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Workforce or Workplace Analytics — also known as people analytics — can help your staff by giving greater insight into what works and doesn’t. It may also assist in the discovery of solutions that employees require to succeed.
Is it required that employees report to the office for better Workplace Analytics?
To know the answer, let’s have a look at the exciting conversation between two employees of different organizations-
Employee A: I have been reporting to the office daily, but still, my manager pushes me to be more productive every day. He never seems to be satisfied with my performance.
Employee B: Do you take leaves frequently or long breaks while working?
Employee A: I hardly take any leaves or breaks during work. I never waste my time on social media or visiting any irrelevant websites while working.
Employee B: Why don’t you show your work analytics for a better picture of your productivity? Must you be keeping track of your productivity metrics?
Employee A: No, our company doesn’t have any means to monitor productivity metrics. Neither do I keep track of it.
Employee B: That’s quite shocking!! Because I have been working remotely for a reputed firm and my manager is satisfied with my work, he even guides me where I need to upskill myself to stay competitive in the market.
Employee B: Workplace Analytics is a reporting product that gives any organization a complete picture of their employees to help them interpret historical trends and build predictive models that lead to insights and improved decisions in the future.
Employee A: It sounds great. It is an ideal solution for both employees and the organization. I must recommend it to my manager and team. Thanks for such a fantastic idea.
Employee B: Welcome!! I hope your manager will be satisfied when we meet next time.
After going through this conversation, we believe that you don’t doubt whether the workplace is essential or Workplace Analytics.
But, we can smell what is cooking on your mind. You must be thinking-
How can Workplace Analytics accelerate business growth? Which tool can provide the best Workplace Analytics?
We have answers to all of your questions. Stay connected and read the following sections to know the answers.
Workplace Analytics- Market Insights
According to Information Services Group, almost 60% of businesses anticipate HR SaaS technology solutions to improve the employer user experience globally.
Source: Mordor Intelligence
Do you know why it is so? Because the future looks promising-
The Workforce Analytics market was worth $765.72 million in 2020 and is anticipated to reach $1831.13 billion by 2026, with a CAGR of 15.64% between 2021 and 2026.
Businesses require speed, flexibility, and creativity to distinguish themselves from their competition. It has focused on workforce strategy and the investment made in employees to help companies achieve their objectives.
It’s the right time to reassess your strategies and go for a suitable Workplace Analytics solution to stay ahead in the competition-
What key areas should Workplace Analytics track?
The managing director of Moody’s Analytics has correctly said that-
“Find that individual story. There’s such a richness of data, and the longer that we work with that data, the quicker we’ll discover that richness.”
So your work is to bring out that richness from every individual and put it in your business for unmatched growth.
But the question is how to bring out that richness? What key metrics do we consider while dealing with analytics?
1. Productivity Index
The modern-day mindset is all about working smarter, not harder. In a world where more and more people work from home or on their own time rather than 9-5 jobs at a traditional office space.
It makes sense that performance can no longer be measured by how much you show up for work each day but through what your employees have accomplished while working from anywhere.
Thus, the productivity index is an essential factor while working with analytics. However, this does provide some unique difficulties in defining precisely “productivity levels,” thus requiring careful consideration when setting goals.
2. Overtime expenses
Source: The Business Journals
People don’t mind putting in a few extra hours now and then. When overtime rises dramatically, however, you can expect absence rates to increase as well.
The excess over time, especially for long periods of time (e.g., accountancy company audit season), causes staff turnover.
Hiring additional personnel to reduce consistently high levels of overtime is one of the most technical ways to fix it.
3. Voluntary turnover rate
Not all turnover is harmful, and it’s not always a bad thing. Ideally, individuals who do not fit in with the company should leave.
This is excellent turnover, but when your essential talent departs, trouble looms. This is why you need to keep track of both your high potentials and your low potentials’ turnarounds.
An important cause of turnover regarding high-potential people is the absence of professional opportunities within the company.
Therefore, you must keep track of the turnover rate to retain your productive employees and allow them to grow within the organization.
4. Absence rate
Source: HR Technologist
The percent of unscheduled absences (Absence days per FTE) is a crucial HR measure to track. It records the proportion of employees who are absent during a given time period.
This statistic also allows you to compare data from month to month, but you want the rates to be low and constant over a long period.
A rising absence rate can indicate increased stress or unhealthy work culture. Hence, pay close attention to the absence rate of your employees.
How can Workplace Analytics contribute to the substantial growth of a business?
Source: Harvard Business School Online
Workplace Analytics can help in the substantial growth of your business through the following ways-
1. Enhance decision-making power
Workplace Analytics provides nothing less than the real results of what has been predicted or anticipated by you or your company’s plan.
Hence, it helps develop more accurate data required for the decision-making work sphere for limiting risks and saving money on wrong decisions.
2. Understand the needs and satisfaction level of your employees
A lot more than simply seeking for firing and hiring information, workforce and people analytics can assist a business to determine why its workers aren’t performing at their best and the variables that are affecting productivity.
This is aimed at sustaining the present staff instead of replacing it. The aim is to identify those areas that impact performance and engagement and overcome them by creating better conditions for the employees.
3. Find and automate the areas that need improvement
Workers may be a valuable asset to a business, yet their activities might reduce productivity or offer little profit.
Workforce analytics can show where human tasks may be outsourced to technology so that employees may focus their efforts on more meaningful and profitable endeavors.
4. Better hiring process
Finding new talent is always difficult, regardless of a business’s size or scope. Workforce analytics can highlight precisely what a department needs from a new hire based on previous candidates’ success and the organization’s requirements.
More significantly, they may interpret new applicants based on this historical data to see whether they would be a good fit or not.
For instance, a candidate who possesses similar traits to successful applicants in the past would be a good fit.
Why trust Workstatus for comprehensive Workplace Analytics?
The top reasons to trust Workstatus are the annual accuracy, reliability, and integrity. Robust reporting features include powerful analytics, so you have the data you need for planning both short-term processes and long-term strategies.
Workstatus is a leading provider of Workplace Analytics that helps companies manage workforce productivity while maximizing efficiency with an eye on cost savings.
It is trusted by hundreds of companies to provide comprehensive workforce analytics, including total time tracking, monitoring employee productivity, selfie verification of work hours, absence management support, payroll integration for accurate time reporting and billing.
Being the best workforce management system, Workstatus can optimize your payroll costs while maintaining compliance with government regulations minimizing the risk associated with pay errors or workplace accidents due to inaccurate records.
Focusing your data gathering on the inside may help you enhance your business’s performance. People analytics can increase productivity in a company by focusing on its employees and finding ways to empower them, resulting in happier and more productive coworkers.
Workplace Analytics can be used to understand better the needs and satisfaction level of your employees, which will, in turn, help you make more informed decisions about how to grow your business.
Workstatus is one such productivity management software that offers a comprehensive suite of workplace analytics tools for companies like yours. Being the best productivity tracking software, it offers reports on productivity measurement, voluntary turnover rate, overtime expenses, and absence rates.
Let us show you what we have to offer today by scheduling a demo with our team today.
That’s it for today!!
Thanks for reading