Using Workforce Analytics to Drive Strategic Business Decisions
Business executives are starting to realize the benefits of using advanced workforce analytics applications to gain insights into business processes in ways that were unimaginable just a few years ago. Data that previously took days or weeks to assemble from a vast configuration of non-integrated internal databases created mountains of raw data that made analysis a complex, unreliable task.
Workforce analytics improve the value of your source data, allowing you to create a more complete picture of your workforce giving your executive team the critical information necessary to make decisions that drive business success.
Benefits of Workforce Analytics:
Workforce analytics allow you to combine and compare raw workforce data, present it graphically to see historical trends and run "what-if" scenarios. Modeling capabilities will help everyone in the organization—across all departments and offices—visualize how the movement of talent impacts hiring decisions, cost models, career-path initiatives, succession plans, and risk management. Managers, in turn, can use this information to create targeted business initiatives placing the right levels of talent in position to support them. And, all of this is based on solid empirical evidence, not simply a "gut feeling".
By going beyond simple HR statistics to include robust corporate information such as financial indicators and survey data, managers can gain deeper insight into how the organization is doing as a whole—basically what is and isn't working—and can establish clear and measurable links between human capital programs and their direct business results.
Workforce analytics provide the basis for specific action plans and workforce investments that address gaps or inefficiencies in an organization's talent mix that need to be overcome in order to drive better business outcomes. For example, from a succession planning point-of-view, workforce analytics can view how many of your employees are nearing retirement status and how those filling those upcoming vacancies and the resulting changes in staffing levels and positions will affect pay and performance throughout the organization.
Simply put, success or failure of goal execution hinges on your workforce’s effectiveness in supporting the organization’s mission, vision and goals. Businesses gain a competitive edge by using workforce analytics to focus on optimizing the use of their human capital and ensuring that the human capital strategy is aligned with business strategy. At the end of the day, workforce analytics lets you analyze data to gain insight so you can make better decisions and take appropriate actions leading to appropriate staffing levels to drive greater business success.
SuccessFactors is the global leader in business execution software. The SuccessFactors Business Execution Suite improves business alignment and people performance to drive breakthrough results for companies of all sizes. More than 8 Million+ users and 3000+ companies leverage SuccessFactors every day. To learn more, visit: www.successfactors.com.