Workforce Analytics/HR Metrics
In today’s challenging global platform developing and aligning human capital metrics to business strategy has become a key imperative to supporting your organization’s strategic and operational goals. As leaders in HR we commonly use spreadsheets and basic reports to analyze workforce productivity and costs, but their usefulness is limited, unless you know which factors produced the outcome or how it might have been changed. Workforce analytic solutions help you explain those factors and may help you uncover opportunities to take action which improve performance and control costs.
Drive Results with HR Metrics and Workforce Analytics
HR and workforce analytics will support your organizations strategic and operational goals and provide decision makers with greater insight into workforce related considerations.
The Excel Global Workforce Analytics Model outlines a five-phase process to assist HR professionals in developing and aligning human capital metrics to their business strategy. After metrics are developed, HR professionals should undertake benchmarking to compare their organizations human capital metrics to metrics from similar organizations.
Aligning Human Capital Metrics to Business Strategy
The importance of human capital is increasing as globalization creates a rapid shift to a knowledge economy. Metrics of human capital not only include HR practices, but also other work practices and people management strategies. The distinction is that human capital can extend beyond the HR function to include the organization’s total strategy. Since organizations see human capital as an asset to drive value and optimize business performance, strategies that align human capital practices to support performance are in demand.
Demonstrating which HR practices improve business performance can be challenging. Concrete measures to evaluate the effectiveness of these practices are more elusive. The Workforce Analytics Model addresses these challenges through a process that also builds HR credibility with stakeholders in the organization.
Implement a successful Workforce Analytics process into your organization contact us at firstname.lastname@example.org