Workforce analytics is the key to more informed decisions about your human capital
What if you could predict which high performers were at risk of leaving six months before they walked out the door? What if you could merge external data with your own business metrics to project workforce demand six, nine or even eighteen months from now? What if you could triage incoming resumes overnight to predict employee success and tenure – before you hire? These are key questions that we believe you should consider addressing with Workforce Analytics.
As leaders in Workforce Analytics, Deloitte has combined our strategy, data, business insights, technology experience and knowledge and skills to develop services and practical tools designed to help organizations improve people management decisions and control workforce costs. Our portfolio of services and solution sets are designed to help organizations link their business strategy to advanced analytical techniques to improve their overall performance. We specialize in helping organizations integrate third party data with internal sources to provide new insights and options to complex workforce challenges. Learn more about Workforce Analytics by clicking on the tabs below:
About the offering
You already have the key ingredients
Many companies have made significant investments in HR technologies to manage their day-to-day transactions and gain business operating efficiencies. Along the way, they’ve likely aggregated terabytes of valuable data – data they can turn into valuable insight and then leverage to make smarter talent decisions. Unfortunately, many human capital executives don’t leverage these valuable resources and choose to fly blind when making critical business decisions, relying far too little on evidence-based data in favor of tradition and “tribal” wisdom.
But the game is changing quickly. A growing number of executive teams are adopting advanced analytical techniques, such as predictive modeling, to move into a proactive posture to drive more value. We believe that’s essential for organizations seeking to elevate HR’s role in business decision-making.
How we can help
As leaders in Workforce Analytics, Deloitte has combined our strategy, data, business insights, technology experience and knowledge and skills to develop services and practical tools designed to help organizations improve people management decisions and control workforce costs. Our portfolio of services and solution sets are designed to help organizations link their business strategy to advanced analytical techniques to improve their overall performance. We specialize in helping organizations integrate third party data with internal sources to provide new insights and options to complex workforce challenges.Specifically, our analytics services, tools and solution sets are designed to help organizations in the areas of:
- Workforce planning & optimization. Increase the accuracy of predicted revenue and talent demand by incorporating valuable third-party data.
- Workforce and workplace safety analytics. Promote sustainability, cost containment, and safety by locating underlying causes of and contributing factors to workplace accidents.
- Workforce transitions. Record, track and monitor workforce decisions on who is retained and who will be separated, allowing for enhanced compliance and financial oversight.
- Recruitment analytics. Triage resumes using an advanced scoring model to predict probability of success within a particular job family. Free over-committed recruiters to focus on the best candidates.
- Retention risk analytics. Shift to a proactive strategy that mitigates risk by predicting attrition among critical workforce segments.
- Leadership development modeler. Identify emerging leaders so they can be developed for next- level management roles.
- Organization accelerator. Simulate options to right size the organization with optimal management layers and spans of control.
- Health & productivity. Target individuals and business units that would benefit most from improved wellness.
Effective Workforce Analytics can help organizations in their efforts to:
- Avoid costly mistakes regarding one of the largest P&L line items in any budget – the workforce
- Embed analytics as a foundation of management decision-making
- Give more leaders clear visibility into a topic traditionally handled by HR
- Improve workforce planning and forecasting
- Shorten recruiting cycles
- Reduce separation and recruiting costs
- Retain critical talent
Five ways to get more value now
Start with your most pressing talent decisions. How can you use both data and analytics to answer key talent questions? Who are you recruiting and where are you sourcing them from? How do remote workers compare to office-based talent in terms of cost, productivity and customer satisfaction.
Leverage your technology investment. By integrating predictive analytics into your systems, you can turn raw data into powerful insights that anticipate problems before they happen.
Build your analytic capabilities. Data analysis can be powerful in confirming assumptions, uncovering new information, and estimating the probability of future events. Getting it done requires a broad range of skills, tools, and processes. Make sure you’ve got a clear roadmap for blending the components needed to achieve short term benefits while building the capabilities needed for the future.
Focus on data that drive decisions. It is easy to fall into the trap of trying to assemble, cleanse, and analyze “all” data – when only certain subsets are required to drive decision-making. Put your resources into identifying where critical data resides, connect it to the appropriate sources and pull together data sets for analysis.
Learn. Adapt. Improve. Any application of workforce intelligence must follow through to the results. By monitoring, measuring, and publicizing results, confidence can be built and workforce intelligence becomes embedded in the organization’s culture. Get started. Learn from experience. Adapt and improve as required.
Workforce analytics in action
- One national bank was able to increase its redeployment activities through more effective Workforce Planning, saving the corporation $18 million by not laying off people and then hiring them back four months later.
- A large federal government agency was able to deploy resources more efficiently, address supply and demand gaps and proactively identify and address workforce issues and challenges before they could impact the organization.
- A large oil and gas company deployed a data-driven solution set to support the decision/selection process, providing a transparent, consistent and reusable approach to workforce reduction and optimization efforts.
Global Human Capital Trends 2014: Talent analytics in practice
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Meet our team
As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.