The global workforce analytics market size was valued at $1.64 billion in 2018 and is projected to reach $5.97 billion by 2026, growing at a CAGR of 17.6% from 2019 to 2026. Moreover, AI-based workforce analytics solutions, an increase in a number of data sources, use of machine learning & blockchain technologies will provide further opportunities for its market growth in the future.
Analyzing workforce potential and performance pitfalls has become crucial with the evolving businesses. It allows companies to measure the ROI on their workforce and implement strategic steps to minimize productivity plunges. With effective workforce analyses, companies can overcome performance slumps, allocate resources effectively, and identify patterns to unlock employees’ potential.
With efficient project management tools offering comprehensive solutions to analyze the workforce, measuring performance based on KPIs and metrics has become more streamlined and manageable. A holistic time and project management tool like KonarkPro provides a sweeping suite of solutions to assess temporal behavior, generate performance reports, track screens, and measure productivity.
What Is Workforce Analytics?
Workforce analytics is an advanced suite of data analysis tools for workforce performance evaluation and improvement by analyzing employment, staffing, training & development, and compensation & benefits. It also facilitates the analyses of accession rate, replacement rate, cost per hire, retention rate, and acceptance rate.
Workforce analytics is the process of using data to evaluate employee performance and draw insights. It helps in identifying trends, predicting outcomes, and tracking progress rates. In the current era of invincible competition, workforce analytics work as a strategic practice to optimize resources and manage workload to raise the growth rate of business success.
Workforce analysis can be performed on any professional individual or team, be it remote employees, freelancers, or on-site employees. Strategic workforce planning includes the need to reduce long-term labor issues, address the need to identify talent gaps, strive to achieve competitive advantage, and ensure employee engagement for extended periods.
Contrary to the traditional systems in which employees get compensated without assessing their performance and individual contribution to the business’ prosperity, workforce analytics tools enable companies to follow labor-based compensation. It means employees with consistent growth and performance, complete work hours, and adequate performance are compensated accordingly.
On the flip side, employees with incomplete work hours, time theft, and poor performance records can be effortlessly identified and addressed effectively through reasonable pay cuts and salary deductions. This regular assessment helps employees recognize acceptable performance levels and adhere to such productivity levels. Workforce planning and analytics come as an aid to intelligent business operations where an employee’s potential is utilized at saturation levels.
With data-based intelligence, companies can implement profitable judgments that determine their future performance by identifying the cause behind the declining employee performance and addressing it to resolve productivity-related issues.
Benefits of Workforce Analytics
In today’s era of high competition, leveraging the biggest asset of any organization is pivotal. A gamut of feature-packed project management tools with the ability to deduce analytics for the workforce makes it achievable by providing insights into the potential reasons for productivity variations. For instance, if an employee’s performance is plummeting, the information-backed reports can be highly facilitative in understanding the cause of an employee’s performance. It could be anything, from time theft to inactivity during work hours.
- Identifies employees’ potential
- Detects productivity-hindering issues
- Helps understand effective recruitment tactics
- Assesses the ideal work style for employees
- Aids resource planning and allocation
This segment will expose the areas where workforce analytics help organizations and underscore the crucial requirements of conducting productivity measurement such as:
- It identifies employees with high potential and reinforces their performance. Additionally, employees with poor performance can be recognized and addressed by implementing corrective steps.
- It analyzes the effects of benefits or no benefits on employee turnover. Workforce analytics help employers identify issues that interfere with high productivity, such as discrimination, no training, and heavy workload.
- If used strategically, workforce analytics can empower organizations to understand which recruitment tactics are most effective and which fail.
- It helps organizations assess which working styles best suit employees’ productivity, such as hybrid, remote, or on-site work arrangements. It enables companies to choose and maintain the most flexible yet productive working arrangements.
- It reduces the financial load on organizations by ensuring the resources are optimized and produces greater returns on investments. Workforce planning and analytics highlight the most critical areas that need immediate attention and resource allocation, cultivating a profitable work environment.
How to Implement Workforce Analytics at the Workplace?
Implementing workforce analytics at the workplace is no joke. It needs perceptive and advanced tools like KonarkPro with built-in features that record the smallest detail and employee activity to generate highly accurate insightful reports.
Identify the Problem
Detecting the problem employers want to address is the primary step to resolving it. For example, if employers consider time theft or incomplete work hours a major problem in their workplace, then time trackers are suitable to assess the time management abilities of employees. Similarly, if employers plan to track projects closely in an automated manner, project management tools like Zoho, Trello, BaseCamp, ClickUp, Jira, and Microsoft Project emerge as pivotal.
These tools manage projects proficiently, foster a collaborative work culture, and disrupt the silo mentality. Additionally, specially designed workplace management tools like KonarkPro are powered with time and project management features, helping organizations encompass every aspect of team and project management.
Employ the Right Tool
Once you identify the cause behind the concern, employ the right tool. Enforcing policies and regulations and giving instructions regarding the correct tool use is significant to ensure the collected data is genuine. Factors like features, the maximum number of users, subscription cost, intuitive interface, and accessibility are critical considerations before integrating a tool in a workplace.
Employers must ensure the analytics for the workforce are reliable and carefully generated by the tool. To get hands on the best time management tools, organizations can consider online reviews and case studies of how the tool has helped organizations overcome workforce issues and fostered a productive and growth-oriented mindset in the workplace.
How to Select the Right Tool?
‘Select the tool that aligns with your work setup and arrangement. It helps analyze the workforce performance effectively and prevents faults in the assessment.
Considering factors, such as subscription charges, workforce strength, scope for tool algorithm circumvention, offline features, privacy, and data concerns are crucial and must be pondered before integrating any workforce analytics software into the business system.
For instance, remote teams require more monitoring and tracking than the teams operational on-site. Workforce analytics software with a range of features is crucial to maintain parity at the workplace. Enabling employers to switch on or off specific features for off-site teams can enhance the quality and experience of analyzing workforce performance.’
Evaluate Performance Reports
Understanding the insights from comprehensive data-backed reports is nearly impossible without in-depth evaluation. Reflecting upon the reports to analyze the gaps underscores the direction for employers to work on. It is imperative to leverage workforce analytics to enhance business performance, manage the workflow efficiently, and minimize the conflicts that arise with overcontrolling. Employers can effectively share their data-backed feedback and insights (no assumptions!) with their team members and cultivate a feedback-oriented work culture.
How KonarkPro Can Help?
KonarkPro is a leading workforce analytics software in the market, assisting companies with elaborate and comprehensive employee performance evaluations. Its extensive set of features offers holistic monitoring and tracking of employees effortlessly.
KonarkPro has in-built features such as performance dashboards, productivity reports, efficiency analysis, productivity scores, performance trends & patterns, and personalized productivity insights that measure employee productivity and analyze efficiency. Additionally, the tool offers payroll processing, allowing accurate employee compensation and client invoicing and billing.
Its inherent ability to track time automatically reduces manual efforts and allows employees to let it operate in an automated manner, with the least manual intervention. Moreover, project progress tracking, idle time detection, automated notifications, and timesheets cover the entire elements of employee performance tracking.
In a nutshell, KonarkPro is a complete project management tool that streamlines project planning and execution. Organizations can effectively track, control, and manage project milestones and budgets with KonarkPro, allowing employers to achieve project objectives faster and within timelines.
Conclusion
Workforce analytics is a business essential in the world of sharp-edged competition. It helps organizations leverage their employees’ strengths and improve their weaknesses by highlighting their performance and task-completion patterns. However, leveraging the insights to the advantage of an organization is a skill employers must learn to drive the team in the correct direction. Finding the best ways to implement the feedback is essential. The feedback implementation should be smooth, swift, seamless, and supportive. It will help managers and executives keep the progress approach incremental while maintaining effective communication with their team members.