The Impact of Workforce Analytics
April 20, 2016 by Meredith Brandt
The field of HR has changed in the past few years, and plenty of that change has had to do with the implementation of workforce analytics. Data-driven HR practices are becoming commonplace among business leaders, but for many, it is still unclear as to what effect the application of such tools can truly have.
Here are three of the basic impacts workforce analytics can have on a company:
- Workforce analytics help address changes in workforces.
Deloitte’s guide on Workforce Analytics claims that one of analytic tools’ main benefits is the ability to anticipate disruptions and changes before they occur. By identifying patterns in data from previous mergers, layoffs, acquisitions, and more, business leaders may be able to address changes in their companies with a structured framework of data to support decisions.
- Analytics can aid proactive HR strategy and organization.
“Workforce analytics can give HR the tools and insights needed to make a bigger contribution at the strategy table,” the Deloitte guide claims. Business strategy is and always has been crucial, but in today’s digital age, it is becoming a necessity to use data to assist in strategic processes. From modeling a workforce to addressing resource gaps to bettering talent investment, analytics can be the proactive resource that allows companies to optimize business results both internally and externally.
- HR professionals can further their capabilities using analytics.
IBM’s Getting Smart About Your Workforce: Why Analytics Matter asserts that “workforce analytics play an important role in migrating HR from a more administrative to a more strategic discipline.” Analytics allow for HR professionals to enhance their decision-making abilities in ways never before possible. Because of workforce analytics, HR professionals are able to develop analysis and interpretation skills that allow them to more broadly contribute to a company’s overall strategy.
Analytics are not a thing of the future – they are adapting, changing, growing, developing, and strengthening companies across industries. And while some companies may not be applying them yet, according to IBM’s survey, 60% of the organizations involved say they plan to implement analytics into their company structure within the next five years.
To hear more about the benefits of workforce analytics in action, make sure to register for Careerminds’ webinar: Using Workforce Analytics to Optimize Talent and Drive Business Results on Thursday, April 28, 2016 at 2:00 PM EST.
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