Workforce Analytics For Tracking Employees Behavior Through Power BI
Recruitment is challenging. According to research conducted by the Society of Human Resources Management, more than 68% of HR professionals from different industries are having a hard time during the recruitment process.
Employee retention is more complicated. A recent survey finds that approximately 63.3% of companies say that retaining top employees is trickier than hiring them. This is where workforce analytics can come into play. Business Leaders can not just only take informed business decisions but also predict trends using predictive workforce analytics.
Introduction to Workforce Analytics
Businesses have been looking for long-term solutions to scale their recruitment, retention, and employee management, and workforce analytics got everyone covered.
What is workplace analytics? It is the process of utilizing data-based intelligence to enhance any HR-related decision-making, including aligning wages with employee performance and managing top talent.
Any data related to recruitment and management is stressful and complex to handle. However, trusted workforce analytics solutions can help leverage big data, resulting in well-informed workplace decisions and nearly accurate predictions.
Regardless of niche and experience, most organizations have a massive amount of data that is either not organized correctly or not employed well. Workforce management technology collates, arranges, and transforms any data into valuable information for the human resources department.
Importance and Advantages of Workplace Analytics
A 2015 report by Deloitte revealed that over 35% of companies were developing HR data analysis capabilities.
In its 2016 Global Human Capital Trends report found that 77% of executives view people analytics as a top priority. That is why companies from diverse industries have been building people analytics teams over the past decades.
But why is there a growing number of organizations that incorporate analytics to the workforce?
Benefits of Workforce Analytics
Optimize and Reduce Recruiting Costs
According to Forbes, bad hiring decisions cost employers more than 30% of an employee’s first-year earnings.
Workplace analytics can play a critical role in improving the quality of hiring decisions. Additionally, it will be easy to distinguish top candidates, transform any workforce into a competent professional, and reduce unnecessary expenses over time.
Minimize Employee Turnover and Maximize Retention
A 2016 report confirmed that the average annual employee turnover is 19% in the US, and it is projected to skyrocket in the coming years.
In 2018, 41 million top talents voluntarily quit their jobs, according to Work Institute, a consulting firm in Tennessee. There are different factors why employees are unhappy with their career, including low salaries, stressful working environment, and more.
Workplace analytics has been gaining increasing importance because it improves employee retention. It helps organizations adapt an individualized workforce method that resonates with their cultures and keeps top talents on board for a decade or more.
Key Metrics to Track While Implementing Workforce Analytics
Workforce analytics offers many possibilities. But not all organizations reap the benefits of talent analytics right away. Yes, the implementation is challenging. Knowing what metrics to track during the process can minimize the trouble and ensure business success.
Retention Rate Per Manager
A 2019 LinkedIn report has confirmed that a well-managed team experiences higher employee retention.
When implementing workforce analytics software, it is crucial to track employee retention rates for regional heads, team leaders, individual managers, or business unit levels to measure if employees feel valued.
The majority of organizations are undergoing digital transformation. Also, they provide their team full access to data dashboards, automate business operations, and integrate new productivity apps into transactions. But the job does not stop there. It is excellent to monitor employee performance, enabling you to make smarter decisions.
Understanding Predictive, Prescriptive, and Diagnostic Analytics
Workforce analytics comes in different types. But the most common categories are predictive, prescriptive, and diagnostic analytics.
Predictive analytics is most likely to take place in the future, and it requires historical data. Then, organizations feed the information into a machine learning model with an emphasis on patterns and trends in the workforce.
Prescriptive analytics gets the most out of predictive data. It suggests several courses of action to address problems the future could bring.
On the other hand, diagnostic analytics takes descriptive data to the next level and offers a more thorough workforce analysis for various queries. Commonly called root cause analysis, diagnostic analytics uses data recovery, drill through, drill down, data mining, and other processes.
Microsoft Power BI as Workforce Analytics Tool
Who would have thought that the workforce analytics market would grow as it is today? No one has expected it. But workforce analytics make the impossible possible, and there are various choices to try.
Moreover, Microsoft Power BI remains the top workforce analytics tool despite the growing number of competitors.
As a leading cloud-based analysis service, Microsoft Power BI provides real-time data. It brings all of this information together from a wide range of sources to view your assets with a click of a mouse.
Before, it was difficult to establish an analytical environment for sharing advanced reporting and monitoring data. But Microsoft Power BI makes it effortless.
Tracking HR Key Performance Indicators in Power BI
It really takes a few months or even years to adjust in a organization that newly implements workforce analytics.
Once workforce analytics is implemented, it is time to track whether it is successful or not. While there are factors that run in your mind, measure new hire retention, recruitment, average retirement age, and training efficiency.
Does your employee retention improve? Does your HR handle recruitment according to industry best practices? Do new or existing employees acquire the skills in training and other professional development?
If yes, the time, efforts, and commitment you put into implementing workforce analytics are all worth it. If things do not take place as planned, do not lose hope. You can turn your dream business operation into a reality.
Tracking Workforce Productivity and Trends in Power BI
There are many factors that either affect or increase employee productivity. These include the working environment, employee engagement, career advancement, training, and technology.
But how to determine if your team is productive every day? It is tricky. But with workforce analytics like Power BI, tracking productivity will not be a brainer. It will hone your human resources, find ways to empower your team, boost the organization’s efficiency, and make colleagues happier than ever.
Low employee retention? High recruitment costs? Low-quality results? Whatever your case may be, workforce analytics like Power BI is a long-term investment you should not miss.
So, do not be left behind. Automate your recruitment, retention, and employee management with Power BI today.