Business moves at the speed of human resources, and balancing your workforce can make the difference between a profitable year and a losing one. That’s where real-time workforce data comes into play. Workforce intelligence is the culmination of both qualitative and quantitative data about your employees. And it’s more than just attendance records and start dates. 

What drives your employees? Does something about your organization hold them back or prevent them from pursuing their professional goals? Which employees deserve recognition? What departments require special attention? When incorporated into your regular data collection, your HR department can provide these answers and more. Combined with industry data, you’ll be able to benchmark the performance of your employees with those of partners and even competitors.

What Can Workforce Intelligence Provide My Company?

Workforce data can be used in four different ways:

1. Descriptive analysis: Provide a full description of current and past events to identify potential trends.
2. Predictive analysis: Utilize historical data from your company and the industry to predict future patterns and trends.
3. Diagnostic analysis: Once a descriptive analysis is completed, a diagnostic analysis is performed to identify potential problems.
4. Prescriptive analysis: Used to overcome these problems, prescriptive analyses create solutions to potential obstacles and identify opportunities to overcome present and future problems.

The accuracy of the analyses created by your HR professionals depends on the accuracy of your collected data. It can be a tricky thing to guarantee, as not all data is as easy to process as dates and times. With both “structured” employee data (data that machines can easily read) and “unstructured” employee data (information like employee feedback), you may be able to get an accurate sense of the big picture.

Read Also Section: As the world is set to commemorate the World Youth Skills Day on 15th July to reiterate the need for equipping young people with employability skills, UnearthInsight, a metrics benchmarking and market intelligence firm today released its report “Unused Potential of India’s People with Disability (PwD) Workforce” highlighting the untapped potential of People with Disability (PwD) workforce in India. Banking & Financial Services Sector is an emerging employer for PwD talent wherein SBI is the largest employer of PwD in the back-office and front-office jobs. You should read this report on Market Intelligence Firm UnearthInsight releases the report on “Unused Potential of India’s People with Disability (PwD) Workforce”.

Here are a few advantages you can expect when you feature workforce data in your organization:

Hire According to Potential or Experience

What’s the best way to identify potential? According to the University of Washington, roughly 53% of recent college graduates are unemployed or underemployed. Not everyone who fills out an application has a golden resume. Few college graduates will have actual real-world experience in their field of choice.

Recruiters and hiring managers can utilize workforce data to fill in the gaps that a candidate’s barren resume might leave behind. The system would take many different variables in mind, such as the span of the candidate’s education, the quality of the school, and which programs they attended. It would compare the candidate to other recent graduates to help determine if they would be a similar fit. Workforce tools can even identify passive candidates that haven’t yet applied but might be interested in working for you. You can even compare internal employees with external candidates and vice versa.

Read Also Section: In today’s hyper-competitive business landscape, it is essential to have a real-time bird’s eye view of your key performance indicators (KPI). Business intelligence (BI) is a set of capabilities that allows businesses to collate and process raw data and visualize it as meaningful information. This information becomes available as interactive reports and dashboards to the employees and management to enable data-based decision-making. With BI systems in place, data drives strategic decisions. It eliminates the influence of biases, prejudices, and individual experiences from the decision-making process. A data-driven culture can have a direct positive impact on your business’s bottom line. Let’s see how. 

Balance Daily Scheduling and Optimize Workforce Performance

Creating daily schedules is a chore, no matter the size of your business. Not only do some cities and states have laws requiring work schedules to be assembled in advance, but it can also become incredibly complex to juggle all of your employees’ hours and requirements.

Workforce data can take all of these variables and more into account when HR is creating work schedules. It can also take past scheduling conflicts and time-off requests into account in future scheduling. Optimizing your employees’ time at work may help you avoid potential conflicts before they start.

Measure and Recognize Employee Engagement

The benefits of excellent data collection don’t end with the time clock. Workforce systems can also identify employees who are doing the most with their time and effort. A recent survey discovered that only about 34% of employees in the United States feel “engaged” in their current job, with 65% of those surveyed not receiving any recognition for their good work this year. This can lead to mixed feelings about an employer and difficulties staying motivated during challenging periods.

For many businesses dealing with high turnover, the solution for getting employees motivated may be as simple as recognizing good work when it happens. Workforce data analysis can help you create a culture of “gratitude,” alerting you when employees meet or exceed performance expectations. With the right data, it can also help you identify potential future leaders and inform you when wonderful employees are ready for promotions or adjustments to their training.

While machines can perform many aspects of workforce analytics, proper comprehension still requires knowledgeable HR specialists and personalized attention. The results of human-driven intelligence can be an effective driving force for your company, no matter your field or industry.

See What Workforce Intelligence Can Do for You

Ready to take your human resources department to a whole new level? Find out how workforce intelligence can help you see the whole picture. Compare your organization against other top brands and expertly manage your workforce to adjust to the modern marketplace. You and your human resource specialists can enjoy the benefits that professional workforce tools can provide.