Hello readers. Hope you are all doing well and loving the pleasant weather just as much as we are. Well then, this is the perfect time to discuss something really important. We are your well wishers, and want to see your business grow. What we share with you today is going to improve the quality of your HR department. It will help you attract great talent, recruit, and retain them effortlessly.
The secret here is to adapt to an “analytics enabled” HR process rather than being “data enabled”. Let us take a walk down that path, and show you why it is important to be analytics enabled and how to do it.
According to a study conducted by Deloitte HR is “stuck in neutral” with a whopping 69% respondents admitting that they were “weak” at predicting workforce performance by going through HR data; 61% of them admitted that they were “weak” at correlating HR data directly or indirectly to business performance; 59% said they were “weak” to conduct workforce planning in advance using HR data; 53% agreed to be “weak” at utilizing HR reports and data; and the numbers go on.
The point is, whether your company is small, medium, or large, your workforce – the human capital – is of utmost importance. While big data still plays a role, the power of detailed analytics is what has become key in better business decision making. And what is unfortunate is that over 80% of Human Resource professionals mark themselves and their ability to analyze data down. Disheartening, right?
So, stop spending unnecessary, humongous man hours looking for and chasing down outdated information, and making crucial and key decisions based on data that is difficult to understand and huge amounts of intuition. It is time to adapt. It is time to adopt. It is time to switch to workforce analytics and witness greater, immediate success.
Below are 3 examples of what you can accomplish using workforce analytics.
1. Decrease staff unhappiness and Increase retention
Unhappy staff means a lot more than just unhappiness. It takes a big hit on revenue eventually. Analytics can help identify trends about groups of employees in various designations, geographic locations, etc. that may be at most risk of wanting to leave your company. You can look specifically into:
· Voluntary and involuntary resignations
· Reasons for resignation: low morale, lack of growth opportunities, poor leadership, or another
· Figures by location, department, department Head/Manager, etc.
· Tenure/duration at your company
These analyses can help to develop effective strategies in order to retain critical and key talent.
2. Identify factors that can further employee engagement
Now that you have tackled with employee unhappiness, it is not time to further their happiness. It is simple math. A happy employee is definitely a productive employee. Workforce analytics can help throw light on factors that will enhance further employee engagement. Our analysis shows that the below are some strong drivers.
· Leadership performance
· Appreciation & recognition
· Professional & personal life balance
· Taking inputs for major business decisions
· Opportunities for growth
· Benefits, perks, incentives, better salary, etc.
We have shared some factors with you. Why don’t you use some in-house analyses to deduce some more?
3. Highlight talent gaps in critical positions
Talent drives you business, so if those holding critical positions lack the needed skill and capability, workforce analytics can bring it to your notice. Assessing gaps in your workforce will enables department heads and managers to target, shortlist, and recruit to fill existing and future skill gaps, thus improving the integrity and value of your current employees.
There are more things you can do by enabling your HR with analytics. That’s all for today. Take care.