The current increase in digitization translates to mean that work is becoming less physical and growing to be more digital. This has caused an increase in the amount of data that a company requires about every one of its employees as well as the necessity to analyze that data more quickly and efficiently. This article will highlight and discuss the meaning of Workforce Data Analytics and how it can help in managing an organization’s workforce, increase team productivity as well as increase its revenues as a result.
Workforce Analytics is applied to employee data as an algorithm-based model with an aim of providing Return on Investment evidence necessary for decision making related to workforce as well as gaining understanding of the future workforce related planning. These analytics also help in providing valuable insights to an Organization that can improve the business’ outcome as well as allow their teams and individual employees work more efficiently.
The data collected brings out a better insight into an individual’s time management, workload, tasks, technology usage patterns and others. As a result, this leads towards an enhanced focus on the vital tasks at hand and reduces non value-adding activities. There are more benefits in helping an organization in their workforce management and performance individually and as a whole team.
The Benefits of Workforce Data Analytics include:
- Fostering Better Employee Experience
Employees are the pillars in the success of an organization as they play a key role in keeping the business running. It is therefore very important to know how to manage them effectively. It can be used in finding out what employees are engaged in and also give an understanding of how to improve their work experiences.
- Fostering Diversity and Inclusion at Work
Data analytics not only brings about changes in the workforce. It also in a big way aids in identifying biases. Data analysis brings out the identification of any gap in diversity levels of a company’s employees in terms of for example gender, as well as the factors that are responsible for it. Demographics data shows which roles or departments have more of one gender than the other and the analytics shows the factors that could be responsible. In this regard data analytics helps in employing flexible work arrangements in certain roles e.g. those that attract more men than women due to them requiring long hours and extensive travel.
- Decreasing Employee Attrition Rate
There are many reasons that cause employees to leave their jobs. The 2 most common reasons are:
– A better offer elsewhere
-A difficult/frosty work environment which makes them unhappy with their work environment.
With Data analytics, it can help in analyzing and knowing why they are leaving thus the company management can address their issues pertinently. It also aids in planning ahead for the future and provides insight into what makes your organization more attractive to employees and how well to meet their needs.
- Making Employee Compensation Fair
Workforce analytics is essential in defining the value of the various job roles in a company and also setting fair compensation for the employees. Having the right tools and information, an organization is no longer required to guess the productivity levels of their staff. Alternatively, there will be actual insights into how well every employee works together with his or her team on projects and tasks within a team environment. This gives the company a fair compensation platform for every employee in regards to their performance.
- Smoothening Employee On boarding Process
Data analytics helps in identification of the employee success drivers while planning an introduction of a new employee on-boarding program. During a hiring process, it can be used to identify workers who have undergone training programs in order to determine their effectiveness.
- Getting Real-Time Data About Team Performance
Most often than not, team performance has been based on subjective factors like the time an individual reports to work and the time he or she leaves. These factors will lead to wrong individual or team perceptions giving incomplete measure of the team efforts and it calls for a need for a workforce productivity analytics solution, for example Employee Monitoring Software. This gives the company the ability to monitor and gather productivity reports both consistently and continuously across all the teams. This as a result allows the organization in objectively measuring their workers’ performance rather than managing their wrong perceptions.
- Promoting Performance-Driven Careers and Growth Opportunities
The employees whose performance is better than others are more likely to get promotions in their workplace. Organizations can identify these workers and use data analytics in measuring the performances of every one of them and thereafter make the appropriate decisions on promotions and remunerations. In using this process, a company will ensure that it has a highly engaged workforce whose main focus is to achieve its goals and objectives rather than just working towards receiving a paycheck.
In conclusion, it is worth noting that Data Analytics platforms enable an organization’s management to have accurate data on performance and allows them to better target their efforts where greatest impact is visible. Data enables continuous performance improvements among the employees too and helps reduce staff turnover. It also encourages well-informed decisions when it comes to workforce related matters as well as ensuring smarter hiring choices.
Lastly, data analytics aids in delivering a competitive advantage and drives revenue gains for maximum profits for the company.