What is Workforce/HR Analytics?
Data has become the force behind every business. Using it correctly allows companies to access actionable insights about their workforce and encourage productivity. But data by itself will not drive change. Therefore, companies must implement a workforce analytics strategy to bring meaning and value to the data.
A study by PwC found that companies that use analytics to inform HR decisions are five times more likely to make faster decisions, two times more likely to have improved their leadership pipelines, and three times more likely to have improved their talent mobility programs.
Workforce Analytics: Meaning
Workforce analytics refers to collecting data, visualizing that data, drawing insights from it, and using it to optimize operations. The employer can gather and use meaningful data quicker with modern analytics technology. Workforce Analytics serves as a magnifying glass that helps leaders observe aspects of their business, they wouldn't otherwise be able to observe.
How Does Workforce Analytics Benefit Your Business?
Workforce analytics helps employers identify potential causes of performance-related problems and address them to maximize opportunities and minimize risk.
Workforce analytics can help you identify areas where employees excel and areas where they might need more support, allowing them to minimize risks. This information can help you invest in programs and initiatives that promote employee health and well-being. A study by McKinsey & Company found companies that use people analytics are better in revenue growth, profitability, and talent acquisition.
Top Benefits of Workforce/HR Analytics
- Better understanding of your operations
- Make data-driven decisions
- Improve productivity
- Increase talent retention
- Reduce costs
Key Workforce/HR Analytics Metrics
- Turnover rate
- Absenteeism rate
- Employee engagement rate
- Time-to-hire rate
- Performance ratings
- Training
- Workforce data like race, gender, age, and ethnicity
Lean Solutions Group’s Workforce Analytics Department
At Lean Solutions Group, we have created a dedicated Workforce Analytics department that analyzes performance to improve our operations and ensure high service quality.
Depending on the positions our clients have hired with us, we create tailored metrics to increase efficiency and help our clients meet their business goals. We utilize intuitive Power BI dashboards to visualize all essential data and generate reports according to our client's needs.
Some of our Performance Metrics
- Calls per day
- Time spent on each call
- Uploaded updates
- Generated Leads
- How many leads turned into customers
Workforce analytics is a tool that can help you make data-driven decisions to directly benefit your employees and your business. It's not just about crunching numbers; it's about using those numbers to create a happier, healthier, and more productive workforce.
Want to start working with a company that's hyper-focused on quality? Contact us to get started!
Kathy Monroy is an experienced Communications Specialist and Journalist. Driven to go above and beyond, Kathy produces high-quality content specializing in transportation and logistics, marketing, sales, and technology. Her goals include becoming an expert and an authority in her line of work, always providing her audience with the most relevant and useful information.
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