, a business analytics platform, three-quarters of the reasons for employee attrition are preventable. If you think that's no biggie, think of this - it costs 33% of an employee's salary to replace him or her! Using Analytics Software allows you to identify key metrics about your workforce to retain and reward key employees, create an optimal work environment and effectively manage your organization's resources for improved turnover.

Your team is the lifeblood of your company. Are you doing enough to look after them?

Frequently Asked Questions

What is Workforce Analytics Software?


Workforce Analytics Software is a powerful tool designed to delve deep into employee data, identifying trends, opportunities, and risks within your workforce. It goes beyond traditional human resource analytics by providing analytical models that offer insights into various aspects of workforce management, such as recruitment, retention, workforce digitization, productivity management, and optimization of multi-location workforces. Essentially, it enables data-driven decision-making to effectively manage human resources across the organization.

What are the benefits of implementing Workforce Analytics Software in your business?


Implementing Workforce Analytics Software brings numerous benefits to businesses. Firstly, it aids in retaining employees by allowing organizations to identify signs of dissatisfaction or disengagement early on, enabling proactive measures to address issues and improve retention rates. Secondly, it facilitates employee development by assessing engagement with training and development initiatives and tailoring strategies accordingly. Moreover, it assists in succession planning by identifying individuals within the organization who possess the necessary skills and experience to fill future vacancies. Additionally, it helps in recruiting better by predicting future skills requirements based on business data and optimizing shift planning for enhanced workforce management. Furthermore, it contributes to creating fairer compensation structures and improving employee performance by identifying motivational triggers and demotivational factors. Lastly, it enhances the digitization of workforce data, enabling better insights into employee engagement and overall company culture, leading to improved organizational efficiency and employee satisfaction.

What insights can you expect from Workforce Analytics Software?


Workforce Analytics Software provides various types of analytics to offer valuable insights into workforce management. Descriptive analytics track current performance and compare it to historical data, providing a snapshot of the organization's current status. Diagnostic analytics delve deeper into the underlying causes behind the data, identifying the factors influencing performance. Predictive analytics use advanced statistical techniques, data mining, machine learning, and artificial intelligence to forecast future trends and outcomes based on historical data. Lastly, prescriptive analytics offer suggested actions based on predictive insights, guiding organizations on how to act upon the data effectively. It's essential to choose a solution that aligns with your organization's needs and can support you comprehensively in your workforce management endeavors.

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Tags:

Workforce Analytics SoftwareWorkforce Analytics HR Management Employee Management Recruitment Recruitment Analytics Talent Analytics Talent Analytics Platforms Workforce Management

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