Business success means nothing without metrics. There’s no way to track improvements, monitor changes or value losses without a measuring stick. And for thousands of industries around the globe, that measuring stick is data.
Today, seven in ten business leaders consider themselves workforce analysis evangelists within their companies. These leaders recognise that measurements, benchmarks and KPIs are the baselines of any successful business and push to track company growth, progress and operational efficiency using big data insights.
If you aren’t using workforce analysis tools, you’re missing out on more than just dollar signs. Let’s explore seven major benefits of workforce analytics, its functional definition, the types of tools available and how platforms like Humanforce can expand your horizons.
What is workforce analytics?
Workforce analytics refers to using data to surface insights related to your human resources. This means tracking productivity, time, attendance and employee engagement factors impacting work outcomes.
The beautiful thing about workforce analytics is that it can be used by virtually any business. Regardless of your niche, data can and should be used to evaluate all parts of your workforce and its baseline health factors. But picking the right tool is difficult — we’ll break down the options for you.
Types of workforce analysis tools for your business
Hundreds of possible analytic tools can be used for your business. Some of the most popular types of tools include:
- Descriptive analytics — Gathering data that describes your workforce’s past, present and future.
- Cost analytics — Evaluating all planned and unplanned expenses within a given timeframe.
- Visual analytics — Representing data in charts, graphs and other visuals to better digest insights.
Utilising an analytics platform that can surface these major insights is best. If individual tools are unavailable on your native platform, it may be worth looking for providers offering third-party integrations.
The 7 benefits of workforce analytics
Analytics is a key aspect of workforce management software. Regardless of your industry, size or specific use case, the benefits truly speak for themselves. Here are seven of the biggest benefits of workforce planning to a business:
1. Tracking employee engagement
Employee engagement can make a huge difference in productivity for your business. As such, it’s critically important to keep tabs on how employees feel about their jobs and mission — which is where employee engagement comes in.
Workforce analytics quickly track insights related to your employee net promoter score (eNPS^) and engagement metrics. This can be used to identify negative trends such as employee churn, which may be preventable depending on your situation.
2. Catching predictive flags
Data makes the writing on the wall very hard to ignore. Warning signs in employees, shift coverage and attendance are much easier to track within a centralised system, enabling you to make data-driven decisions about hiring and firing patterns.
Use workforce analytics to catch problems before they happen and resolve any attractant factors acting as an underlying cause.
3. Spotting skill gaps
Not enough people to cover a shift? Missing a key hire or set of talent? Utilising your workforce data can identify all this and more.
It may be helpful to create custom dashboards that track insights for specific metrics. Once you know what you may be missing, your analytics platform will take it from there.
4. Making informed decisions
Whether you’re looking to hire new employees, increase hours or add new shifts, workforce analytics grants you the ability to make decisions with high-quality data.
There’s no guesswork involved, no iteration work and no haphazard gut feelings. Just dig into your data and let the numbers speak for themselves.
5. Watching employee productivity
ROI doesn’t always have a tangible number, but it could and should have a numerical value when it comes to your workforce.
Use your analytics platform to identify key performance indicators and value-generating activities. Next, use your insights to improve productivity over time with specific actions that target a root cause.
Remember: if you don’t know your numbers, you don’t know your business. Workforce analytics software is the perfect solution for nebulous returns on investment.
6. Reduce human error
Human error is responsible for millions in lost revenue every year. Workforce analytics is no exception, as a single zero or misplaced comma can dramatically change your data and following insights.
Workplace analytics software instantly compiles data without human intervention, ensuring the highest quality data possible. This lets you repurpose time for other important tasks and work on drawing conclusions rather than drawing data from manual reports and timesheets.
7. Visualise critical information
Numbers alone are far more difficult to digest than pictures and image-based aids. And why visualisations aren’t a requirement for good analytics, they certainly make the task much easier.
Workforce analysis platforms offer customisable visualisations that make the most of your data. Track changes in your numbers, keep an eye on ebbs and flows and identify patterns that could get lost without the help of charts and graphs.
Now is the best time to get started if you aren’t already using workforce analytics within your organisation. And if you’re looking for a comprehensive platform with all the parameters you need to set up for success, join 500,000+ customers taking advantage of Humanforce’s workforce analytics tools.
Choose Humanforce for your workforce analysis
Humanforce is the workforce management platform of choice for thousands of business leaders advancing top-line growth. Our built-in reporting software and customisable API ensure everyone has access to the data, dashboards and details they need to make wise decisions.
We serve dozens of industries with personalised dashboards, integrating seamlessly with your time and attendance data, scheduling rosters and eNPS^ tools to surface meaningful insights in just minutes. Analyse your workforce, drive better decisions and position your business to take the next steps — whatever they might be.
Turn to Humanforce for workforce analysis tools that go above and beyond the programs of yesteryear. Get a personalised demo today to see our solutions in action. Want to ask some questions first? Contact us directly to speak with a representative.
Humanforce is a leading provider of shift-based workforce management solutions that simplify onboarding, scheduling, time and attendance, payroll, employee engagement, and communication. Customers in more than 23 countries use Humanforce to optimise costs, realise compliance confidence, empower their team, and drive growth. Humanforce was founded in Sydney in 2002, and today has offices across Australia, New Zealand, Singapore, and the UK.