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What Are the Trends in Workforce Analytics in 2023?
Companies can only survive with data or analytics. Big data is the new driver in the business era. Hence, it has become critical for all businesses as well as all the departments in businesses to use data to predict the future, understand the past, and then take corrective actions that will be the most beneficial to the companies.
Human Resources Analytics, Workforce Analytics, and People Analytics are similar terms with new additions to their scope of work.
In this article, we will be diving deep into the trends in workforce analytics in 2023 and how businesses can equip themselves for the same.
Trends in Workforce Analytics in 2023
Usage of Real-Time Data Instead of One-Time Data
Companies are in the habit of providing their employees with feedback only once or twice a year. Now this system of measuring performance metrics seems redundant and obsolete in today’s competitive environment.
Employees want to understand what went wrong and how they can improve it in real time; this will also enhance the company’s performance. Hence, companies today are using real-time data to provide feedback, criticism, and rewards.
Focus should be on Workforce Analytics Instead of People Analytics
Now the focus has shifted from people analytics to workforce analytics because AI and Chatbots are entering the workforce. Robot well-being and robot productivity are two terms that can be added to the HR dictionary. Companies are not only responsible for the actions and reactions of the organization's people but also for the Artificial intelligence and Chatbots employed by the company to serve its customers and make the business process easier.
Employees nowadays are in no mood to accept what has been given to them. They ask questions like what kind of data is being collected, how is this data used in their performance evaluation, what algorithms will do the performance evaluation, and others. When employees have this knowledge they feel that the performance measurement system is fair and transparent. With this companies face the issues of the General Data Protection Regulation (GDPR) because of the rising concern of data and its usage.
Focus on Productivity
Companies should no longer solve the problem of workload by hiring new employees and instead, focus on employee productivity. In recent times, a lot of focus has been put on this aspect. Companies with the help of workforce analytics understand the top characteristics of the top performers in every field or team and then use this to hire better.
Additionally, regular surveys with the help of workforce analytics will help the employees in keeping a check on the organization’s performance and what is lacking for a better working environment.
Time to Answer Questions Like "What Is In It For Me"
We see that the focus is getting shifted. Organizations can no longer just focus on the productivity of employees, the gain for the organization, or the organization’s performance, employees today are asking questions like - what is in it for me? What monetary or non-monetary rewards and recognition will I gain if I stretch myself?
Companies need to be more employee-centric and answering such questions is a starting point for the employees.
Focus Should Shift from Individual to Teams to Network
The new era demands companies to start focusing on the team effort or the functional effort instead of the individual effort. Companies have to understand that individual excellence cannot run an organization but team effort indeed can. Metrics should be developed and implemented to gauge the team and network efforts of the companies.
Cracks in the Top-Down Approach
Employees do not prefer being told what to do every time and how to do it. They want autonomy and power in their hands regarding their matters of affairs. Employees are tired of waiting for the human resource and the management to deliver everything, they want connections to be built, and with workforce analytics and more agile and flat structures companies can avail this many surveys can be consulted by the employees to learn the mood of the organization and the team members.
Ignoring the Learning Curve
Companies have to understand that workforce analytics can weave magic in a few days. There is a step by the step process which organizations have to follow to use workforce analytics in an optimal manner.
Companies have to start by noting down what is happening, understanding the reason why it is happening, setting benchmarks, using scorecards, take surveys, etc. They will be able to correlate different parameters for the various number collected through workforce analytics, understand the causation of each analytics and lastly predict what is going to happen in the future and how that can be handled. Ignoring the learning curve of workforce analytics is detrimental to the company’s work.
Give us Back Our Time
Workforce analytics without standard processes and systems eats a lot of time for the professionals, managers, and employees of the organization. In general, it was noticed that around 10 hours are consumed in doing the performance measurement process of an individual, and with technology and systems workforce analytics can be done with ease. The remaining time can be used by the employees of the company in bringing back or in attracting more clients.
Do Not Set Unrealistic Expectations
Humans are complicated beings and it is difficult to predict human behavior even with the huge data that the company has. Companies should have simpler and more realistic expectations so that they can improve and enjoy the benefits of workforce analytics.
Workforce analytics helps the company in retaining top talent, hire good resources, understand the level of employee engagement, determine the employee experience, analyze the workforce needs, predict the work accident, link HR actions to business success, and also create an environment in which employees can prosper, develop themselves, and grow. Happy employees are the most productive employees and with workforce analytics companies can finally achieve it.
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