Getting insights into your workforce’s hidden attrition patterns, skill gaps and training needs, unconscious biases, engagement metrics, productivity factors, pain points etc. is not bad, right? That’s precisely what a Workforce Analytics tool will allow you to do.
While it is irrefutable that having insight into your workforce trends will help you unleash the full potential of your workforce and eventually land better business results, organisations still hesitate to make workforce analytics a part of their strategy. Wondering what could be the reason? Well, there are a number of reasons – not having a budget, being unable to win leadership buy-ins, lack of awareness etc.
In this blog, we’ll explore why harnessing the power of workforce analytics will make you the champion.
The Proven Benefits of Workforce Analytics
Beyond the traditional HR metrics, such as turnover rates and performance evaluations, lies a treasure trove of information that can uncover surprising revelations about the workforce. Here are some proven benefits of workforce analytics platforms backed by statistical data from reputable sources.
- Improved Productivity: A study by PWC found that companies that made data-driven decisions were 5% more productive and 6% more profitable than their competitors who did not. When you can analyse workforce data, you can identify areas where they can improve productivity and take actionable steps.
- Better Employee Retention: Imagine losing your top talent and not knowing the actual reasons for frequent drop-offs. Quite disappointing, right? Bridge survey data found that 86% of millennials would stay with their current employer if they felt their career aspirations were being met. By using workforce analytics, organisations can easily find the factors that contribute to employee happiness and take proactive steps to ensure that their expectations are met.
- Better Compliance: According to a report by the Society for Human Resource Management, businesses spend an average of 18 hours per week on compliance-related activities. What better way to find the gaps and take corrective actions than workforce analytics?Read The Importance of IT Compliance.
- Improved Hiring and Talent Acquisition: According to a study by Oracle, 67% of companies say that an employee data management platform has helped them improve their hiring process. This doesn’t need much explanation. With a workforce analytics tool, you can find the gaps in the existing workforce and know exactly what to look for in the new candidates.
- Better Employee Engagement: Workforce analytics can help you gain insights into employee engagement levels. By understanding what motivates employees and what factors lead to disengagement, businesses can take proactive steps to improve engagement levels. This includes offering more training opportunities, improving communication channels, or even making changes to physical work environments.
- Improved Decision-making: Making a new decision, or building a new strategy should not become a wild goose chase. Finally, workforce analytics can help businesses make better-informed decisions. By providing insights into workforce trends and performance, businesses can make data-driven decisions that are more likely to lead to positive outcomes.
- Enhanced Employee Experience: When you know the pulse of your workforce, it is easier to create a workplace where your employees can thrive. Positive employee experience goes a long way as your former and existing employees are your number one ambassadors.
Try Hybr1d’s Reporting & Analytics module now.
Let’s look at some more stats.
But what does this mean for organisations that do not have the resources to implement a workforce analytics program in-house? Enters workforce analytics and reporting platforms such as Hybr1d, Visier, Darwinbox, ADP etc.
What Exactly is a Workforce Analytics Platform?
If you want the definition, here you go – A workforce analytics platform is a cloud-based software solution that provides businesses with the tools they need to analyse their workforce data and gain insights into their workforce.
But if you want to know what workforce analytics software means to your business, here’s it – EVERYTHING. Because no matter how many resources you have, the success of your business will come down to the productivity, performance, engagement and efficiency of your workforce.
What Are the Features to Look For?
These platforms typically offer a range of features, such as data visualisation tools, predictive analytics, and real-time reporting. They also provide businesses with access to a team of data analysts who can help interpret the data and provide actionable insights.
Here’s the list of top features that the workforce analytics platform of your choice must have.
- Data integration
- Customisable dashboards
- Data visualisation
- Easy collaboration and sharing
- User-friendly interface
- Predictive analytics
Overall, the key features to look for in a workforce analytics platform depend on the organisation’s specific needs and goals. However, these features provide a good starting point for evaluating different platforms and selecting one that will best meet your needs.
Thinking which platform will best suit your needs?
So, Here’s How Hybr1d’s Smart Workforce Analytics Can Help You
Track insights about every employee aspect – turnover, headcount, salary, tenure, time offs and much more – with zero effort on Hybr1d. Our comprehensive dashboard gives you visualised data, with additional features such as filtering options, generating customisable reports, etc.
Simply put, with our cutting-edge technology, we want to ensure that managing global employees has never been easier.
Learn more about Hybr1d’s Workforce Analytics & Reporting module here.