Insight: 4 Ways To Start Getting Better Workforce Analytics
In today’s tech-driven world, it’s easy for businesses to generate vast amounts of data about their contingent workforce. This presents organisations with the opportunity to understand the inner workings of their contingent workforce like never before. But true value will only be realised if they can transform raw data into actionable insights.
This is often easier said than done. The critical challenge that most companies face is that workforce data is collected from multiple sources, and managed across several systems and platforms, often by different teams. Aligning and integrating these infrastructures in a way which gives hiring managers a singular view of the workforce is a daunting task. Not only does it involve integrating the transactional information that’s generated within an organisation – including transactional measures (such as time-to-fill, cost-per-hire or total requisitions), and internal forces (like tenure, location, diversity, educational background, work background, pay and benefits). But it’s also important to consider and integrate important external market dynamics which give greater context to the internal data – such as regulations, talent availability and the wider geopolitical environment.
In order to generate sophisticated workforce analytics which facilitate truly meaningful contingent workforce decision making, organisations need to isolate the relevant information and integrate it into a system that allows for total workforce data. This requires substantial investment, in terms of both financial and human resources. And, even with this investment, it can be difficult to know where to start.
The journey to better workforce analytics is an ever-evolving beast, but there are four areas that organisations should consider first, in order to generate more meaningful insights from their contingent workforce data:
1. Review and Standardise Definitions and Data
Often, companies collect and manage their data based on in-house definitions and methodologies. Whilst this does allow them to assess their own progress over time, it doesn’t take into account shifts in the wider competitive environment. It’s important to standardise data in line with industry standards, so you can make more meaningful ‘apples to apples’ comparisons.
2. Widen the Perspective
Instead of looking at discrete datasets in isolation, more meaningful insights can be gleaned when rates are compared against benchmark data. By widening the perspective in this way, hiring managers can start to understand what is causing a particular trend or variation. This will unlock new opportunities and the potential for more targeted improvements to the workforce strategy.
3. Focus on What Matters
While Hiring Managers have vast amounts of data at their fingertips, the fundamental aspects of contingent workforce decision making haven’t changed. It’s important that organisations must filter out the noise and focus on actionable data that will drive decision making and have a tangible impact on the business. It’s about a shift from looking at what is ‘good to know’ to what do I ‘need to know’.
4. Secure Buy-In
It’s often the case that discreet functions of a business will strongly advocate changing how contingent workforce analytics are measured. However, it’s important that there is engagement across all business functions, as well as the support of leadership to drive adoption. Socialising the benefits and potential impact that meaningful workforce insights can have on the wider organisation will help to secure the right levels of support.
According to research from Deloitte, 77% of executives say workforce analytics is a key priority for their business. However, only 32% say they are prepared to implement change, and just 29% say they are doing it well. While many companies recognise the importance of more sophisticated analytics, it’s clear that they may lack confidence when it comes to implementation.
TAPFIN, ManpowerGroup Solutions’ Managed Service Provider, can help. Harnessing our deep industry expertise and market leading IntelliReach platform, we help organisations gain more control over their contingent workforce. With over 240 industry-leading clients in our global portfolio, we’re proud to have developed a reputation for excellence in contingent workforce optimisation and management. That’s why the Staffing Industry Analysts named us the #1 global supplier of Vendor-Neutral and Hybrid MSP solutions.