Workforce Analytics: What, Why & How to Implement It in Your Company?
Human resources Software are one of the important departments in the organization. It helps to bridge the gap between employees and management. In addition, it is responsible for nurturing and managing a workforce.
Even in this automation and big data age, there is little that you can achieve without your workforce. Therefore, collecting timely feedback and data from your team is crucial to managing your human resource department.
Companies rely on surveys and employee assessment forms to gather feedback from their team members. But unfortunately, these things are no longer viable.
Today, you need real-time feedback from your employees on various topics. Thus, workforce analytics is the new method to collect, manage and process employee feedback.
According to a Deloitte report, 85% of business leaders believe that workforce data is important, but only 45% are trying to collect employee data.
This huge gap in workforce analytics can be a danger to your business's success. So, if you don’t want to stay behind in this progressive corporate environment, you should focus on collecting human resource analytics.
But, wondering how to implement workforce analytics in your organization?
Then, follow this guide to learn about workforce analytics and how to use it in your business growth.
What is Workforce Analytics?
Workforce analytics revolves around the management and interpretation of employee-related data. It primarily focuses on the workplace environment and engagement between employees and departments.
The main goal of this analytics is to understand key decision makers in your workplace and better channel them to achieve your business objectives. It also provides an overview of employee factors like productivity, performance, etc.
Workforce analytics is essential to monitor internal business affairs and compare them with benchmarks set in your industry. It will help you understand whether your workforce is working up to the mark or not.
Why Should You Focus on Workforce Analytics?
Workforce analytics is a broader term. It not only tells you how many employees are working in your organization but also track their performance.
It goes beyond this and helps you set out a predictive HR model for your organization.
Using the advanced human resource management system, you can draw different workforce analytics and gain several benefits, such as:
Detect areas where performance can be enhanced
Workers are assets to your organization. But sometimes, they spend their whole time doing repetitive tasks that can reduce their productivity.
When you conduct workforce analytics using time tracking software for employees, you can detect areas where your employees' time is unnecessarily wasted. This information will help you automate those operations so your employees can better focus on important things.
Suppose your employee time tracking software shows that your employees spend more than half of their time replying to emails. In that case, you can automate email responses for unimportant emails. So, your employees can personally respond to only important emails.
Improve employee engagement and retention
Workforce analytics provides a view of your employees' performance and engagement. However, it doesn’t only show which employee is working well and which is not.
It also tells you the reason behind employees' low performance. This way, you can help your employees to improve their performance and skills. Eventually, paying attention to your employees' problems will improve your engagement and retention rate.
For instance, staff time management software can help you in this. This software can show you where and how your employees spend their working hours. Using this knowledge, you can find the areas where your employees were wasting their time and guide them to better utilize their working hours.
Elevated recruitment process
Recruiting new employees in an organization is not an easy process. HR managers must first understand the requirements of individual departments and accordingly hire suitable candidates.
Workforce analytics can be a basic foundation for HR managers to set up recruitment processes. In addition, managers can analyze workforce data to understand the problems and requirements of individual departments.
For instance, if the marketing department workforce analytics shows that the department has a poor marketing strategy and analytical workflow. In that case, HR managers can hire competent employees in designing marketing strategies and analyzing market situations.
Similarly, managers can analyze workforce gaps throughout the organization and hire talented people who can fill that gaps. Plus, regular workforce analytics helps managers understand whether their hiring decision was right or whether they need to improve their recruitment process.
Key Workforce Analytics Metrics
Now that you know workforce analytics is important to engage, retain and improve your employees' efficiency. So, the next important question is what metrics you should monitor in your workforce.
You can select your workforce analytics metrics based on your company goals and objectives. However, here are some common metrics that you must want to do to improve your workforce efficiency:
9 to 5 work culture is longer working. Today, employees work from home, office, coffee shop, or anywhere around the world. So, your traditional attendance system will not work anymore.
You need tools to monitor your employees' productivity based on their working hours and schedules. In short, you need employee time tracking software to detect your employees' working hours and performance in the background without disturbing them.
It is common knowledge that engaged employees are more productive and responsive. Your engaged employees will not mind going even the extra mile to impress your clients.
But, engagement has a different meaning for every person. For some employees, better pay and recognition is the key factor to boosting their engagement. On the contrary, some employees might want additional holidays or positions in the higher table to obtain satisfaction.
Therefore, you should monitor your individual employees' engagement factors and work on them to improve their engagement levels. In addition, one-on-one communication helps a lot in understanding individual employees' needs.
As we all know, the great resignation has impacted the employee turnover rate lately. People are more interested in being creative and flexible in the work approach rather than sticking to stable work culture. This leads to more freelancers and independent contractors in the industry.
In this, if you don’t want to lose your top performers, work analytics is essential for that. Using analytics, you can create an employee-oriented environment in your workplace.
After the pandemic, the workflow was disturbed in all the organizations. First, there was a sudden remote work environment, which made it hard for many employees to find their footing.
And now, this hybrid work environment has created big chaos in the workflow. So, by using workforce analytics, managers can provide a clear workflow structure. In fact, they can create a proper workflow policy and share it with their team members.
How to Implement Workforce Analytics in Your Organization?
Are you excited to implement workforce analytics in your organization? If so, you have to first gather the right software to monitor your employees' performance and productivity.
You need software that can work in all three work environments – office, remote, and hybrid. Plus, the employee time tracking software should provide detailed reports and an overview of your individual employees' activity.
But where can I find such a powerful staff time tracking software?
Well, you have to look nowhere else. At Trackolap , we provide you with the dynamic software suite to monitor different workforce analytics in your organization.
We offer a complete human resource management system that can help you with the recruitment, management, and performance of your different employees. In addition, you can generate different reports through our software to better analyze your workforce performance.
Here’s how our software can help you with workforce analytics:
● Monitor, alert, and fix compensation rates for overperforming employees who have not yet been acknowledged.
● Reduce recruitment costs by automating all recruitment operations.
● Provide timely training to employees during the recruitment process.
● Monitor the behavior and productivity of your employees.
● Identify the skill gap prevailing in your organization and develop training programs accordingly.
● Map out high-performing employees in your company and recognize their efforts.
● Understand the reason behind employees' performance and come up with adequate solutions.
So, people, workforce analytics is important to keep your manpower empowered and productive. Plus, it is not hard to analyze your employees' productivity and performance today.
You can consult our team any time to learn all about workforce analytics and how to use our software to improve your employee efficiency. We also offer a free demo and consultation to clients who are genuinely interested in empowering their manpower.
So, let’s not waste any more time and start collecting your workforce data today.