Evolution of Workforce Analytics: Transformative Workforce Technology

The job market has undergone a profound transformation with the pandemic bringing about a shift in work environments that has challenged the traditional way of working forever. It is important to understand the impact sociographic change has on the workforce, how current workforce trends are discovered and the actionable steps needed to fulfill the wants and needs of employees. This in turn has forced workforce practitioners to readdress their understanding of the labor market.

Changes have emerged including new job roles, shifting skill demands and the increasing prevalence of remote work. Workforce analytics distill big data into HR decision-making for smarter, faster, and more efficient recommendations.

Workforce data like location, compensation, ethnicity and gender are key, but when they are combined with tangible insights that encompass elements like supply and demand, historic trends and future predictions they become truly transformative.

Horsefly Analytics delivers precisely to this need. Our platform empowers organizations to navigate the complexities of the modern job market with unparalleled precision. By integrating extensive data sources and providing deep, actionable insights, we help HR teams anticipate trends, identify skill gaps, and make informed decisions that align with both current and future business objectives.

• Staying ahead of the competition by more easily finding the best talent.

• Adapting to the ever-changing environments required in today's dynamic workplace.

• Lowering attrition rates while also mapping out new ways to develop your workforce to the next level.

The discipline has been around for decades but the scope has developed tremendously due to technological developments and rising awareness of the value of data-driven decision-making. In short, technology enabled this emergence of insight allowing businesses to redefine the skills required and enable a new process, be it for the acquisition of talent or the broader growth needs of the business or even determining office locations.

Historically, this process required several teams and a lot of time. However modern analytics technology has simplified an employer’s ability to create and use meaningful data. Despite this only 7% of companies consider themselves advanced in this area but the adoption of data analytics is growing fast as businesses realize the transformation they can bring.

With the growth of the technology sector, the competitive environment for those with the right skills has become overwhelming. Horsefly analytics allows businesses to discover talent that exists outside of the immediately recognized talent pool, digging deeper to identify individuals with comparable skill sets to fill that shortage.

The innovative nature of labor data means solutions to new problems can be embraced. The tech sector was one of the early adopters investing deeply into workforce analytics, bringing a mindset of data first, 'test and learn' ideologies.

Workforce analytics play brilliantly into the dynamic of assessing current outcomes, providing insights to improve and upscale. Poor productivity costs American companies as much as $550 billion every year!

With that in mind, it’s hardly surprising that the majority of businesses are continually looking for ways to get the most out of their workforce.

Workforce analytics allows us to track and analyze performance and offer insights that provide:

• Upskilling: Professional development opportunities

• Transformation: Improving departmental and overall company performance

• Innovation: Identifying trends that drive new strategies

• Identification: Recognizing problems and maximizing performance opportunities

  
  

Attrition is a major thorn in the side of businesses – when you find the best people, you need to keep them. Workforce analytics can provide us insights. A well-known software company found that analyzing workforce data highlighted that longer commute times significantly contributed to employee attrition.

They implemented flexible work-from-home options, which reduced employee turnover significantly. The data tells us just how significant the hybrid work model matters.

Get in touch with us and start your journey to supercharge your talent acquisition and performance strategy.

Sources: Gartner, Horsefly Analytics, Deloitte, McKinsey Company, Kimonix.