The world’s most successful enterprises rely on data to drive their decision-making. In fact, one study by Harvard Business Review and Google found that companies with data and AI strategies outperform their peers in profitability, market share, and customer satisfaction, among other metrics.
Just as organizations use data to improve company performance, they also use reliable data-backed insights to improve HR-related outcomes – a practice known as people analytics. A workforce analytics platform makes people analytics simple, automatically collecting and analyzing teams’ and/or individuals’ data on work-related activities and outcomes. The adoption of people analytics is one of the trends driving the growth of the global workforce analytics market, which is expected to grow from $1.81 billion in 2023 to $6.04 billion in 2032, according to Fortune Business Insights.
As today’s labor market becomes increasingly challenging and complex, HR leaders, as well as the C-suite, are deploying data strategies for recruiting and retaining employees, developing talent, creating a positive employee experience, and navigating the new remote work norm. Let’s take a closer look at a few of these use cases.
Increasing Employee Retention with People Analytics
Employee turnover is time-consuming and expensive, with the average cost of replacing an employee varying between 30% and 150% of their salary. While data alone will not impact attrition or retention, true workforce visibility will allow your organization to analyze patterns and develop and measure initiatives aimed at increasing employee tenure, including intervening when an employee is at risk of burnout or disengagement, and recognizing and rewarding productivity.
To empower and engage employees, enterprises can democratize workforce analytics, providing employees access to their data. Doing so can reveal opportunities to improve productivity, efficiency, and work-life balance. As individuals increasingly use data and technology in their everyday life — for example, by using wearables to track fitness and sleep quality —a workforce analytics platform can be a powerful perk, especially for younger generations. Seventy percent of Gen Z employees would even switch jobs for better technology tools, according to multiple surveys by Adobe.
To discover the latest ways HR leaders are leveraging workforce analytics to drive organizational transformation download “The Value of Workforce Analytics: A Guide to Leading with Data in the New Era of Work,” a white paper by Sapience.
An Informed Approach to Talent Management
Employee training programs are critical tools for cultivating talent, filling open roles from within, and retaining employees. Designing effective programs, though, is challenging: one study found that 75% of managers across 50 organizations were dissatisfied with their company’s learning and development (L&D) offerings.
Workforce analytics can help your organization address common L&D mistakes and increase the ROI of your learning investment. For example, managers and HR teams can use workforce data to identify organizational skill gaps to ensure training programs are relevant and understand individuals’ strengths and weaknesses to develop customized programs. They can also use data, in addition to surveys and feedback, to select optimal candidates for training and L&D opportunities, and to identify the best time of year and/or day to offer training opportunities based on L&D resource utilization patterns.
Develop Effective Remote Work Policies and Manage Decentralized Teams
The adoption of remote and hybrid work accelerated by the pandemic affords employees flexibility and work-life balance and companies access to a wider talent pool and the potential to reduce overhead costs. But understanding your team is harder when you can’t see them. An automated workforce analytics platform is an incredible tool for managing decentralized teams, as business leaders can obtain accurate data and insights on how employees are really spending their time.
Managers that are struggling to measure the productivity and efficiency of remote teams and develop appropriate work-from-home policies can use workforce data as a source of truth. Aided with unbiased data, organizations can determine the effectiveness of remote work and, if needed, establish guardrails to ensure they are meeting employee preference for remote work without sacrificing business outcomes.
The Future of Workforce Enablement
The use cases for reliable, automated workforce data are nearly limitless – for HR professionals, operations leaders, the C-suite, mid-level managers, and employees.
Sapience VUE® is an automated, unbiased workforce analytics platform for the new era of work, with benefits and use cases for the entire organization. To learn more about VUE and workforce analytics use cases, and to discover criteria for assessing the best platform for your business, check out “The Value of Workforce Analytics: A Guide to Leading with Data in the New Era of Work,” a white paper by Sapience Analytics.
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