So, what exactly is Workforce Analytics?
Workforce analytics is the process of using data-based
intelligence to improve and enhance decision making, like managing and hiring
top talent, aligning compensation with performance etc… It leverages “big data”
to make informed workplace decisions and predictions.
Many organizations have a massive amount of data, which is
often either not utilized well or not organized correctly. Workforce analytics
helps in optimizing this data by collating it, arranging it, and transforming
it into valuable decision-making information for human resources.
Many organizations hire data scientists for towering
salaries. However, what’s the use of such analysts when data is just collected.
It’s just like trees falling in the forest. Data becomes relevant only when it
affects decision-making or if it could be understood.
Types of Workforce Analytics -
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
Data that Matter
There are several compelling reasons as to why businesses
need to invest in workforce analytics. Let us look at a few stats about
employee turnover:
- Only 16 percent of employees said they seemed engaged to employers.
- It costs about 33% of an employee’s salary to replace him or her.
- Over 75% of the reasons for employee turnover are preventable.
- Around 17% of companies using HR technology are striving to decrease turnover.
- About 81% of employees consider leaving their company if they have the right offer.
Read the complete article here - What is Workforce Analytics?
