Workforce analytics are essential business tools to measure and improve workforce performance. In fact, companies with advanced workforce analytics in place are three times more likely to lead their competition in customer satisfaction, quality and productivity. Those are the take-home messages of recent Harvard Business Review sponsored by SumTotal (download report).
The study found a direct correlation between effective workforce management and high organizational performance. Unfortunately, more than one-quarter of respondents said their companies use little or no workforce analytics and struggle to meet key performance goals.
With such an enormous payoff, why aren’t these companies rolling out workforce analytics programs? Reasons cited were insufficient technology, little or no integration of HR systems, siloed global organizations, and lack of staff with analytical skills.
The study went on to show that the most successful organizations were committed to following workforce-related best practices, including:
- A formal approach to workforce planning and optimization
- Identifying and developing high-potential employees
- Using training and development to improve skills
- Motivating staff to meet or exceed performance goals
- Connecting performance goals to organizational outcomes
It is no surprise that these organizations were also the same organizations that had advanced workforce analytics in place. Without effective analytics it is extremely difficult to:
- Determine gaps
- Identify key performance indicators
- Measure against those indicators
- Develop and implement the best practices needed to fill the gaps.
Advanced-analytics users go beyond traditional measurements – such as total turnover, revenue per employee and diversity – to get a more thorough picture of the workforce as a whole. They have the right tools and are able to develop targeted sets of KPIs, such as:
- talent mobility
- learning and development efficiency
- aggregate competency and skills levels
To learn more about how HR Analytics can provide an integrated, actionable view of global workforce and help you:
- Develop Innovative Insights
- Link HR Data with Business or Organization Data
- Quantify the Impact of People Investments on the Business
Read the Harvard Business Review Study: “Achieving Real Business Results with Analytics”
View the on-demand webinar “Practical HR Analytics: Why You Don’t Need To Be a Data Scientiest to Deliver Insight”
Download the SumTotal Workforce Analytics Data Sheet