Today, HR leaders play a pivotal role as decision-makers, skilfully crafting work systems that wield influence across diverse aspects, from customer satisfaction to the financial bottom line. The widespread adoption of workforce analytics has been instrumental in enabling much of this strategic influence.
Workforce analytics are an advanced set of data analysis tools and metrics for comprehensive workforce performance measurement and improvement.
The breadth of analytics available within modern Human Capital Management (HCM) suites is vast. To optimise your return on investment (ROI), it's essential to identify a starting point. Here are three key areas to consider:
Retention: The insights from predictive workforce analytics helps you to better understand where, when and why you are losing employees – and whether those losses are preventable. In terms of ROI, retention analytics can make a huge impact in uncovering the true cost of hiring and churn of your employees. Start with analytics based on tenure, headcount and new hire turnover, as well as the cost of hire. AI-powered predictive insights can even help to identify flight risks.
Performance: Tracking performance through goal setting and a continuous feedback model allows you to measure performance and identify disengagement points. From day one, employees are then more likely to understand what’s expected of them and know what they need to do to be successful in their role. It also gives them an opportunity for growth and development.
Productivity: Workforce data analysis will highlight how employees are engaging with their work tasks. Use a collaborative approach to create key performance indicators (KPIs) that stretch employees and are aligned to the overarching business strategy. Involving your employees in the process can result in happier employees and immediately impact the bottom line.
The predictive workforce analytics suite offered by intelliHR, a Humanforce company, can help your organisation measure key cultural, engagement and performance changes. Discover what technology can do for your business – download this whitepaper for tips on building a business case for HR and workforce management software.