From recruiting talent to identifying demands for future skills
This is an excerpt from our e-guide, WORKFORCE ANALYTICS – How data can transform your business and the people in it, produced in partnership with IBM
1. IDENTIFY DEMAND FOR FUTURE SKILLS
As we shift to an increasingly digitised economy, even the most traditional of businesses are turning to new skills to boost their offering. Just look at retail and the shift towards e-commerce, many retailers now employ both sales assistants and web developers. Use analytics to predict the demand for future skills within your business and then train and recruit accordingly – so you’re always one step ahead.
2. IMPROVE COLLABORATIVE WORKING
We’re a workforce on the move. As more businesses embrace flexible working, finding ways to collaborate and work better together is essential for all employers. Workforce analytics will help you measure employee engagement better: which processes work best, where and when, which tools are suitable for homeworking, and which work better for employees on the move.
3. STAY ON TOP OF CHANGING REGULATIONS
Transparency is a must for all businesses. The need for employers to remain visibly sensitive to issues surrounding diversity is paramount, for example. Analytics can help HR directors stay on top of their recruitment and management processes, helping them make better informed decisions and adding value to the company.
4. ENTER NEW MARKETS WITH CONFIDENCE
Plugging into workforce analytics is vital for any employer preparing for a new market entry. What are the skills shortages in that market? Will there be the workforce needed to establish the brand there? Analysing the employment patterns – particularly for emerging markets – can help mitigate risks and better inform market entry strategies.
5. PREDICT REVENUES MORE ACCURATELY
Whether it’s for accessing finance or ordering stock, producing informed predictions for revenue and turnover is an essential part of business forecasting. By analysing labour market dynamics, which skills are emerging where and why, employers can gain a better understanding of their positioning within the marketplace and forecast growth figures more accurately.
6. KEEP THE TOP TALENT
Understanding how your team operates, who drives revenue in which areas and why, is crucial for directors eager to hold on to their biggest contributors. Analytics can help measure output and ensure all team members feel valued – stopping top performers being lured elsewhere.
7. OPEN COMMUNICATION CHANNELS
Improve communication channels between colleagues, managers and directors and you should see a radical improvement in the wellbeing of your workforce. The right workforce analytics tools will help you measure the wellbeing, satisfaction and potential stress levels of your colleagues so you can act accordingly and quickly to address any issues.
8. DEEPEN EMPLOYEE ENGAGEMENT
Your tweet this morning, your last text, a purchase you made on the high street – it’s all minute data that when added to the rest forms ‘big data’. And from big data we can spot trends and patterns around how we live and how we work. By embracing big data and its significance, you and your business can deepen employee engagement by understanding how your colleagues prefer to work.
9. ALIGN YOUR STRATEGY
As a business grows and evolves, so too must its workforce. Whether it’s introducing a director or undergoing a full-scale merger, the human make-up of a business must adapt if the company is to survive. Analytics help employers manage these challenging times and make smarter, data-driven workforce decisions.
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