What is workforce analysis?
Workforce analysis is a technique, in every organization top level management will have a need to assess their workforce and what things are influencing it. As far as workforce analysis are concerned following questions arising such as, “why is turnover so high?” “Why recruitment level is so high in this period?” “What are all the reasons for employee exit in our organization?
Workforce Analytics is the combination of employee-related metrics, which allows companies to measure how well their workforce performs.
Harvard Business’ study certifies the use of advanced analytics is directly connected to the ability to manage workforce more effectively. By doing an adequate workforce analysis, it is possible to measure data in order to have a clear picture of the current situation and make further improvements related to HR strategies. This will result in an optimization of business results.
How to get the most out of your Workforce Analysis?
In order to maximize performance management and optimize company’s results, the following best practices can be drawn from the study:
Identifying high-potential employees: It is very important to have high-performance teams composed of the right employees in each position according to their talents.
Providing employee training to grow all of their capacities: Companies that are very effective at leveraging their workforce focused most on developing their employees’ skills in strategic areas.
Engaging employees and empowering them to perform at their highest possible level: Employees should feel truly connected to the company, sharing its culture and vision. Having a workforce that feels part of the organization and is motivated will lead companies to success.
Constantly investing in and developing talent: Companies that have an effective performance management are more likely to have a competitive advantage in quality, customer satisfaction, profitability or market share.
Integrating HR into the strategy of the company: Integrating workforce analysis into business systems will make it possible to compare each employee’s performance against operational processes and company performance, which makes it easier to detect and manage both their weaknesses and their strengths.