When you are trying to improve the workforce quality of your company, you are going to have to run some analytics. The best way to understand how your employees are performing, how their productivity and engagement are, and how loyal they are to the company is through workforce analytics.
Using this workforce analytics, companies are growing their revenue every year. You just have to understand the analytics better and implement the solutions correctly.
How Workforce Analytics Can Benefit A Company
Research and analysis on literally anything can help find out the issues and come up with solutions. The same goes for the workforce of a company.
When you analyze the employee performances and examine all the matrices of workforce analytics, you will see how your company is actually performing and how well it could potentially perform had you gotten rid of all the prevalent issues.
Different Matrices Of This Analytics
There are actually many different matrices to workforce analytics. However, there are 5 main ones that play the biggest role in the overall performance of a company. If you examine these 5 matrices, you can overcome quite a large number of issues with your workforce.
The below metrics can give you a far better understanding of what is going on and what needs to be done.
Time For Hiring
This is basically the time taken between a candidate’s application for a position and them joining the workplace as that designation. You can get a better understanding of the recruitment efficiency of your company.
Cost Per Recruitment
Each recruitment costs quite a lot of money. The higher the amount, the lesser the company’s efficiency in this case.
A lot of times, many employees will leave within the first year of their joining. While this is normal if the rate is low, however, if the numbers seem a bit high, that is the indicator of a bad workplace environment or a poor recruitment job.
Revenue Per Employee
The revenue generated by each employee is crucial to understand how well the company works. If this amount is high, it shows the company is efficient and has high productivity.
Rate Of Engagement
Another indicator of productivity is a high engagement rate. And as you can guess, the higher the rate of engagement, the higher the level of productivity.
How You Can Learn More And Implement It
If all this sounds cool, and you want to learn more elaborately about how to implement these analytics into your own company, we have the perfect solution for you. Here at PAFOW, we have the most integrated learning platform called Learning Labs where we have experts conducting courses on HR and workforce analytics.
With tons of examples and case studies to learn from, you can expect a learning experience of a lifetime! When you sign up for Learning Labs, you become a part of our ever-growing community of curious business-minded learners. So visit our site and sign up today!