Workforce Analytics on the Rise

By SiliconIndia | Monday, January 23, 2012

Bangalore: The increase in the human resources and workforce analytics continues to be at the top of mind for all business leaders. The need for effective analyzes and plans for future workforce is a critical skill for every company. These tools provides an excellent platform for HR professionals to acquire the necessary skills to achieve success in various fields like workforce charting, workforce/skills optimization, succession planning and other aspects of talent management. These tools have to be more strategic due to the global economy in the companies where the workforce analytics is still in the early stages.
According to a recent study conducted by Harris Interactive on behalf of Human Resource Services found that workforce analytics will be used to a greater degree to assist with workforce performance and to support strategic workforce planning. Further study reveals that among the 'more advanced analytics' companies, or 15% of the 224 HR chiefs, CEOs and other CXOs who were surveyed, 88% report that they use a database or other means to track the planned retirement of executive leaders and others in mission-critical roles to ensure a succession plan is in place versus 43% of other companies. Well according to the 68% of advanced analytics companies suggested that they're developing creative programs to meet the needs of different generations within their respective workforces versus 31% of other respondents.

Companies now a day depends heavily on workforce analytics which helps the HR mangers who are the decision makers to identify and anticipate the skill in a better way. It also makes the HR to understand current needs of their workforce. These analytics makes the decision makers realize that the people are their most important assets and they should back with the best available tools to manage those assets most effectively.