Using Workforce Analytics To Gain Business Insights
Workforce analytics give your business a unique competitive advantage by providing you with the right insights at the right time. And while a 2014 PWC survey notes that 80% of CEOs want more relevant data insights, few say they actually have access to the data they need. What are they looking to know now? There’s four types of workforce analytics businesses leaders say they need in the year ahead, and each one of these insights can make a major difference in your success:
- Return on workforce investments. If you’ve moved money into a specific area of your workforce, is it worth it? Analytics can help match spend to growth, spot development trends, and keep valuable investments in place while accurately identifying where you’re not spending smartly. And – increasingly – good analytics can help you manage these investments quarter to quarter instead of relying on three to five year planning cycles.
- Turnover rates for top talent. An accurate bead on the turnover rates for your best performers and top potential can alert you to talent bleeds early – and help with intelligent design for compensation, recruiting, and talent pipeline nurturing. With PWC reporting that high performer turnover is at its highest levels in a decade nationwide, these analytics shouldn’t been neglected. Plus, with competition for top talent so stiff, accurate insights can make it easier to spot talent poaching in specific markets, identify toxic managers, and see early-on where top talent needs more attention to keep them from jumping ship.
- New hire quality. Warm bodies just won’t cut it anymore – you need to be delivering talent that can grow and thrive once it arrives at your organization. Understanding new hire quality can also help with strategic growth planning, employee development budgets, and designing more effective recruitment strategies.
- Effectiveness of HR policies. HR can no longer be a strictly subjective space – and with workforce analytics, you can be very objective and granular in evaluating policies. Is the new cafeteria benefits plan working, or isn’t it? Have work-from-home policies actually increased productivity and morale, or have they flopped? With hard numbers and strong metrics, it’s easier to make the right call on HR strategies at all levels.
Which of these insights is your business using now – and which analytics area do you wish was stronger? Share your experiences in the comments. Or, if you’d like help growing the strength of your workforce analytics, simply reach out to our team today.