In many engineering and IT environments, the main focus points back to security. That’s because the success of many firms relies heavily on protecting their intellectual property. Along with security, engineering firms must also focus on managing their workforce in order to maximize ROI on every project. This starts with tracking how much time your […]Read More >
How Workforce Analytics Can Take You Beyond The Clock
- nettime solutions staff
Workforce analytics help businesses define, predict, and enhance their performance. When applied to the HR world, workforce analytics help HR staff analyze data relating to productivity levels, performance, if training is effective, and can even predict turnover.
To understand just how significant workforce analytics are in your organization, below are three questions to consider:
- How can you reduce turnover and increase employee retention?
- What are you doing to increase employee engagement?
- Are you addressing your talent gaps?
Turnover and retention
Though easily measurable, recovering historical data has not always been accessible. In previous years, managers have only been able to deal with situations in a reactive state. An example would be when an employee turns in a resignation and the manager has to reactively figure out how to cover that employee’s workload.
With workforce analytics, you can understand retention or turnover by proactively evaluating:
- Hours worked versus time off
- Salary and benefits
- Employee level, title, job description and their location
- Recognition or achievements
Engaged employees are committed to your company’s values and overall well-being. They’re productive, high performers and lead even if they’re not in a seniority level.
Understanding the values of an employee’s engagement will help provide insight into overall productivity, retention, skill set and acquisition.
These metrics are derived from:
- Hire date
- Completed training and certifications
- Regular hours versus overtime
The talent you hire is going to be the driving force for creating, implementing, selling, maintaining and organizing your business’ products and/or services. That is a lot of pressure. Not just from a recruiting perspective, but also for the employee who is ultimately going to drive his/her own projects or activities on a daily basis.
You can measure how well an organization is managing their candidate pipeline, by reviewing where your productivity levels are at within the first 6 months of a new hire. New hire metric focus on:
- Pipeline and success rate
- Training programs during on-boarding process
- Hire date, manager, department and location
- Hours worked – both regular and overtime
Team members who quickly and accurately get the job done, don’t require a lot of overtime and stay with the company past their sixth month benchmark are considered to fall into the “successful” bucket.
With workforce analytics, payroll and HR data becomes critical for reviewing business insights. These metrics can help translate and transform your entire organization’s performance beyond the clock.