What Workforce Insights are Gained via HR Analytics
Effective human resources management isn't a black box. Modern companies rely on impactful HR metrics to gauge overall performance and company direction as they tackle the problems of building productive, profitable workforces. Unfortunately, without the right tools HR data can be overwhelming and its insights are then lost.
Understanding the factors that drive a workforce to become more productive is a prerequisite to improved decision making. With such a huge task ahead of them, more firms are turning to predictive HR analytics software to gain deeper insights about their employees. Here's how these tools help companies master oversight in industries like:
Energy and Utilities
Mitigating Compliance Risks
Many modern industries are heavily regulated. For instance, retailers are bound by consumer protection and advertising laws, and medical device manufacturers must toe the line carefully when fabricating, marketing and selling their products. Failing to comply presents the possibility of potentially crippling:
Regulatory fines, loss of licensing or censuring,
Increased punitive actions or judgements in civil lawsuits that find a company liable or negligent based on their noncompliance, and
Continuing negative PR.
In fields like manufacturing, regulatory burdens such as those associated with labour have been shown to represent greater obstacles than they would for larger companies. Compliance management software that uses workforce analytics tools to establish the importance of training dramatically reduces the incidence of costly errors, and helps companies avoid regulatory fines.
Managing Skills Development Completion Factors
Risk management solutions aren't just for compliance oversight. HR analytics software can also be used to lower the risks that workforces will fall short of the skills needed to complete important undertakings.
Industries like Australia's manufacturing and retail sectors experience relatively higher turnover rates in specific job functions. One possible solution for this problem might be to employ HR metrics software to help hire the right people and strengthen employee competencies by facilitating career planning from the very beginning. By onboarding new hires and recruiting more effectively, companies in both industries can reduce the time it takes their new hires to become skilled workers and reduce turn over rates.
According to research done in Australia environmental factors and cost increases driven by heightened resource competition are likely to "add even more complexity to operations within the energy sector" in the coming decades. Predictive HR analytics software's ability to look ahead and determine potential training outcomes based on existing skills and enrollment could help companies gain surety about where they're investing their training dollars.
Retaining Top Talent and Facilitating Succession Planning
As the Australian population ages, industries like healthcare are certain to grow, but they will undoubtedly be burdened by increases in overhead costs and competition. Research reveals that the increasingly-aged population and the expansion of private coverage have "generated strong demand for health services" and "encouraged the use of non-essential health services.
In other words, Australian workforces are aging out through retirement and other pathways, and those who remain are increasingly aware they deserve improved benefits, such as health services and career mobility. This may pose problems in terms of talent retention and maximising workforce potential.
HR analytics tools come to the rescue yet again by spotting people with talent and creating more enticing career paths and benefits packages for them. Tools that both facilitate career planning and leverage predictive HR analysis to implement proven flight risk management solutions do more than make easier. They also make it more effective.
Whether your enterprise demands improved compliance management or simply seeks heightened employee engagement, HR analytics software grants you fact-based knowledge to effect a positive business decisions. Experience the difference that's redefining the way top Australian companies operate by trying Cornerstone Insights today.