Do you make decisions about your people with the same rigor and confidence as you make decisions about finances, customers, technology, or business development?
Most people would answer “no” to that question. Typically, leaders and managers rely on their experience and gut feel and do not apply as much analysis to critical talent decisions as they would for decisions that more directly affect their companies’ profitability.
Workforce analytics can drive actionable insights and enable better talent management decision making to support business objectives and help plan for the future. The challenge is getting to the data that drives the analytics – and that’s where a workforce analytics solution comes in.
A robust workforce analytics solution can significantly enhance an organization’s drive and success with its talent strategies. It can enable the insightful application of Big Data through the amalgamation of core HR and talent data with financial, CRM, and other business and operational data. With a greater understanding of its talent management efforts, an organization can make more informed decisions about workforce challenges and create winning workforce initiatives and programs.
For instance… did you know that a workforce analytics solution can:
- Deliver predefined metrics and analyses across common HR and talent management processes to help accelerate talent decisions?
- Be customized to deliver strategic reporting specific to your business and its unique talent challenges?
- Help you uncover powerful insights across your integrated people and business data with compelling visualizations, standardized metrics, and world-class benchmarks?
- Build confidence in knowing what to measure and making better talent decisions based on analytics?
Take the example shown in this graphic here. With a solution such as SuccessFactors Workforce Analytics, you can use predefined metrics for termination rates to recognize that the voluntary termination for a specific department in your organization is too high. You can then go deeper into the issue to get answers to more complex questions. You’ll gain a better understanding of the situation, so you can develop a perspective on where the greatest risks are.
For instance, for the organization depicted here, the rate of termination is in fact higher than average for people in their first year of employment. Data such as this can help you more quickly find out why retention rates are low so you can take steps to remedy the root causes.
Drive impactful decisions with solid business data
SuccessFactors Workforce Analytics also provides profile reports on common issues and concerns such as diversity, age, and retirement patterns. You can also utilize mobility reports that help you understand how movement impacts hiring decisions, cost models, and risk management. In addition, the solution has a wide range of analysis tools covering topics such as leadership development effectiveness, internal pay equity, planning for corporate roles, and performance drivers.
With data from a solution like this, you can drive insights such as:
- How the voluntary turnover rates among top performers impacts enterprise goals and objectives
- How the performance of employees participating in optional training programs compares to those not participating
- Which business units or regions have the highest – or lowest – goal achievement percentage
- What the profit per employee is and how it compares to competitors and industry leaders
- What impact HR programs have on overall business performance
With greater visibility and insights into your workforce, you can fine tune your decision making to boost retention rates, improve hiring capabilities, cultivate future leaders, and optimize workforce performance.
To learn more about how workforce analytics can empower talent decisions in your organization, check out this great webinar series from SuccessFactors on workforce analytics covering a range of topics, including recruiting and onboarding, learning, performance, and diversity. Click here to register and listen to recordings of the recent webinars available from the archives.
To learn more about how workforce analytics can support your HR strategy, click here to download: Your Roadmap to High Value HR Analytics.