If you are not too new to the HR industry, you must have heard of workforce analytics. It is the combination of methodology and software that uses statistical models to data that is worker-related.
When it comes to hiring new recruits, this analytics comes quite a bit in handy. Using such analytics can actually help determine whether taking any particular step would provide any ROI. If you are interested in knowing more about this analytics, we have the perfect solution for you.
Importance Of Workforce Analytics
Workforce analytics is a sub-category of HR analytics and people analytics. This form of analysis focuses mainly on issues related to workforce planning. Using the data of your employees you can analyze how they are doing and make changes based on those studies.
With the use of new software and technology, you can analyze the quality of your workforce and implement changes to further improve.
Benefits Of Workforce Analytics
There are several benefits of using workforce analytics. The most important one being the increase in productivity and efficiency. Using the new technology used for workforce analysis, you can totally take your HR game to a whole new level.
Workforce Analytics Metrics
Some common workforce analytics metrics are described below:
Time To Hire
This metric is used for the number of days taken between a candidate’s application for a job and them accepting said job. This helps give some recruiting efficiency insight.
Cost Per Hire
This shows how much it costs a company to hire a candidate. And it happens to also be an indicator of recruiting efficiency.
What this basically shows is the number of recruits leaving the company in the first year. You could say this is one of the most important metrics. The reason is that, if a lot of recruits leave within a year or even around one year’s time, it costs the company A LOT of money.
Revenue Per Employee
Another important metric is the revenue generated thanks to each employee, and it shows the efficiency of the entire organization. The more the RPE, the more it shows a company has a high-quality workforce.
One of the soft outcomes of HR is the engagement rating. The higher the engagement rate, the more productive a workforce is.
Where To Learn More About It?
We are sure you are curious by now, “where can I learn more about this analytics?” Don’t worry we won’t keep you waiting any longer. Here at PAFOW, we have a learning platform called Learning Labs where we have various courses on HR.
Our expert educators and instructors explain all concepts with examples in detail in those courses, so we assure you it would be totally worth it.
Sign Up For Learning Labs Today!
So, what are you waiting for? If you want to learn more about workforce analytics head over to our site and sign up for Learning Labs! Join our community of hundreds of like-minded people who want to improve the HR industry.