Support Your Company’s People Strategy with Workforce Analytics

May 8, 2020 at 8:00 am
Three colleagues looking at information on a laptop.

Companies can use workforce analytics to improve hiring and engagement.

Your company’s people strategy may consist of a healthy budget to recruit and hire top talent, HR support to ensure that employees are taken care of and engaged, and an appreciation program to reward performance. Perhaps it also includes continuing education and succession planning, which benefit both the company and workers.

If you want to see even better results from your people strategy, consider implementing workforce analytics, which applies big data analysis to talent management. More data is now available about recruiting, hiring and talent management, and that data can be used to identify top performers, increase engagement, and identify problems early in the hiring process so they can be resolved before engagement and retention suffer.

Finding The Best Talent

Workforce analytics was important when job openings were plenty and available talent was scarce, but it will become even more important when there are many available workers to fill your next open position. How do you identify the best candidates to fill your talent needs when you might get hundreds of resumes for one position? By using data to identify the best matches, you can filter through a large number of choices and find exactly what you need.

Analytics can remove biases and personal preferences from the hiring process and consider only the objective details the company deems relevant when making hiring decisions. That doesn’t mean humans are not still needed to navigate the hiring process, but that their role will be to communicate about hiring and be one aspect of the decision-making process rather than its entirety.

Person typing on a tablet.

People analytics are essential to talent optimization.

Increasing Engagement

When workers have been matched with jobs that are the best possible fit for their skills, they are bound to be more engaged in those jobs and happier in their work. Workforce analytics sets up this paradigm of optimally engaged workers by using data widely available to companies and hiring teams.

It is a well-known fact that introverts do better in jobs and professions that don’t rely heavily on complex social interactions in groups, while extroverts thrive on these interactions and would be bored without them. For instance, salespeople need intimate knowledge of how people think and make decisions, while accountants only need to know how to interpret and optimize the numbers that are in front of them.

After a few months or years, an introverted salesman will become burned out and lose the ability to close sales day after day, while an extroverted accountant is likely to become bored and disengaged if he is stuck in an office alone all day.

Assessments Can Prevent Many Hiring Problems

People analytics tools such as cognitive and behavioral assessments can contribute data and also rely on it for their accuracy. Pre-hire assessments can prevent hiring problems from derailing a company’s progress in meeting objectives while using assessments with existing employees can help companies find the best possible way to use each employee’s talents and skills.

Narish International can implement workforce analytics to help you build higher-performing teams.