Managing Big Data in Workforce Analytics
Use Workforce Analytics to Drive 3 Important Areas
Like all Big Data sources, workforce analytics are a powerful tool, but it can be hard to know where to get started. After all, there’s so much data out there that you can measure nearly anything now, but not all of it is going to move your human resources strategy the direction you want to go.
If you’re staring at endless workforce analytics reports, take a look at these three areas and how you can use reporting and metrics to move the needle and get your talent management plan making progress and meeting your goals:
Talent acquisition: Use workforce analytics to help you find talent faster, with systems that can search resumes with complex algorithms that will identify the right set of candidates. You can also use tools like a behavioral assessment to determine the set of traits that your star performers have and then look for those traits in your future hires.
Workforce analytics also help your turnover costs, because it not only helps you more accurately identify your best candidates for a long-term good fit between your company and the employee, but it also helps you concentrate your spending in the areas most likely to help you connect with the right candidates.
Talent nurturing: Workforce analytics are immensely helpful with nurturing the talent you have. You can identify leaders and weed out low-potential employees, and this is another area where the behavioral assessment is helpful because you can more accurately match your team members with the role where they will thrive.
Analytics also help you identify skills gaps and address them, as well as determine what’s really important to your employees to reduce turnover and improve employee engagement. It can also help examine gaps between company talent management values and the perceptions of the employees of those values. Management needs to know whether they are emphasizing the importance of their team members in ways that are valuable to the employees.
Talent retention: Analytics are helpful in discovering anomalies in pay rates, where an employee is making an income far below that of similar employees. Ensuring a level playing field improves morale in any organization. Behavioral analysis is also helpful in identifying problematic behavior patterns that predict an employee that may become disengaged and eventually leave the company.
By the time an employee hands in their notice, it’s too late the change the course of their relationship with your company. With analytics, you can determine whether an employee is becoming disillusioned with their own development pace or with their team members and find a way to correct it before they begin looking for another position elsewhere.
There are nearly endless possibilities for applying workforce analytics to your company’s talent management strategy. Let’s talk about which metrics are the best choices for moving your company forward in a growth pattern. Give PI Consulting Group a call today.