Workforce analytics is the method of measuring human behaviors who are working in corporate offices which includes candidates and employees. Using workforce analytics one analyzes certain parameters that help them to improve business performance. This Analysis is done using statistical methods and software to make better workforce decisions.
What is “people analytics”?
People analytics is described as the intensely goal-focused and data-driven method of examining all people’s processes, challenges, functions, and opportunities at the business to glorify these practices and obtain sustainable business success.
People analytics, also known as HR analytics or talent analytics.
It is a process that managers and HRs use to make decisions about their employees. People analytics involves technology, statistics, and large sets of talent data, which helps in producing better results and which also helps in making better business decisions and better management plans for an organization.
What Are the Benefits of People Analytics?
People analytics helps companies to make more informed talent decisions and helps to make smarter decisions. HR Managers use People analytics to find better applicants, increase employee performance, and to make the hiring smarter and to make better decisions and retention.
Difference between workforce analytics and people analytics:
Workforce analytics focuses more on the tools and assessments to drive certain decisions whereas People analytics focuses on analytics applied to personnel level.
How the WorkForce & People Analytics Can Help Drive Recruiting and Improve the Hiring Process?
The WorkForce & People Analytics helps HR Managers to enhance their hiring decisions. They make use of the historical hiring data to enhance their hiring decisions.
Using the Workforce Analytics take care of:
- Recruitment process
- Automatically search resumes
- New way of searching for talents rather than focusing on keywords.
- Background Verification check
- Social Media check
- automatic shortlists right candidates.
- Search talent within the organization.
- Reduce recruitment costs
- Avoid gender-biased decision making in the candidate search.
- Employee Management
- Set benchmarks for performance
- Track employee performance.
- Provide Employment Training.
- Improve employee satisfaction.
Benefits of Workforce Analytics:
Few of the Benefits of Workforce Analytics are:
1. It analyzes the future workforce needs.
2. Tries to fulfill the objectives of the organization.
3. Develop themselves and utilize their potential better.
4. Provides feedback on the regular basis which have been used to improve performance.
5. Identify work accident risk.
6. It predicts employee turnover.
7. It predicts candidate success.
8. Link HR actions to business outcomes.
9. Fix the gap between organizational wishes and needs and the demands.
10. Make better hiring decisions
11. Optimize the employee experience.
12. Prevent talent from quitting their job.
13. Tests and gives the better results for the employees policies.
Why Do Companies Invest in Workforce Analytics?
Post-COVID 19, it has become important for the companies to invest in Workforce Analytics
1. It will create transparency.
2. Easy Monitoring.
3. Save Resources.
4. Better Forecast.
5. Work effectively
6. Decreased retention
7. More productive workforce.
8. Process improvement.
9. Task automation.
10. Improved employee experience.
5 trends in workforce analytics to keep track of in Post COVID Era:
To keep track of the workforce analytics during the time of Post COVID Era, the following trends are becoming famous:
Reflect, Re-engage, Recommit, Rethink, and Reboot
Because of the COVID, every business is going on loss. Reflection is a significant step in the recovery process. Managers should look into what has been missed in the crisis response.
Reflection process understanding the current scenario and working on the future to make things work much better. The Reflection Process is not easy as it requires the complete team to work on and make things better.
Companies should realize by now that they should change their strategy if in case things are not working better. Companies should now be more responsible and should take care of their Employees including their family members.
There should be special sessions where employees can address their physical, psychological, and financial concerns at home as well as at the workplace. Companies should even make sure that employees are being given the necessary resources so that things would work much better.
For those who are working from the office should be provided with proper transportation facilities and flexible work timings.
Surely, there will be a lot of new opportunities after COVID 19 as there will be a lot of changes in the business tactics. There would be new opportunities for sales, HR, Business Management, Computer Department, and many other departments. Companies can hire new talents and freelancers who can remotely work from home and gain better opportunities.
Though there would be a lot of new challenges ahead and the work culture might change a bit but still at the end of the day, it is important to re-engage with people and work on recovering and taking the company to new heights. Some People will continue to work on-site whereas some people will work remotely.
As teams play a vital role in recovery, managers should take care of the team so that the team would work together to give a productive outcome.
You can also read more about other Analysis Method Like Ad Hoc Analysis Here.
The tactics that people used to use before the COVID 19 will surely not work out. A new methodology of work should be implemented to make the work much faster and effective which will grow the companies.
Companies must adopt the technology-driven process to work to make the work faster and better.
Post-COVID, Companies need to start everything from scratch again. By making use of the existing resources and the existing employees, one needs to make new strategies and try to adopt a sustainable approach to grow the business.
To recover from the COVID 19 crisis, a new workforce strategy has to be implemented. Make use of workforce analysis and people analysis and implement new ways to work and create new office culture. Hire new people and make use of technology to go to the next phase.
Make Long term and the short time plans to implement so that companies would cope up with the bad phase. If you are not sure how to do it then feel free to contact our experts who will help you.
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