Workforce Intelligence Improves your Bottom-Line

Workforce Intelligence Improves your Bottom-Line

Workforce analytics can be a powerful tool that allows your organization to better achieve its mission.  Imagine the possibilities if you were able to recognize the highest performers and reduce their turnover rate.  What if these performers were easily recognized during the application process and you knew their exact lifetime value?  Not only recognizing, retaining, and valuating these performers, but what if you could also keenly anticipate external factors and assess the human capital needed to meet customer demand.  These are all outcome-based improvements when you embrace workforce intelligence.  Become a pioneer in your organization that makes smarter HR decisions and improves your bottom-line.

There are many business solutions to help manage and evaluate your organization’s operations, but HR is often overlooked when it comes to these key metrics.  This prevents the HR team from being critical decision makers that make smarter decisions from predictive analytics.  HR continues to be evidence-based and often makes decisions based off of historical data.  These types of organizations can be improved when workforce intelligence tools are implemented:

Workforce Analytics

  • Proactively manage your employees utilizing forecasted revenue from internal and external reports

Recruiting Management

  • Identify top talent and predict their success in various roles

Internal Development

  • Begin developing and engaging the best performers in your organization and prepare them for leadership roles

Retention Risk

  • Accurately predict turnover and attrition rates to better anticipate your workforce needs

Workforce Decisions

  • Track and monitor employee transitions to ensure compliance and financial needs

Staff Safety

  • Adequate staffing levels will ensure the safety of your patients and staff

Employee Wellness

  • Recognizing and targeting employees who would benefit the most

When workforce intelligence is proactively managed it can reduce one of the most costly mistakes in organizations, staffing expenses.  When you have the proper data and the ability to analyze the workforce needs, the expenses can be reduced immensely.  A behavioral health organization with a workforce of over 500 FTE was able to reduce their staffing expenses by $250,000.  When top-level management becomes involved in HR decisions, it gives the entire executive team more visibility to areas that were traditionally handled from HR.  This visibility improves workforce planning and forecasting, reduces recruiting costs and cycles, and identifies the best talent.

Is your organization ready to embed workforce intelligence into its culture?  With any new initiative it takes energy and time to learn, but the bottom-line benefits will be easily seen when the process is followed through.

Written by MJ Craig