Reduce the time you spend on administrative tasks with built-in workflows for hires, terminations, promotions, transfers, and more.
Automate your activities for applicant tracking and screening. Stay on top of where candidates are in the selection process, and have easy access to onboarding data when a candidate becomes an employee.
Wow your senior management with insightful workforce data analysis. Deliver real-time access to data via configurable reports, dashboards, and mobile tools.
Say goodbye to separate tracking systems for benefits administration, performance management, and training. Keep employee data up to date and consistent across all the areas of HR.
Workforce analytics software captures employee data at every point in the employee lifecycle journey. It is a powerful tool that helps HR and business leaders identify trends and patterns in recruiting, onboarding, benefits, training, payroll, and more. With the insights you obtain from workforce analytics software, you can more effectively manage your workforce and make decisions that drive employee engagement and performance.
In human resource management (HRM), workforce analysis is the process of capturing data and drawing insights that measure your progress against core HR metrics, including time to hire, engagement levels, payroll expense, and more. With the ability to track these metrics over time, you can better understand your workforce and design activities that address possible areas of concern.
The benefits of workforce analytics reach across the many different areas of talent management. For example, analytics about your workforce can help you identify the impact of training investments on employee skill levels. It can also measure your overtime expenses so you can see the impact of new hires on overtime levels. As your workforce evolves, analytics can help you understand how HR activities impact employee performance, productivity, engagement, and more.
Workforce analytics provides the opportunity for improved decision-making about your workforce. With reporting that covers the employee experience throughout the employee lifecycle, workforce analytics allows you to measure the impact of HR activities over time. Whether you are a large company or a smaller business, workforce analytics gives you access to digestible data and reporting that helps you identify the processes that are working and those that need improvement.
Although workforce analytics and people analytics are used interchangeably, they are not always the same. Both can offer insights that improve the effectiveness of your talent management capabilities, but there are some subtle differences between the two. People analytics often describes the data and reporting covering employee attitudes and behaviors, such as preferences for remote work or work-life balance. Workforce analytics is all-encompassing, covering facts about employees, their work, and the impact of HR activities on the workforce. For practical purposes, however, many organizations are referring to the same thing when using the terms people analytics and workforce analytics.
The cost of workforce analytics tools depends on several factors, including the complexity of your organization, your desired areas of focus, and the software providers you select. To get started, it's a good idea to look for an integrated solution that covers multiple areas of talent management, rather than having disparate tools for managing payroll, benefits, hiring, and so on. By investing in too many analytics tools, you can quickly overwhelm HR and employees and end up with unsynced reporting. It may also be far less costly to invest in one integrated tool rather than several disconnected systems.