Introduction to Workforce Analytics
Workforce analytics is the practice of tracking, measuring and analyzing business performance to make more informed decisions and improve financial outcomes. Access to accurate workforce analytics empowers managers, HR and the executive team. By transforming data into information, workforce analytics help inform corporate strategy, allowing the organization to adapt and respond to change.
Samples of commonly used workforce analytics:
- Simple and advanced headcount calculations such as counts of permanent employees, vacancies and contractors that illustrate workforce dynamics and centers of responsibility.
- Spans and levels metrics such as counts, totals, averages, minimums and maximums help structure the organization efficiently.
- Budget metrics such as salary roll-ups, average salaries, highly compensated employee indicators allow for general workforce reporting and planning.
- Ethnicity and gender measurements including counts, totals and averages facilitating diversity management, compliance and regulatory issues.
- Performance analysis helps measure employee 'performance and potential' ratings and enable comparison to averages.
- Hierarchical analytics such as salary rollups (costs per department) or comparisons of span of control (number of employees reporting to a supervisor) are critical to identifying cost drivers.
The combination of accurate data, best practice metrics and analytics facilitates in-depth analysis and ensures informed workforce decisions. Org charting software facilitates the process of calculating employee metrics and building a stronger, more organized workforce.
Today, having a balanced workforce is more important than ever. With increasing number of lawsuits related to unequal compensation or hiring practices based on gender or related issues, employers must be able to generate a valid and up-to-date employee census. This can be difficult and time consuming; having an org chart generates accuracy and efficiency.
Using organizational charting software, companies can quickly generate workforce analytics reports that illustrate employee information such as
- Gender Ratio
- Ethnic Diversity Ratio
- Age Ratio
- Job Type Census
- Employee Benefit Participation
Having accurate employee data and workforce analytics can save HR or others who use the org chart valuable time, offering easy access to raw data. View important data such as the average age or number of accountants in the UK office, within minutes.