In carnivals or amusement parks, when a player takes a hammer and swings at the target of the High Striker game, it tests their might based on how far up the bell goes. You hear the operator, "Step up and test your strength!"
So, when you set out to create an equitable workforce, what is your High Striker? How will you know that your L&D initiatives, HR events and recognition programs are yielding the right results?
The metrics for your revenue and sales are skyrocketing, your stock is up to date, your website is optimized, and you are trending on social media but what about the employees who are moving these pieces? What is your employee turnover rate? Who is calculating the attrition costs?
With all the other waves that have been hitting, there is a wave that has hit all the HR professionals differently—the need to quantify the engagement and morale of the people of their organization.
The work of the People Management Team gets cut out for them with the help of Human Capital Management Systems that gives real-time data about your employees, their productivity and well-being. With big data and analytics disrupting the marketing sphere, business leaders and HR managers have understood the need to digitize workforce management when it comes to establishing a people-first organization.
For organizations, big and small, recruiting and retaining talent becomes part of their overhead expense, and sometimes, occupies a major portion of their costs. Availability of talent, evaluating the talent market, recruiting the potential employee, onboarding and helping the employee maintain a work-life balance while helping climb the learning and development curve is a part of strategic talent decisions. Data becoming a part of our life, and utilizing the data insights will determine the impact of the strategic and business decisions.
Why your talent operations should digitize and how these people analytics will help you in your larger business goals?
1) To identify the right talent to support the change in strategy
Due to new technologies and evolving corporate business models, many companies are pursuing the same talent. This makes it difficult to gain a competitive advantage when it comes to talent acquisition. Especially, the talent that is needed to support your organizational strategy or change therein. Some of the various people analytics solutions will assist you in streamlining applicant tracking processes and increasing profitability for any size company.
2) Productivity & Analyze Efficiency
When day-to-day activities like worksheets, compensation management, and payroll are automated, it leaves more room for HR professionals to devise a holistic talent acquisition and management strategy that is effective for long term goals. People managers can not only track employees' productivity but design a plan that lets the people of their organization be more efficient in their way.
3) Better Focus on Learning & Development
Employees forget 90% of their training within a week. By analyzing the areas where the employees are inclined, the company can frame more Talent focused learning and development programs. Bid adieu to those unnecessary costs of generalized training seminars.
It is important to find the right fit to improve employee experience and increase retention as a part of your workforce data management. Depending on the size of the organization and the strategy suited for your long-term plans, choose a platform that helps you manage the workforce and their dynamic needs. Following are the analytics that the entrepreneurs and people managers should look out for:
1) Sage HR- Measure Employee's Productivity
Sage HR is suitable for small and medium-sized organizations to analyze employee performance and measure the impact it had on company goals. With actionable insights, you can compute an employee's productivity and contribution to its team taking into consideration their timesheets, absence levels and productive work. It offers a 30-day trial after which it offers a price of $5.5 per employee per month.
2) Sounding Board- Build Leaders of Tomorrow
Sounding Board houses a network of coaches, that scales, manages and measures complicated leadership development programs. It offers a unified Coaching Management Platform. The AI-powered platform brings together a flexible learning environment, actionable data insights, and measurement in one place.
3) Leapsome- Measure and Predict Employee Engagement
Leapsome is a flexible analytics platform for companies of all sizes. With a 14-day trial and pricing of $6 per employee per month, it offers organizations the power to forecast employee engagement with the help of surveys and insights like engagement level and drivers to interpret the sentiment of written responses that enable HR professionals to make more decisions that define company culture.
4) MeQuilibrium- Psychological Safety at Work
By using the secure and personalized app, employees answer questions on how they respond to different scenarios using their emotional intelligence. It also takes into account the location and designation of the person. The software will then generate relevant, customized and interactive activities or resources to build the resilience required. MeQuilibrium helps employees to regulate emotions and mental well-being to establish a life with and outside work.
5) BHyve- Peer-to-Peer Learning
As work from anywhere expands, companies need platforms that support coherent working conditions regardless of geography, describing how leaders will manage people they never see in person. The post-pandemic corporate landscape looks different but the human capital that supports the business decisions needs interaction to support the same. This means reimagining how the employees of your organization communicate with each other whether it is some information they seek or wish to share. With BHyve, it becomes an effortless process that also helps you increase your employee engagement.
Automate how your workforce engages and shares knowledge, builds camaraderie, increases their engagement and retain your best talent with BHyve. Connect with our expert now!