The workforce analytics is a tough journey. Expectations of a faster turnaround in most cases don’t yield great outcomes.
We are experiencing rapid change and exponential knowledge growth in the hyper-connected and interdependent digital world. Digital workforce today is more informative, global, flexible, and hybrid. People are human assets and capital that need to be invested continually.
Talent analytics will bring business leaders, workforce management together across the organization to share their experience and insight wherever there is a gap in the business system, to build a culture of analytics, manage talent and business as a whole effectively and intelligently.
Leverage analytics to identify when, where and what type of professionals will be needed in the future: Businesses become over-complex these days, there’s talent, skill, capability gaps in bringing up innovative solutions and shaping the next generation of workforce. There’s a disconnect of short-term staff needs and long term talent perspectives. There is out-of-date talent recruiting and performance management practices and mechanisms. Organizations today need to discover and develop talent for tomorrow, rather than just hire for yesterday. It will be natural for the firm to invest in analytics so that it can do more inquiries to dig through talent at both strategic level and tactical level and manage people structurally.
Information-based workforce analytics is the scientific approach to see the big picture from a systematic view, addressing questions such as: What is data based talent strategy? Where does an organization have talent gaps, how might they change based on predicted changes in customer demand or geographic regions? What’re the alternative talent pipelines in the digital era? etc. The organization should have the maturity to leverage and optimize workforce planning analytics/insights to make critical decisions. Having the data isn’t worth anything if people are not conscious enough to provide the context and interpretations of the data. It is very critical for the individual as well as the firm to apply effective workforce analytics tools to understand people, optimize processes, maximize the growth of the employee at the same time improving the profitability of the firm.
Use workforce analytics to identify and develop talented professionals that will assimilate and perform well in the organization: People are still the most invaluable business capital that you need to keep investing. If you want to create a truly high-performance team, you have to understand your people at the deep level from mindset to attitude to behaviors, build the culture to encourage creativity, learning, align the employee’s professional goal with the strategic business goal of the company. Strong workforce analysis tool enables the management to understand the strength and weakness of people, how to put the right talent into the right position to solve problems, and align the right talent to achieve business goals in a structural way smoothly.
The first type of focus of workforce analysis is on the prediction of ‘fit for purpose,’ as in attracting the right type of candidates in recruitment by researching the type of professional traits needed to succeed in certain positions. How well does the individual continue to perform and grow in their current roles, how likely can they take on new challenges at work, rapidly learn and grow into next-level roles, or roles that are expanded and redefined as business changes. The other type of model is used for predicting the effect of an intervention. The goal is about discovering talent, developing a fitting mindset, confident attitude, changing the behavior of employees, increasing workforce engagement.
Applying talent and sentimental analytics to identify and grow future leaders: Developing leaders is a crucial investment, requiring time and energy, an effective analytics tool that helps to assess consistency, accountability, performance, etc, of the leadership team individually or collectively. The multifaceted people-centric analytics help people discover who they are, identify their human values and help to implement them by discovering their talent, developing their skills and differentiated professional competency via personalized training or interactive learning.
Organizations use social platforms, collaboration, sentimental analytics tools to communicate, learn, grow, engage diverse and intellect minds in brainstorming and co-solving problems, developing human capital in terms of capacity building and adapting to the dynamism of the turbulent socio-economic and political global environment. Doing social analysis helps to recognize thought leaders, change champions, innovators, global influencers that close leadership gaps, build strong teams, amplify collective potential, and produce great performance results.
To build a highly effective workforce, workforce planning and management have to become more analytical, dynamic, and systematic. The workforce analytics is a tough journey. Expectations of a faster turnaround in most cases don’t yield great outcomes. It takes practice, lessons learned, and process tuning. Most companies start getting significant payback after years’ effort put on data-based decision making, increasing visibility and improving transparency at all levels of the organization to run a real time intelligent, people-centric business.