Creating an in-depth understanding of the employees can deliver a better competitive edge. Workforce analytics or people analytics can empower the team by providing better insights as to what works and doesn’t. It can also help unleash all the tools employees need to succeed.
Workforce analytics, a part of HR analytics is used to track and measure employee-related data and optimize organizations’ human resource management and decision-making. It highlights specific data that assists with identifying workplace trends, potential risk factors, satisfaction with decisions and more. Workforce analytics can evaluate employees to analyze trends that surround employment. It can measure diversity efforts and employee engagement without having to resort to more invasive or subjective methods that may provide false positives.
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Emerging Trends in Workforce Analytics
1. A transition from one-time to real-time: Companies will begin with traditional employee survey for an initial understanding which will be appended by pulse surveys with fewer questions for more targeted data gathering. Finally, real-time mood measurement will start continuously monitor employee preferences, engagement, and indifference suggesting reasons for all these.
2. Greater focus on productivity: Hiring new employees is the typical response to productivity. But when hiring in bulk this may not be the best way for recruiters. Hiring in bulk tends to reduce the focus on qualitative benchmarking which ultimately resulting in employing more managers to upskill and train new entrants. Workforce analytics will assist companies to introduce new methods for productivity enhancement. It will improve the identification of the requisite qualification for the role of ensuring better hires.
3. Shift to a pan-enterprise network: A refreshed approach to workforce analytics will emerge where specific groups, teams, and the broader organizational network will be targeted. Organizational Network Analysis is a promising workforce analytics trend for the future.
4. Transparency: The emerging people-data, its collection, analysis, and usage are under proper scrutiny today. This implies that workforce analytics in coming days will witness more built-in GDPR compliance, assessment, and management capabilities.
5. New tools: Companies will hire analytics experts and leverage state-of-the-art tools and technologies. Many cost-effective and off-the-shelf analytics tools are now available including reporting tools for talent pool mapping, data gathering, and insights generation.