The Road Worth Taking on the Workforce Analytics Journey
Short Takes...on Analytics
|Posted by Rishi Agarwal, Principal, Deloitte Consulting LLP|
With the level of HR information maturity slowly increasing, there is an opportunity for organizations to use data and analytics to guide the organization forward in a way that makes a difference. Workforce Analytics can help provide the path forward and pave the way to solve business issues involving the workforce.
Workforce analytics is a process enabled by technology that can help organizations to address particular workforce issues, moving them from data to insight to action. It can help HR address critical workforce issues before they hamper the business. Applying analytics can help HR make predictions about their workforce that they can then develop into targeted responses.
One example? Predicting the likelihood of turnover by individuals can help develop sound retention strategies. Using analytics, HR can become proactive in retaining hard-to-replace talent rather than managing the flow of resumes and interviews necessary to find replacements. Another example is predicting which employees have the highest likelihood of achievement of goals as senior leaders. Businesses that can groom likely leaders early on get ahead of the pack in tapping top talent.
If you take the workforce analytics journey, you’ll have to answer some crunchy questions, like: What is the issue at hand? What data, reports, measurements are needed and/or are in place? What insights does the data offer? What actions can we take based on these insights? What might result from our actions? By unearthing this high-value information in its many forms – from enterprise-wide skills competencies to specific gaps in your talent pool – you can help point your business down the path to new insights.
Is your business using workforce analytics and acting on the analysis? If so what results have you seen?
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