Reinventing Strategic Workforce Analytics
Are your HR and executive teams finding it difficult to plan and achieve your organization’s human capital needs? No worries! You are not alone. In fact, this is one of the most critical problems almost every organization faces today. It is a huge challenge as it takes a short-term toll on the time and energy of your HR team. Also, it impacts the company’s overall strategic planning, finances, and budget.
Effective workforce planning is essential for a company to identify issues with repeated understaffing in several departments. If left unidentified, it can impact the efficiency of the organization, resulting in the inability to accomplish organizational goals. Therefore, in a bid to improve their productivity, collaboration, flexibility, and engagement, companies should take workforce analytics solution into consideration. Apart from maximizing performance management, workforce analytics solution also helps optimize the company’s results.
At Quantzig, we understand the difference that workforce analytics can bring to your business. And to help companies maximize their efficiency, our team of experts has highlighted five key ways in which workforce analytics can offer a sharper collective eye to the HR team and help them in identifying possible future risks. But before jumping onto to the benefits of workforce analytics, let’s understand what exactly workforce analysis is.
What is Workforce Analysis?
Workforce analysis is the process of tracking and measuring employee-related metrics and optimizing an organizations human resource (HR) management and decision-making. This allows companies to focus on the return on value for every hire. Moreover, it helps analyze specific data to help identify workplace trends such as satisfaction with decisions, potential risk factors, and much more.
By leveraging a workforce analytics solution, it is possible to analyze data to have a clear picture of the current situation and make improvements to their HR strategies. This can optimize business results.
Benefits of Workforce Analytics
Benefit #1: Improves efficiency with automation
For any company, workers are their assets. Sometimes the tasks they do can affect their productivity or cannot provide the required results. This is where workforce analytics can help. By leveraging workforce analytics solution, companies can identify areas where tasks can be assigned to machines via automation. This allows employees to dedicate their efforts to other important and valuable activities.
Benefit #2: Boosts employees’ engagement
Workforce analytics goes beyond firing and hiring information and helps companies to understand the reasons behind the inefficiency of their employees and discover factors impacting the productivity. It helps in maintaining the current workforce instead of replacing it. The goal of workforce analytics is to unveil those factors that affect engagement and performance and to overcome them by fostering better conditions.
Benefit #3: Enhance hiring criteria
For business, finding new talent is always difficult regardless of a company’s scope or size. Workforce analytics can help in identifying exactly what is needed from a new hire based on the data of previous applicants, their success, and the needs of the company. Also, it helps in understanding new candidates based on their historical data to examine whether they would be a good fit or not. (more…)
Business Challenge: Workforce planning and optimization. A professional engineering services provider wanted to synchronize its workforce allocation with corporate goals, in order to improve productivity and save labor costs.
Situation: Ground workforce staffing not synchronized with corporate goals
The engineering services provider’s corporate sales forecasts, labor plans, and budgets were not collaborating with the ground staffing, scheduling, and operational needs of individual plants, work-floors and work centers. This lack of synchronization was getting reflected on the corporate goals regarding productivity, sales, and revenue. Client wanted to implement an improved workforce management solution.
Solution/Approach: Use of forecasting and regression models, workforce analytics and payroll management
We utilized a bottoms-up framework, factoring in the needs of each plant, work centers and workload drivers, and made use of forecasting and regression models, workforce analytics and payroll management solutions. This helped in precisely determining the payroll hours, workforce allocation and labor planning for the each location’s workload, while improving the employee productivity and the likelihood of meeting their corporate revenue goals.
Impact: US$ 18 million savings through improved workforce planning
The engineering services provider received a new operating model through which it was able to link payroll hours to service requirements and corporate goals. Based on this, the client improved its staffing level, which reflected as US$ 18 million savings in the annual balance sheet.