Well-thought-out, strategic workforce planning is essential for the success of any business. As a business owner or HR manager, using solid data to back up your decision-making process is imperative when it comes to planning. Where does this data come from and how can it help inform your workforce planning?
Professional employer organizations (PEOs) provide analytics for strategic workforce planning and decision-making. This can be incredibly useful for understanding where strengths and weaknesses are in your business, improving productivity, and boosting employee satisfaction and retention. Let’s dive into the role of analytics in strategic workforce decisions and how PEOs provide workforce analytics to improve the future of workforce planning.
The Role of Analytics in Strategic Workforce Decisions
Building a successful business doesn’t have to be done arbitrarily. Most likely, arbitrary decision-making within your organization won’t help you get the results you hope to achieve. Taking out the guesswork and looking at the data can make things much more streamlined and straightforward.
Employee analytics are crucial when it comes to making strategic workforce decisions. Data can help employers get a clear understanding of their employees’ strengths, as well as what specific weaknesses they may have. This can be useful in helping identify what areas need improvement among current employees—what training or development programs can be implemented to strengthen certain skills. It can also help identify the types of skills you might look for as a business owner or manager when recruiting new hires.
Analytics also allow you, as an employer, to track your employees’ performance and productivity. Having clear data and numbers in front of you gives you the ability to make decisions from an informed perspective. Are your employees in the roles that make the most sense based on their specific set of skills and interests? What changes can be made to help your employees stay motivated and on-task throughout the day?
Ultimately, when your team members feel supported in the roles that fit their skills and abilities, overall employee satisfaction improves. The happier your employees are at work, the more likely they are to stay. They’ll continue to grow and evolve with your company, and you’ll have a solid team of workers who love what they do as well as the environment they’re in.
Other HR analytics like overtime trends, absenteeism, and late clock-ins can also be incredibly valuable for employers to understand.
How PEOs Provide Workforce Analytics
PEOs are experts in all things human resource management. They step in to support small and medium-sized businesses with their administrative tasks. Whether you have one or one hundred employees, partnering with a PEO can help alleviate the stress that comes with handling payroll, workers’ compensation, risk management, and onboarding new employees.
PEO software offers a dashboard for all employees to clock in and out, access their personal data, and view their payroll or any workers’ compensation claims. This software allows PEOs to track and provide workforce analytics that can be crucial to strategizing and planning.
PEOs provide descriptive reports that can help identify strengths and weaknesses within the company, employees’ skill sets and where they can improve, trends in overtime or absenteeism, and company data like customer purchases and inbound traffic.
By utilizing the data that PEOs provide, business owners and HR managers are able to make informed decisions to help their employees—and ultimately their companies—thrive and succeed.
The Future of Workforce Planning with PEO Data
Successful businesses are built off of strategic workforce planning that’s informed by solid data and analytics. Utilizing PEO analytics for decision-making within your business can be incredibly beneficial not only to your company itself, but also to your employees.
PEO data can help you identify strengths and areas of improvement, and help ensure that your employees are in the right role for their unique set of skills. The higher your employee satisfaction rates are, the better employee retention will be.
If you’re ready to optimize your business by utilizing PEO analytics, reach out to PEOPayGo today. Our experienced team can provide analytics for your organization and help you navigate the data so that you can develop a strategy that makes sense for your company.
