Workforce intelligence software is helping to shape the way businesses manage their hiring, turnover, and workforce needs. Combining analytic algorithms with global databases of employment information, workforce intelligence allows employers to respond quickly to obstacles and opportunities in their industries. This flexibility may represent a new edge in workforce management that few will want to miss out on.
Part of the utility of workforce intelligence is that it does a lot of analysis in the background. This allows you to devote more attention to the growth of your business, without being distracted by irrelevant data. While you may not need specifics, understanding how workforce intelligence software works can help you get more out of it.
The algorithms that guide workforce analytics are similar to muscles in the body. They are flexible and powerful but rely on solid bones for structure. In workforce intelligence, raw data is that solid structure, the bones to which the algorithms anchor. The more data available to work with, the stronger the structure can be. The insight the analysis provides can be more versatile, reflecting more possible outcomes.
Useful data for workforce intelligence covers a broad spectrum of categories, allowing it to address an equal variety of issues. Workforce intelligence databases on employees include demographic information, educational backgrounds, employment histories, and skill listings. Other databases collect information on employers, like positions being hired for and when, compensation ranges, and customer and employee feedback. There are also databases collecting government information. This can range from local, state, and national employment rates to census and immigration data.
Though many business owners would be glad to have data to help interpret workforce needs, raw data can be challenging to analyze. The sheer volume of information mentioned above would be too much for most HR departments to break down. The challenge would be compounded by having different types of data gathered from different sources.
One of the functions of workforce intelligence is to parse the gathered information into a more digestible format. Filter data down to the specifics your business needs. Details from different sources can be collected in a single place, and different measuring standards can be normalized. This way your business can focus more on using the data than sorting and interpreting it.
With a healthy base of data, it is a simple matter for your workforce intelligence software to identify issues. You can interpret this data to make sure that the most productive parts of your workforce are focused on the areas that need the most productivity. Having issues highlighted that you may not have been aware of may help facilitate a direct response, which helps your business run smoothly. The day-to-day use of workforce intelligence can help HR departments stay on top of key responsibilities. Here are a few of the needs your business may face:
If there are times, particularly around holidays, when workforce hours are spread thin, analytics can help spot potential holes and who would be available to fill them. If people are overscheduled, causing more hours than there is work, workforce intelligence can point it out.
With the right data, workforce analytics can help determine what skills are over or underrepresented in your business. This can help guide your hiring or training process, so the skills your business needs are reflected in your workforce.
Between scheduling and experience information, well-informed analytics can give you an idea of how well-supported your projects are. You can compare project priority with available experience to see how to assemble more effective teams.
There are many sources for employees and customers to turn to for providing feedback on goods or services. Some of these may be obscure, and others may have poor reputations. Workforce intelligence can collect feedback from reliable sources, which allows businesses to make quick improvements.
The combination of datasets used by workforce intelligence can help predict and prepare for market changes. This information can give you insight into when to hire, or freeze hiring. It can help to determine what kinds of experience or potential to look for in recruits. Predictions can also indicate if demand for your product or service is growing or declining. With predictive analytics, you can make informed decisions about whether to emphasize marketing, hiring, or product development.
A business can gain benefits from workforce intelligence without knowing the complexities of how it works. Understanding a little bit about what it does in the background can enhance those benefits by allowing you to apply your own business sense to the results and predictions provided. Intelligence software like what we provide at Revelio Labscan pair with your own acumen to help your business grow in new ways and gain a workforce edge in your industry. Contact us to learn more or to demo our tech for yourself.