Tools to help benefit your talent management.
Find out which analytics tools can improve your talent management.
Believe it or not, your workforce is probably your company’s biggest expense. With salary, insurance, benefits, PTO, and hours put into hiring, training, and employee relations, it can make up a large amount of money. It makes sense, then, to invest in the correct management tools for an asset this important to your company and its bottom line.
How HR Workforce Analytics Tools Benefit Businesses
HR analytics tools help to provide data for companies to use, specifically in the areas of making decisions about HR strategy. Some areas that workforce analytics can help to support are:
Talent Acquisition: Workforce analytics tools help HR make good decisions from the very beginning. Resumes can be analyzed for anything from keywords to longevity at a company or position to education to skills and hobbies, all helping to find the best fit for a role.
Turnover Prevention: Analytics can help track trends in who leaves the workforce – whether it’s through terminations or resignations, whether it’s effecting certain departments more than others, if a certain time of the year is more likely to cause turnover – all which help HR understand the bigger picture about the health of the company and culture.
Performance Prediction and Evaluation: Some workforce analytics tools help leadership and management work together better on employee evaluations, which help HR understand management effectiveness, hiring quality, and more.
Employee Engagement: Engaged employees are loyal employees. People who like coming to work or feel worthwhile in their daily pursuits will stay with companies longer, saving them money on hiring anew. Engagement tools – often including some self-report and feedback component – help give a voice to employees and paint a realistic portrait of employee satisfaction for HR.
Planning and Training: When you better understand the skill sets of the people you have working for you – mined from self-reported data, manager input, and gleaned from data sources like resume and job title and responsibility lists – you can better plan trainings to fill skill gaps as well as plan overall hiring, planning to fill any open roles that you can’t source internally.
Since HR encompasses multiple parts of people management, HR analytics touches multiple parts of the management process. While traditionally HR analytics measures were used to manage HR payroll and benefits costs, workforce analytics tools are now helping HR professionals make smarter hiring decisions, retain talent, understand employee engagement, predict turnover, and plan hiring and training.
Workforce Analytics Software Examples
There are plenty of workforce analytics software packages available to help support HR’s talent management goals. Some popular companies with HR analytics include:
- SAP SuccessFactors
- People Fluent
No matter what software you choose to help you find talent management insights in your business, make sure that it aligns with your overall analytics goals and covers the areas that are most important for you to analyze (hiring or engagement or performance, for instance).
Has your company used any kind of workforce analytics tools or software to help in any area of talent management? Has HR seen benefits from using analytics software to support human resource goals and planning?