The Market demand of workforce analytics is on the rise as business leaders have recognized the need of accessing workforce and analyzing talent related business decisions. According to PWC’’s 15 th Annual Global CEO Survey , 80 % of new workforce analytics and US CEO”s emphasized the essentiality of having right talent insights. The scope of analytics have transformed from considerations of HR manager to the strategic level decisions taken by managers for development of new workforce analytics.
Recently US benchmarking service published hundreds of metrics to reinforce the current HR opportunity, so as to compare the strategies with the improvement opportunities. The critical metrics from the 2014 US Human Capital effectiveness report mentioned some weakness and leading practices of workforce analysis which starts with the capture of return on investment. According to the analysis, the productivity indicators Of 2013 was studied across 12 industry sectors. Despite of the raising standards the percent of return on investment still remained poor compared with pre-recession levels . Focus was made to determine the transformation from future demand for talents and its supply in order to plan for next month, quarter and for the remaining year for financial forecasting and headcount management.
The Operational workforce involved forecasting and estimating labor cost, maintained with finance and calculated based on data with HR and talent acquisition systems and the labor cost considered three basic components ,that where collected from the bottom-up, employee-by-employee . Employee surveys were conducted, where the surveys showed turnover among the 12 industries risen from 8.4% in 2012 to 8.8% in 2013 while the separation rate came down, this emphasized the need of employee engagement . A centralized survey was conducted to enable analysts to link the results and to track an employee through the entire lifecycle within the firm from recruiting to exit for the firm. Moreover questions were designed to derive values .The survey also adopted a model for selection using predictive analytics techniques that involved factors of employee roles, success factors. Then the next practice adopted was to enhance the strategic role of HR business partner by making heavier investment in areas like HR leadership and strategy. Towards the last the data are harnessed to match up with the maturity curve s to support and sustain a talent strategy aligned with the organization’s agenda.