Stuck in a useless comfort zone?
Between 40 and 70 percent of most companies’ operating expenses go toward meeting compensation, benefits, and other employee-related expenses. Add together the real estate, information technology, and other expenses consumed by your workforce, and it’s easy to imagine its real impact on operating costs.
But beyond basic cost figures and employee demographics, many senior executives have little or no specific visibility or insight into how these expenses and resources relate to broader corporate issues. It doesn’t have to be that way.
Workforce reporting and planning analytics are capable of delivering greater visibility and deeper insights that pave the way to more effective business decision making on your most complex workforce-related challenges.
For many organizations, workforce planning is still used only once a year or so, or in response to a crisis. Workforce reporting and analytics is a smart way to get a specific project in place to spearhead an analytics culture shift. Get out of the bar ditch and see what you can do!
Create a new culture, shift to workforce analytics
When people start gathering and acting on workforce information, the old rules start giving way to a new analytics-based approach to solving problems:
- Consider combining data from internal sources with macroeconomic data coming from outside your organization to make more informed decisions about issues such as talent supply and spending.
- People have been talking about data-driven cultures for a long time, but what it takes to create one is changing as a result of the new tools available. Companies have a wider set of options to spur analytics engagement among critical employees. And the new tools, when customized to your needs, are affordable and almost effortless to use.
- Be imaginative and resourceful. Evolve your thinking over time. Demonstrate your confidence by staying open to new information. And ways to use a partner’s expertise to sharpen and shape new thinking.
And then engage an analytics thought partner and development team.