What Workforce Intelligence Can Tell You About Other Companies

by Revelio LabsApril 4, 2023

Workforce intelligence is a powerful tool that can provide valuable insights into other companies' operations. It allows you to evaluate their strengths and weaknesses and determine how they are likely to evolve. By analyzing workplace data, Revelio Labs can help businesses better understand their competitors and make more informed, strategic decisions.

Here are some of the key insights workplace intelligence can reveal about other companies:

Talent Acquisition and Retention

One of the most significant areas workforce intelligence can shed light on is talent acquisition and retention. By analyzing data on the skills and qualifications of employees at other companies, businesses can identify potential hiring opportunities or determine where they may need to improve their talent retention strategies.

You can reduce the time needed to find new talent by decreasing your company's turnover rate. The time and money saved by retention can then be used to educate staff members or enhance the onboarding process for new hires. By monitoring attrition, the program can also assist in improving retention.

When employees leave your business frequently, it may be a sign of poor training, a toxic workplace environment, or other issues. You can monitor the retention rate at your business and take appropriate action to raise it with the help of Revelio Labs reports.

Suppose a company's intelligence reveals that a competitor is losing employees with key technical skills. In that case, that business may capitalize on this by recruiting those skilled workers.

Imagine a company discovering a competitor's high retention rate for employees with highly valued skills. In that case, they may want to evaluate their retention strategies to identify areas for improvement. Understanding talent acquisition and retention data enables administrators to take action to support and encourage staff.

Compensation and Benefits

Work intelligence can also provide valuable insights into how other companies compensate and reward their employees. By analyzing data on salary levels, bonuses, and benefits packages, businesses can identify areas where they may need to catch up regarding compensation and take steps to address these gaps.

Suppose a business discovers that a competitor is offering significantly higher salaries for employees in similar roles. In that case, they may need to adjust their compensation packages to remain competitive.

A competitor could offer unique benefits, such as flexible work arrangements or generous retirement plans. In that case, a business may consider offering similar benefits to attract and retain top talent.

Organizational Structure and Job Roles

Another area where intelligence can provide valuable insights is the organizational structure and job roles. Businesses can better understand how those organizations are structured by analyzing data on responsibilities and reporting systems at other companies. This can inform your company where they may be more or less efficient than their own.

To assist you in locating the workers you need to recruit, Revelio Labs reports can compare the demographics of your workforce with those of other businesses. Instead of waiting a long time for the data, you can immediately decide what talent to hire and fill any gaps as required when you receive monthly reports.

Suppose a competitor's intelligence reveals that they have a particularly flat organizational structure with few layers of management. In that case, a business may want to streamline its hierarchy to improve efficiency.

Imagine a competitor has a more complex organizational structure. The company may want to evaluate its operations and consider simplifying its system to reduce costs and increase agility.

Skill Gaps and Training Opportunities

Workforce intelligence can also provide insights into other companies' skill gaps and training opportunities. By analyzing data on the skills and certifications of employees at different organizations, businesses can identify areas where they may need to invest in training and development to remain competitive.

If a competitor has many employees with certifications in a specific area, a business may consider investing in training programs to help its employees attain similar certifications.

Suppose a competitor has an exceptionally high turnover rate for employees with specific skills. A business may want to focus on retaining those employees by providing additional training and development opportunities.

Market Trends and Opportunities

Workforce intelligence can provide insights into broader market trends and opportunities. By analyzing data on job postings and hiring trends across industries and geographies, businesses can identify emerging trends and opportunities that they may want to capitalize on. Making better business decisions and plans can be aided by more profound knowledge of your market and its current trends. Investors can use this knowledge to spot new opportunities.

Workforce intelligence could reveal a high demand for employees with specific skills in a particular geographic region. A business may consider expanding its operations to that region or investing in training programs to help its employees attain those skills. You may find reports indicating a high demand for employees with certain skills in a particular industry. Your business may want to consider pivoting and switching its focus to a different area.

Use Revelio Labs Workforce Intelligence To Improve Your Hiring Process

At Revelio Labs, we offer advanced tools for businesses to gain insights into their workforce and competitors. Our platform provides detailed information on employees, job roles, skills, and more. Our goal is to help companies to make data-driven decisions. We also offer custom consulting services for businesses looking to gain a deeper understanding of their workforce and how to optimize their operations.

We help businesses achieve tremendous success by leveraging the power of data and workforce intelligence. Request a demo today to learn more about Revelio Labs and our weekly workforce intelligence reports.