Understanding Your Business Better Through Workforce Analytics
Companies have started investing in and dedicating time to workforce analytics in an effort to gain in-depth insights into key workforce performance metrics. With robust analytics, managers and high-level executives can answer questions like:
- How does time spent on labor translate into revenue?
- Does one group or department complete more tasks day-to-day?
- What changes can be made in order to achieve maximum productivity across the entire workforce?
This granular data inspires businesses into action, giving them the information they need to create immediate and long-lasting improvements in the workforce.
What Can Workforce Analytics Reveal?
Growing businesses constantly strive to achieve the highest level of productivity and workforce improvements at the lowest cost to their organizations. For these companies, workforce analytics uncover the key metrics that can help them achieve this end goal:
- What Skills Does the Workforce Currently Possess? A clear look inside a workforce can reveal the skills employees currently possess, determine where more skills are needed and identify the best path for meeting those needs.
- How Does the Workforce Perform? Organizations should constantly know which areas of their workforce are performing at or above company standards, and those that need improvement. By identifying areas of underperformance early, businesses can implement remedies sooner and better maximize their productivity potential.
- What Strategies Should Be Implemented to Retain the Workforce? Many businesses are forced to make hard decisions about reducing the size of their workforces, whether it’s due to an economic downturn or a changing industry landscape. Workforce analytics can help the key decision makers and managers at organizations anticipate and prepare for these moments. Managers can then reassign staff to different departments or anywhere they are needed, reducing the need to downsize workforces.
Understanding and addressing each of these issues is a vital step in developing and maintaining a successful business strategy. Armed with key analysis and workforce metrics, businesses can gain – and maintain – a competitive advantage within their industry.
Industries that can benefit from the use of workforce analytics include:
- Retail – The right number of staff members is crucial in a retail organization – a high volume of staffers during a slow period can cost a company, while not enough during the busy period can result in unhappy customers. A detailed analysis gives managers the information they need to ensure they have the proper number of employees on duty at all times.
- Manufacturing – Key insights can help managers gain clearer visibility into the specific costs of production, as well as the portion of costs designated for labor. Managers can identify which expenses are most controllable and find new strategies to operate more cost-effectively.
- Healthcare – Staffing is extremely important in healthcare. An in-depth analysis enables hospital staff and administrators to ensure that every department is staffed with the most capable doctors, nurses and specialists.
Measurable Business Improvements with Workforce Analytics
The WFC Group knows that while every industry’s workforce demands are different, there are common areas that all workforces can improve upon. The right insights can help workforces across a variety of industries achieve a new level of operational efficiency, driving enhanced business success.
To learn more about The WFC Group can help your business leverage workforce analytics to glean a better understanding of your workforce and improve productivity, contact us today.