Check how workforce analytics can aid in developing compensation strategies and predicting employee flight risks, contributing to better talent attraction.

In healthcare organizations' dynamic staffing landscape, leveraging data for workforce engagement and productivity enhancement has become paramount. Simply gathering metrics is not enough; the key lies in understanding the context and meaning behind the data to turn these raw <a href="https://www.intellify.com/technology" rel="noopener noreferrer" target="_blank">workforce analytics</a> into actionable strategic insights to improve workforce performance.Workforce analytics is the study of meticulously gathering specific workforce data, deciphering its significance within the broader business context, and using it to refine the decision-making processes. What was once a labor-intensive endeavor has been streamlined by cutting-edge workforce analytics technology, offering employers a seamless experience in creating and using meaningful data to improve workforce management. Employers who delve deep into their employee data and take decisive action can elevate business value in critical areas, including recruiting staff effectively, reducing turnover, optimizing labor costs, boosting productivity, fortifying data security, and fostering diversity and inclusion. The human resources department typically uses workforce analytics as part of the <a href="https://www.intellify.com/talent-solution" rel="noopener noreferrer" target="_blank">talent management function</a>.<h2>Benefits from Different Types of Workforce Analytics</h2>There are four main applications of workforce analytics that can help deliver different types of insights to inform your talent programs. These being:<ol><li>Insightful reporting captures transactional workforce data to identify people's connections and concerns.</li><li>Descriptive analytics recognize and monitor critical trends and address issues.</li><li>Predictive analytics anticipate what's likely to happen in the future based on historical data to guide strategic decisions.</li><li>Prescriptive analytics evaluate the likelihood of specific results and determine actions for desired goals.</li></ol>For instance, imagine an organization aims to cut down on unplanned overtime costs due to unexpected absences. Workforce analytics can unveil patterns, enabling the development of targeted corrective actions. Such an action could involve manager and employee training rooted in data insights to enhance attendance and scheduling management.<h2>How Technology Enables Workforce Analytics</h2>Today's cloud-based data infrastructure for workforce analytics ensures flexibility and resilience, safeguarding sensitive employee data. Organizations relying on manual, legacy technologies may face difficulty accessing and interpreting data. Cloud-based, automated solutions, <a href="https://intellify.com/" rel="noopener noreferrer" target="_blank">like Intellify™</a>, offer real-time insights, bridging the gap and simplifying decision-making for all levels of management.Organizations typically have the option of either building their technology from scratch or buying it from a reputable provider. Connecting with essential HR processes boosts the depth and richness of dashboards and reports, making them more insightful. Our experience has proven that working with a third-party specialist is more practical and cost-effective than building this technology infrastructure in-house. This way, you get to benefit from the experience of many organizations that have gone down this path and benefit from our aggregated experience in helping many organizations improve their talent management functions.<h2>A Roadmap to Success</h2>We suggest eight essential steps to help turn employee data into actionable steps for an effective workforce program. These being:<ol><li>	Prioritize strategic goals</li><li>Identify what data will help to provide measurable impacts on essential business goals.</li><li>Collaborate with stakeholders </li><li>Engage important stakeholders across HR, finance, IT, and other departments.</li><li>Create data governance </li><li>Establish data-scoring models for quality control and document data processes.</li><li>Build data integration</li><li>Identify necessary data for workforce analyses and integrate external sources for a holistic view.</li><li> Guage impact</li><li>Include data from outside HR to gauge workforce programs' impact on the organization.</li><li>	Build skills </li><li>Develop the necessary skills for analyzing complex data and presenting insights.</li><li> Determine ownership</li><li>Instill a culture of respect for privacy rules among team members and instill data governance practices.</li><li>Actionable insights</li><li>Use critical workforce analytics to drive tangible business actions.</li></ol>One parting word of advice as you embark on this journey: understand the difference between HR data and the analytics you use for workforce management. While HR analytics pertains to HR functions, workforce analytics focuses on employee data, covering productivity, absenteeism, and compensation. Using workforce analytics can aid in developing compensation strategies and predicting employee flight risks, contributing to better talent attraction and retention, and improving the workforce's overall performance.If you’d like to set up your facility with transparent workforce analytics to make data-backed decisions, reach out to the experts <a href="https://www.intellify.com/intellify-sales-lp" rel="noopener noreferrer" target="_blank"> at Intellify for a cost-saving analysis.</a>

Unleash the Power of Data: Use Workforce Analytics

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