5 Must Know Workforce Analytics as an HR Manager
Workforce analytics – what sounds like a complex technical term is relatively easy and inevitable when you understand its importance and how to leverage its full potential to your benefit. Some of the elite HR analysts out there have implemented workforce analytics in their businesses and have seen results that their competitors couldn’t dream of. As an HR manager, you need to be aware of these analytics concepts and theories to pave way for organizational and departmental success and curb any booming concern plaguing your business. Apart from your regular skill as an HR associate and manager, you need to have a special secret skill that you must deploy often to set a difference and an example of your colleagues and organization. If you are one such aspiring HR manager, here are the five crucial workflow analytics you should know.
To understand workforce analytics, you should understand the value of data. Data in any form has priceless pieces of information underneath waiting to be discovered. If you feel the number of resignations in the last three months has increased like no other, you need to have the curiosity and the knowledge of statistics and analytics to understand why, research about it and get the help of data to come at a conclusion. Descriptive analytics does just that. It will tell you the reason for attrition and help you find a pattern, which you can investigate further and get results. This will help you give clarifications on the concerns to your management.
But your job as an HR manager doesn’t stop there. One of the other crucial aspects of workforce analytics is resolving the issues are spot through descriptive analytics. As a manager, you should use prescriptive analytics to come up with antidotes for the concerns and solve them as soon as possible. You should know if the reason for attritions is because of managers, poaching, lack of challenging jobs, unequal pay structures or any other factor you cannot think of. Depending on what data tells, you should come up with a remedy.
If you think your job as an HR manager is over with prescriptive analytics, you are wrong. It is time for you to stand out in your organization and come up with predictions for departments in your workplace. The next step in workforce analytics is to use predictive analytics to give insights on what will happen in your organization three months from your current date and what you suggest for optimum performances and fixes. Data-driven predictions are correct 100% of the times and you will understand this as you get more insights from data chunks you work on.
One of the best ways to optimize workforce analytics is by having a one-platform solution to integrate all crucial aspects of data you need to do your job. Loss of data can give you misleading or ineffective results, depriving you of the purpose you intended to achieve. So, you need to come up with a solution to integrate multiple data sources into one to work on workforce analytics.
If you are expecting optimized performances from your employees, you need to ensure they are rewarded accordingly. It is for you to acknowledge their effort and the lack of it and separate the ones who work from those who don’t. It is only by this way that you can bring in a sense of equality in your workplace and not simply by having a dress code. To get more insights on crucial aspects like this, you need to set up right metrics – the ones that actually matter to both employees and management alike. Only then there can be a bridge between the two – the bridge called contentment at a workplace. As an HR manager, it is on you to bring in job satisfaction with the right metrics and data-driven decisions from the information you uncover from the metrics.
This is just the cream of what we call workforce analytics. The deeper you dive, the more aspects you can work on for efficiency in your workplace. If you can think of any other workforce analytics concept or aspect, share them on your comments.