Workforce analytics is an advanced set of data analysis tools and metrics for comprehensive workforce performance measurement and improvement. While people analytics focuses on the personnel aspect, workforce analytics focuses on the workforce on a slightly larger scale. Workforce analytics can be measured in a number of ways – whether it be company specific measurements, measurements across an entire industry, an examination of a group of jobs, or something else, the data applied to analytics is dynamic. It analyzes recruitment, staffing, training and development, personnel, and compensation and benefits, as well as standard ratios that consist of time to fill, cost per hire, accession rate, retention rate, add rate, replacement rate, time to start and offer acceptance rate.
What Are The Benefits of Workforce Analytics?
Workforce analytics can be used to help refine and improve assessments that potential candidates for employment and current employees have to take. Organizations can benefit greatly by employing powerful analytics solutions backed by data science and machine learning for managing and fostering talent, helping them make more objective decisions while saving cost and time. Executives, business leaders and HR professionals require the tools to make data-based decisions on whom to hire, simulate headcount plans and get recommendations to address challenges.
Cornerstone workforce analytics offerings remove the barriers for organizations who want to answer important talent management questions but aren’t quite sure where to start. With the volume and variety of talent data growing exponentially, and the velocity at which this is happening, Cornerstone Insights and Cornerstone Planning can help organizations take the power of big data from insights to action.