What You’ll Find in this Case Study
- Pharmaceutical Industry Overview
- HR Analytics in Pharma Business Challenge
- HR Analytics in Pharma Solution Benefits
- HR Analytics in Pharma Solution Predictive Insights
Pharmaceutical Industry Overview
Globally, key stakeholders in the medical device industry have started witnessing unprecedented challenges in terms of increasing their market shares and predicting potential growth opportunities. To retain the best talent and gain a competitive edge over their competition, most companies are investing a part of their budget on HR analytics. In the medical device industry, HR analytics helps manufacturers to effectively understand their employees and drive better business decision making. Also, implementing HR analytics in the medical device manufacturing space helps organizations optimize the workforce to improve business outcomes. HR analytics mainly emphasizes on gathering and keeping track of employee information, hiring requirements, salary rates, and attrition levels.
HR analytics also plays a pivotal role in predicting and acquiring the right candidates; thereby, bolstering employee morale, retention, and overall engagement. With years of expertise in offerings HR analytics solution, Quantzig’s HR analytics solutions help clients identify and acknowledge the top performers and chart out better strategies to retain such talents. Through a robust HR analytics engagement, clients can further track and record the behavior of the employees with patients and co-workers. Quantzig’s HR analytics engagement also helps the client to reduce churn rates and improve the overall performance of the company.
HR Analytics in Pharma Business Challenge
The pharmaceutical industry is competitive due to the presence of numerous competitors offering customized products to meet the rising demand of the consumers. Like most players in the medical device manufacturing space, a market leading player with a considerable number of healthcare facilities across the globe wanted to assess their workforce performance to improve sales. The client wanted to understand human resource gaps and opportunities to devise better planning at all levels of the management. After identifying the challenges hampering the medical device space, the client wanted to implement an effective workforce analytics solution to effectively manage their workforce.
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HR Analytics in Pharma Solution Benefits
After gaining the desired information, the client was able to leverage the use of data and metrics to understand the employees in the workspace. The engagement helped the client effectively showcase the change, forecast trends, and enhance the decision-making process. Also, the client was able to assess the strengths and vulnerabilities of the workforce. The effective robust engagement further assisted the client to measure, monitor, and predict the effect of risk factors and devise robust contingency plans. HR analytics solution helped the client effectively gather and keep a track of employee information, hiring requirements, and attrition.
HR Analytics in Pharma Solution Predictive Insights
- Better optimize workforce and monitor their attitudes and performance
- Adapt to the current technologies and drive better decision-making
- Increase overall profitability, long-term retention, and ROI
- Effectively benchmark the level of employee performance to achieve better results
- Track and monitor workforce to identify, retain, promote top employees