With fluctuations in the global economy magnifying with time workforce analytics is the only light of hope that pioneers of the day see is a strategy that can catapult their success irrespective of the plight of the market. Any organization is best defined by its manpower, and this is apparent from the fact that at least around 50% of the capital of most organizations in The United States and Canada is spent on retaining employees.
A smart business strategy would optimize the workforce by expending minimum costs for maximum performance. This is especially important since the proportion of aged workforce in the US relative to younger employees has been increasing by leaps and bounds, with the number having reached 28 million.
With the retirement of old employees, an organization requires a fresh face to replace them. This cannot be achieved with an outdated approach. As for the new generation of employees, the hiring and retention programs need to be promising towards the aspects of career advancement. Effective use of the talent and intellect of both, the old and the new employees can be made through a fresh concept called workforce analytics.
With keen analysis, the organization can now do the following for the most efficient workforce analytics management:
- It can know when, how and in what area, the employees need reinforced training practices.
- It can recognize which plans of operation and management need alterations and updates with changing financial status and market trends.
- It can carry out selective categorization of skills that it especially needs to look for in freshly hired employees.
- It can find loopholes in the complex talent pools for deletion of the part of the workforce with extraneous skills that are not relevant to the organization’s success.
All of this is achieved through elaborate analysis of the performance of each employee, and examination of the extent to which they serve their objective in the company. With smart workforce analytics in the areas of talent and workforce, organizations are seen to achieve an increment in several positive statistics including:
- Net sales by 8%,
- Sales per employee by 58%, and
- Total operational income by 24%.
Workforce analytics is, therefore, the future of successful business, as it integrates the concepts of robustness in adversities, and optimum employment with International Recruitment.