3 Ways People Analytics Software is Essential to the Future of Work
The future of work is based on data. Companies that make effective use of people analytics software to organize and interpret their data will get ahead of their competition.
We’ve seen work (and the world at large) change drastically in the past two years. COVID-19 has caused numerous shifts throughout each workplace and the hiring market. Not only will companies be differentiated by their response to the pandemic, but businesses will need to use these uncontrollable circumstances to prepare for the future of work.
That future is coming much faster now than we believed two years ago, and businesses had better be ready if they want to succeed.
To prepare for this future, companies need to have clean, clear, actionable data that gives them real insights into their employees and business practices. 92% of employees now want to work from home at least one day a week.
Do you have the systems in place to track productivity and performance effectively? Currently, up to 20% of staff turnover occurs within the first 45 days. Do your HR systems properly track voluntary and involuntary turnover rates so you can implement strategies to bring them down?
Suppose your HR Analytics isn’t in order. In that case, you can’t possibly prepare for the future of work that will see a massive emphasis on workplace planning, difficulties in employee retention and talent acquisition, and a focus on onboarding and increasing employee skills.
Workplace Planning Will Always Be Important
Unforeseen change breeds a lot of emotions, but one of the clearest is regret. Many businesses are looking back at their pre-COVID systems with the clear eyes of hindsight. What could they have done to prepare for a global pandemic? How could they have fortified businesses better?
One way to prepare for future circumstances is to invest more in workforce planning. To know where you’re going, you’ve got to see where you’ve been. Centralized, clear data will allow you to understand the way your business operates today and predict how it will operate tomorrow, in various scenarios.
With proper HR analytics, you can predict future attrition rates and forecast retention spikes. You can also assess and improve performance. As we all progress into the future of work and employees look for more flexibility and movement in their careers, you’ll need to plan around that movement and ensure that your internal operations continue trending towards productivity.
Employee Retention and Talent Acquisition Won’t Get Easier
Due to COVID-19, we’ve seen most of the hiring process move online, and the future of work will see that trend continue. 70% of respondents to a LinkedIn survey said that a hiring process that combines virtual and in-person techniques will become increasingly standard.
The hybrid process saves time and resources while still allowing employers to introduce the in-person element whenever possible or necessary.
Accommodating this change in talent acquisition will require companies and recruiters to expand their skill sets and introduce more flexibility into their processes. They’ll need HR analytics to catalog the efficiency of their hiring process.
How long is your time to hire? Are you receiving feedback on your candidate experience? Are your sourcing and hiring processes optimized?
Furthermore, amid the Great Resignation, your business may be fighting the talent battle on two fronts. Not only do you need to hire well, but you need to retain your best employees amidst a wave of career changes. You accurately assess employee performance, identify your top performers, and do what it takes to keep them satisfied with optimized HR analytics.
Onboarding & Training Need to be Efficient
If you need HR Analytics to plan for the future of work, retain your best employees, and acquire great talent, you need to have your onboarding and training programs in order.
Going forward, job seekers and prospective employees will be looking for training and continuing development opportunities as a differentiator for employers. 66% of business leaders agree that strategic education programs attract new talent.
These programs are essential to ensuring your business’ continued success by allowing your employees to continue their growth and optimizing your talent acquisition. You need good HR analytics to collect the data from these programs and feed them into your systems.
The same process goes for your onboarding. Without HR analytics, it’s challenging to analyze the holes in your current onboarding process and use that information to refine it going forward.
Every moment it takes your new employees to get up to speed is a moment where they are creating less value. Efficiency in your onboarding & training is a necessary investment in human capital, and it requires a proportionate investment in HR analytics.
Investment in HR Analytics Best Practices
HR Analytics is foundational to a thriving business today and will be even more so in the future. A robust HR analytics structure allows you to analyze your systems and operations, centralize the data, and make it easy to understand.
Collating your data sets and taking insights from them that influence your workforce planning, retention, acquisition, and onboarding will allow your organization to excel in a future of work that will emphasize flexibility and understanding human capital to compete in an increasingly tight talent market.
Proper investment in the data cornerstones of your business will allow you to fortify your company against the unforeseen circumstances that may arise going forward. If you correctly understand your employees, their performance, and their needs, you’ll be one step ahead in the future of work.
For more thought leadership on HR Analytics and how to invest in data insights for your business, visit PREDICTIVEHR.com where you can find best practices on HCM Consulting and predictive business analytics.
