What is Workforce Analytics
The discipline within HR and is sometimes called HR Analytics. In this article, we help you understand what it is and who is likely to use it.
What is the definition of Workforce Analytics?
Workforce analytics refers to the collection of data relating to a workforce and using it to generate actionable insights using data analysis methods so that the performance of an organisation can be improved.
Who uses workforce analytics software?
Organisations that want to do any of the following:
- Improve employee retention
- Improve Employee performance
- Develop compensation plans that work
- Understand employee engagement
- Find the right type of people to recruit
- Develop their employees
Using data mining, benchmarking and other techniques, organisations can uncover insights which can help in all these areas.
Research has shown that organisations that implement data-driven decision-making are more efficient and profitable than their competitors. This includes the use of workforce analytics.
What is the difference between Workforce Analytics and Workforce Management?
Workforce management tools collect a lot of data, including the hours staff actually work and what those hours cost. Analytics is normally an add-on product to a workforce management system that allows an employer to analyse the data generated and make better decisions.
What is the difference between Workforce Analytics and HR Analytics?
We believe they are the same discipline.
What does a workforce analytics tool look like?
It often looks like a web-based dashboard created in business intelligence (BI) or data visualisation tool. The BI tool can be used for many different purposes and it is only by adding your organisation’s workforce data and creating dashboards of reports and other tools that it becomes a workforce analytics tool.
It will have a number of pre-programmed reports in a visual format, such as graphs and pie charts and can be “drilled down” so that users can interrogate the data, generating new versions of the same visualisation until you end up seeing the raw data for that representation.
