Human Resources and Human Capital Management have changed radically. Leveraging this change has become imperative. And in this, the role of workforce analytics is of immense importance. An organization’s most strategic asset i.e. the people are in nature complicated – they are often taken for granted, determined yet are adaptable, flexible. As Neil J Solomon, VP & GM - Asia-Pacific at Kronos said, “you can’t live with them and can’t live without them – a compliance risk.” In the People Matters-Kronos Roundtable which took place in March, Kronos deliberated on increasing employee engagement through workforce analytics.
With increasing level of mobility, organizations need to come to converge in matters of new technology. Because of this mobility, workforce has changed; an organization is now not restricted to just one place. It has branches all over the world, and because of this, there has been an influx of different workforce. Millennials have become part of our work culture and there is a huge difference in the way they view work. The bridging of gap between the people who run the show now and the ones who are joining (read: Millennials) is vital. “Because in the next 10 years, these Millennials are going to be in the leadership positions,” said Solomon. With this new generation, it is hard to keep pace with attrition since changing jobs is very rampant and very fast. With fast paced changes, it is also imperative that employees remain engaged in the work and the organization, since attrition rates of different industries are also increasing.
Using engagement tools with analytics, it can assist organizations in finding where to spend more money and where saving is necessary. “Since engaged employees lead better lives and better companies”, analytics is slowly entering the field of HR, specially in identifying talent and leadership. However, according to Kronos, only 6% HR departments believe that they are excellent in analytics and about 60% feel they are poor and are lagging behind in using analytics in HR.
Sumeet Doshi, Business Manager – Enterprise and Channel Sales at Kronos said the problem is, all organizations are now inundated with huge amount of data. And that’s one reason why HR and organizations don’t know how and where to start. But this Big Data is a powerful tool which can give incredible insights and competitive advantage. “The only simple solution to this is start with the problem and start working backwards. Forget about the unstructured data and start with the one where you have structured data,” said Doshi.
With data, you can deliver your products with specific customer needs, you can identifying the problems with data as well.
Workforce is an expense – it’s also an asset which is a flexible resource which gives you the competitive edge. Workforce analytics will help in simplifying, streamline the standards, centralise, match labour to volume and help in deploying resources, react to changing conditions, measure and improve productivity, remove or change things that hinder your people from accomplishing their mission.