Today’s technology makes it possible for businesses to hold large amounts of data. Without the right analysis tools, big data is of no value to your business. However, with the right tools and software, you can now analyze and process big data to provide actionable information for your business.
Workforce management analytics combine methodologies and software to analyze employee data. It makes human resource management profitable by providing information for effectively managing workforce activities.
Below are workforce management metrics that matter most in your business:
It’s important to look at the productivity of your workers as part of your workforce management metrics. Identify what is making workers unproductive. You can measure poor productivity among workers by identifying cases of unfinished tasks, failure of teams to meet targets, and failure of workers to achieve their daily individual targets. You might also want to conduct an analysis of factors that affect your worker’s productivity, which may include unproductive people in a team, a vacant position or low job morale.
By analyzing the productivity of your workers as a team and as individuals, it is possible to identify productivity patterns in your business. This could help you determine the causes and identify remedies for poor productivity. The resulting management analytics help to improve productivity.
2. Turnover Statistics
Turnover statistics is a vital workforce management analytics to keep an eye on. Look at the turnover of your employees. An important metric to measure is voluntary turnover. It gives you the correct metric on how many employees are ready to leave your business voluntarily. High turnover is costly to your business. Attempt to establish why workers are likely to voluntarily leave you and then adopt strategies to contain the hemorrhage. Addressing potential causes of voluntary turnover helps you retain the most productive employees.
3. Workforce Engagement
Managing employees is a critical part of your business. It directly influences the productivity and turnover of your employees. When workers engage, staff turnover is low and productivity is high. On the other hand, when employees are disengaged, employee turnover is high and productivity is low.
Using the workforce management metrics, you can identify issues affecting workers engagement and address them to avoid high staff turnover and employee disengagement. Moreover, it enables you to observe changing patterns that influence workers’ engagement. You can then devise strategies to keep your employees engaged and productive.
Recruitment is another important workforce management metric. Always watch out for factors that affect recruitment in your business. These include turnover in a given period, how long a position remains vacant, and employee diversity. These factors are essential when measuring the efficiency and effectiveness of your recruitment strategy. If it takes too long to fill a vacant position, you may want to change your recruitment process. On the other hand, you may choose to change the terms of hiring new workers with a view to speeding up the hiring process and attracting the right applicants.
5. Cost Analysis
How much it costs to manage your workforce activities is another important metric. It helps to identify workforce activities that are no longer cost-effective and replace them with more productive, cost-effective activities. For instance, you may want to find out whether your recruitment process is too costly. If it is, consider adopting less costly but efficient recruitment processes.
These workforce management metrics are key to maximizing the productivity of your staff. They help you understand and manage your workforce to enhance their productivity and stem high staff turnover. The key is to engage and motivate your employees to work for you. If they are demotivated and disengaged, chances are you will end up with very high employee turnover, and this is not good for your business.