Workforce Analytics – What is its need for companies
Workforce Analytics in simple terms can be defined as an advanced set of software and methodology tools that measures, characterizes, and organizes sophisticated employee data and these tools helps in understanding the employee performance in a logical way. Human resource leaders are using workforce analytics under various forms such as predictive and prescriptive analytics.
Workforce analytics is helping Human Resource leaders in determining the capabilities of the people or employees such as which tasks best suits them, how to ensure they remain satisfied with or in their roles. A growing number of organizations especially in the event management industry or sector are using workforce analytics to examine and act upon data about their people in the workplace.
For any organization, including the event industry, human capital is the most important asset and as such building an in-depth understanding of the employees/workforce is quite crucial for businesses in giving them a competitive advantage. Through workforce analytics, companies can get a comprehensive view of their employees designed to interpret historical trends and in creating predictive models that lead to insights and better decisions in the future.
Workforce analytics in Event Industry – Its Relevancy in today’s HR environment
Every single line of business in the event industry has employees working in it and needs to think about how to use predictive analytics tools and advancements in optimizing the selection and output of their workforce. The early adopters of workforce analytics include Fortune 500 companies such as Cargill, GAP Inc, Johnson Controls, IBM, and SAS etc.
Today with the workforce analytics tools, becoming more sophisticated are capable of accommodating more business assumptions, more variables, and can deliver deep and broader insights to support talent and HR decisions in the event industry. By using the workforce analytics tools – the event industry is capable of evaluating the talent pipeline for the key roles that it has identified in the recruitment of an ideal workforce.
For the event industry the benefits of workforce analytics approach include-
- Facilitates the company to model, stimulate, report, compare and leverage the most important metrics of Human Resources.
- It helps processes for addressing the gaps in labor and skills
- Derives metrics for benchmark interpretation and trends
- It helps in identifying and addressing the loopholes in the firm’s talent mix and the solution for better business results.
The labor cost includes money an event company pays to its employees for their intellectual contributions and use of physical force in operating activities on temporary or on a full time basis and these expenses are integral to the concerned organization’s cost of services.
The labor cost analytics as a tool helps the industry in figuring out how the event organization is making money through competent personnel to remain profitable through different tools that track employment data and the way supervisors are periodically evaluating their subordinate’s performance.
Majority of the workforce planners in the event industry are aware of the workforce metric methods and practices that are available and it is assumed that by 2023 a majority of workforce management applications (WFM) would be available on the cloud.
The modern work force management applications have features that can augment, transform and disrupt event management companies that operate with a large proportion of hourly paid employees with capabilities such as-
- Automation of manager experience
- Employee experience
- Flexible workforce
- Virtual Assistants
- New Platforms, such as cloud first platforms with the latest architecture and more robust frameworks for developing and managing APIs
Finally, a diagram herein below has depicted the future of workforce management trends as per Gartner Research (February – 2018.)
Image Source: https://datapronw.com/prepare-future-workforce-management-gartner-research-2-23-18
It can be concluded that new technology platforms and tools in work force analytics will evolve over time with cloud native, mobile native and real time data driven features that are capable of extending and integrating with other systems.