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Closing the Loop: Linking Workforce Planning, Analytics, and Hiring

Visier

We often talk about the employee lifecycle , the “recruit to retire” journey of an individual through multiple human capital processes. It may be easy to think that we hire, manage, and develop, and eventually people leave or the organization grows and then we start the process over again by sending requisitions to the recruiter. Unfortunately, our research showed that 31% of organizations indicated that workforce data and analytics were used only by HR and not the business.

Why HR Needs Data-Driven Workforce Planning to Avoid Talent Shortfalls

Visier

There is a goldmine of information contained within that gives us insight ranging from the state of the economy to how hard it will likely be to make that next critical hire. In the following graph, we see how many hires are being made, by comparison to the number of job openings: For nearly the entire history of the JOLTS data, more hires are tracked than job openings, but recently this relationship has switched. The Better Way to Do Workforce Planning.

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7 Steps For Successful Strategic Workforce Planning

TalenX

Research shows that companies which strategically recruit a diverse workforce, are 15%-35% more likely to have better financial returns compared to companies that don’t have such a diverse workforce. What is strategic workforce planning?

Strategic Workforce Planning in 3-2-1

Analytics in HR

Strategic workforce planning (SWP) is a commonly used term for a multitude of approaches to achieve a singular goal: having enough employees of sufficient quality in the future. In this article, I will explain the four most common pitfalls of workforce planning and how to avoid them using a relatively simple methodology. So, what can be done to really look towards the horizon and avoid the aforementioned pitfalls? HR Analytics

A Guide to Strategic Workforce Planning

Analytics in HR

Workforce planning is often mentioned – but rarely explained. What is workforce planning, and how do you do it? When used well, strategic workforce planning enables HR to plan for the capabilities they need in the future. In this article, we will dive into what workforce planning is, the process, give a number of examples, and end with a toolkit on how to get started when you want to start planning your workforce.

The Future of Workforce Planning

HR Daily Advisor

Employee turnover is extremely expensive, costing up to 1.5 to 2 times an employee’s salary , and those numbers are rising. In an effort to recruit and retain employees, companies do everything from offer free, chef-cooked lunches to employees to regular retreats in fun locations—particularly in industries where the demand for talent is acute. Workforce planning minimizes the likelihood that employees, teams, and organizations will have their needs unmet.

Driving Innovative Business Models through Workforce Planning

hrQ

Workforce planning is one of the most critical competencies for an HR organization. It is the foundation of the partnership between the business and HR and provides the organization with critical information about how to meet its staffing needs and how to allocate its HR resources to meet business goals. This includes both the ability to identify the need for change as well as determining the organization’s capability to change successfully.

Case Study: Strategic Workforce Planning for Rail Infrastructure Managers

Analytics in HR

However, in order to prepare for the future, the currently existing infrastructure needs a 30% increase in capacity. This requires tremendous changes in the current workforce. In this case study, strategic workforce planning is applied to solve this national problem, impacting millions of commuters. Curious how? An obvious choice would be to change and grow the rail infrastructure within the Netherlands. Planning for the future.

The 5 Steps of Analytics-Driven Workforce Planning

Analytics in HR

Businesses need to make sure they have the right people in the right jobs at the right time. This means HR leaders are required to: Hire people who align with the company’s culture (the right people). Utilize each employee’s individual skill sets to their highest potential (the right job). Maintain a sufficient level of staffing in order to deliver on their business model (the right time). Here are five key steps to use analytics to inform your workforce plans: 1.

How To Win With People Analytics

HR Digest

Machines, both simple and advanced, have been used in past several decades to help workplaces determine outputs of work and, to replace work through automation using artificial intelligence (AI) tools and applications. How does AI become key to this dynamic?

5 Essential Workforce Planning Tools for any HR professional

Analytics in HR

Workforce planning tools are an essential part of the HR professional’s toolkit. In this article we’ll go over 5 strategic workforce planning tools, explain their use and give examples and excel templates on how to use them. What are workforce planning tools? Workforce planning tools are instruments that help analyze current capabilities and future needs for the employee population. Strategic workforce planning map.

Reforecasting Amid Upheaval: Best Practices for Financial and Workforce Planning

Workday

If your role includes financial planning and analysis, you likely had just completed your 2020 revenue, headcount, hiring, opex, and capex forecasts, only to find that COVID-19 rendered them moot. So where to go from here? How can you chart a new course when time is of the essence and the waters are murky? The tips reflect what we’ve learned as we’ve been helping customers adapt and respond to the current climate. Understand the Value of the Common Data Model.

What is HR Data Analytics & How Do We Leverage It?

Ultimate Software

Data is now the most valuable currency in the world. But in contrast to the murky ethics of sourcing and selling consumer-driven data , leveraging internal HR data analytics to make better workforce decisions has been a key Human Resources best practice for decades. As technology has improved, so has our ability to analyze employee-related factors and improve business outcomes. HR Data Analytics Definition. But…how?

Workforce Planning 101 [Infographic]

Visier

As Vice President of Workforce Management Practice and Principal Analyst at Brandon Hall Group Mollie Lombardi wrote in this Workforce Planning blog post last year: “Workforce planning is tricky business. Not just because of the complexity entailed in the process, but because if you ask four people what workforce planning is, you’ll likely wind up with five definitions.”. So, what is Workforce Planning?

How to Develop Data-Analytics Skills in HR

Analytics in HR

The ability to analyze and extract valuable insights from workforce data is an increasingly sought-after skill in HR. As more data is collected through new platforms and tools, HR professionals can identify where employee turnover is spiking and why, correlate hiring data with employee performance or demonstrate the influence of engagement on workforce productivity. But adding data-analytics competency in the HR staff is a challenge.

Workforce planning strategies to meet the federal hiring freeze

HR Times

Will the hiring freeze issued on January 22, 2017, by the White House be part of a longer-term strategy to reshape the federal workforce? How will a reshaped workforce impact agencies’ abilities to support operations and mission needs? This freeze applies to large categories of federal civilian employees, except those related to national security, public safety, military, and other exemptions. Develop a smart approach to workforce reshaping.

How Improving HR’s Analytics Capability Prevents Chaos Over New Overtime Rule

Visier

Today, HR leaders across the country are being asked by their C-suites and Boards if they can avoid the millions of dollars in overtime costs their organizations are now at risk of incurring — thanks to new overtime rules passed by the Department of Labor — without negatively impacting business objectives. And, in this pivotal moment, many are turning to cumbersome, error prone, insecure spreadsheets. The Importance of an HR Analytics Function.

Big, Bad Data: How Talent Analytics Will Make It Work In HR

TalentCulture

Here’s a mind-blowing fact to spark up the late-summer doldrums: research from IBM shows that 90% of the data in the world today has been created in the last two years alone. Which means that companies have access to an unprecedented amount of information: insights, intelligence, trends, future-casting. In terms of HR, it’s a gold mine of Big Data. Access to ongoing innovation and best practices to support the business. Data privacy.

How To Reduce Employee Turnover with Workforce Analytics

Visier

However, knowing your turnover rate does little to support strategic business plans. To achieve true insight, a more in-depth analysis of what’s causing turnover in different parts of the organization is required. According to an article on employee retention by talent acquisition marketing expert Maren Hogen : Nearly four out of five (78 percent) of business leaders rank employee retention as important or urgent. The Era of Workforce Analytics.

4 Trends Impacting Workforce Planning

Oracle HCM - Modern HR in the Cloud

How can HR leaders build a workforce plan when we don't know what the future will be? Planning is HR's never-ending challenge, but like every other business function, it’s an important part of our responsibility. For HR, planning requires insight from all of the other functions we support, so we can be somewhat accurate, and this adds to the challenge. Guess what, young people want to be the boss and it’s not a generational thing.

People Analytics Conferences Data-Driven HR Leaders Can’t Miss in 2018

Visier

People analytics is now business-critical and, more than ever, HR must take advantage of the massive opportunities that analytics provides. The HR teams that will succeed in 2018 and beyond are those that have a grasp on how the developments of the data age will impact the workforce and their business. To support this, we’ve gathered a list of the top 2018 people analytics and workforce planning conferences for data-driven HR leaders of all skill levels.

How to Measure the Value of People Analytics

Reflektive

According to Google Trends, the search term “people analytics” was almost nonexistent until about 2008. It means that people analytics has become part of the conversation for many businesses. Based on Deloitte research, “77% of all organizations believe people analytics is important.” 77% of all organizations believe people analytics is important. Click To Tweet. What is People Analytics. What is people analytics? Average time to hire.

How to Avoid Talent Gaps with Data-Driven Succession Planning

Visier - Talent Acquisition

According to the Association for Talent Development , only 35% of organizations have a formalized succession planning process. As with most things, the best way to manage these risks is to be prepared and to have a plan. Often organizations provide tools that allow employees to explore opportunities and develop plans, set goals and take action to proactively navigate their career. Succession planning with data.

HR Happy Hour #201: Putting the Fun Into Analytics

HR Ringleader

A few weeks ago, Steve and I had the opportunity to record a HR Happy Hour episode with Mike Psenka, SVP of Workforce Solutions at Equifax and Edward Pertwee, Strategic Workforce Consultant at BT. We had just conducted a panel discussion on how to leverage data and analytics for HR and organizational success. Just search the iTunes store or your podcast app for ‘HR Happy Hour’ to add the show to your subscriptions.

Effective People Analytics: the Importance of Taking Action

Analytics in HR

I recently read an interview with a business leader about how people analytics drives business outcomes. While this is absolutely true, the comment leaves out another key component of effective people analytics: “Analytics without action is simply overhead.” .

11 HR Analytics Courses Online

Analytics in HR

This article lists the eleven best HR analytics courses in the world today. Getting started with HR analytics – also called People Analytics – is a big step for a lot of people and organizations. An HR analytics course that answers these questions can be invaluable. Courses range from top-level analytics knowledge, to actually doing analytics, basic statistical knowledge, HR data and metrics, and more. on people analytics.

People Analytics: 6 Best Practices for Successful Adoption

Digital HR Tech

Getting started with people analytics (PA) is one thing, but making sure the adoption goes smoothly is another. In this article, we look at recent developments in the people analytics space and discuss six best practices to ensure a successful adoption of PA in your organization.

Be Courageous with People Analytics: Recap of Visier Outsmart 2018

Visier

Our annual people analytics and workforce planning conference, Visier Outsmart, has wrapped and we’re excited to share all that happened with you. “Be With people analytics and data-driven workforce planning both ever-evolving, HR and business leaders must continuously be fearless in their pursuit of innovation and change within their organizations. Please feel free to download our notes straight from the link below!

The Rise of the People Strategy Platform

Visier

This was a key takeaway from a summit of HR leaders and Boston Consulting Group (BCG) experts, who met to discuss the future of HR and the trends shaping it. Today’s business environment is more complex than ever before, creating an unmatched opportunity for HR to create value for the business. Adapt to changing demand. HR’s role is not simply to translate business strategy — but to drive it.

How Hershey Used Data to Increase Retention Rates and Improve Workforce Planning

Linkedin Talent Blog

For many of us, Halloween and Easter are excellent excuses to indulge ourselves in our favorite sweets. snacking companies, having fully-staffed sales teams is a key ingredient for Hershey to make the most of these treat-filled seasons. However, the company was facing a challenge: they needed to be able to predict if they would have the right people in the right roles during their busiest times of year. What Hershey’s retention model looks at to predict attrition.

5 Ways Your HRMS Hinders Data-Driven Decision Making

Visier

Leaders across the organization recognize that making workforce decisions based on facts and data—instead of intuition alone—is a key route to increasing their impact on the business. Now, more than ever, business leaders need strategic insight and the ability to model how workforce trends impact revenue and profits — quickly and accurately. But don’t mistake the people analytics that come with your HRMS as good enough.

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How people analytics can help your business

Insperity

As a concept, people analytics (or human capital analytics) has been around for years. Yet, if you’re like most businesses, the idea of incorporating advanced analytics into your HR practice is fairly new. What is people analytics? Committed to inclusivity?

5 Steps to Improve Talent Acquisition Through Better Data Analysis

Acendre

5 Steps to Improve Talent Acquisition Through Better Data Analysis. Blueprints are a time-tested way to communicate how to build a structurally sound building. From the foundation and framing to the electrical and plumbing works, all players in the building process work directly from one set of documents. These blueprints are developed as a process allowing rapid and accurate production of all the building elements creating an architectural plan.

5 Ways Your HRMS Hinders Data-Driven Decision Making

Visier

Leaders across the organization recognize that making workforce decisions based on facts and data—instead of intuition alone—is a key route to increasing their impact on the business. Now, more than ever, business leaders need strategic insight and the ability to model how workforce trends impact revenue and profits — quickly and accurately. But don’t mistake the analytics that come with your HRMS as good enough.

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Deloitte Research: How Successful Organizations Use People Analytics to Drive Decision-Making

Visier

Whether you are examining your sales pipeline, the success of a marketing campaign, or employee retention, data and analytics are essential for business decision-making. Despite this, many companies still overlook people analytics when it comes to solving complex business problems. Yet, despite this clear advantage, only 2% of organizations have reached a high level of people analytics maturity. Jetblue: Harnessing The Power Of Data To Challenge Assumptions.

Five Powerful Ways Your HR Team Can Leverage Big Data

SuccessFactors

The term “Big Data” seems mysterious to many HR organizations. Of course, if you don’t know what this technology is and how it works, you can’t use it to add value. Big Data describes the huge amount of data, both structured and unstructured, that people and systems are using. But only the data that affects business greatly on daily basis counts. But analysis is crucial if you want to reveal patterns and trends to improve your business.

Everything You Need to Know About HR Analytics

Reflektive

Deloitte’s 2017 Global Human Capital Trends report found that 71% of companies rate people analytics as a high priority in their organizations. But what’s driving this trend toward people analytics? And, on a broader scale, what exactly is HR analytics? SEE ALSO: How to Effectively Change Performance Management. The goal is to improve employee performance, attract and retain higher-quality talent, improve processes, and boost HR’s impact on business outcomes.

Taking Data-Driven Action

HRO Today

Today’s HR leaders are relying on analytics to drive forward HR strategy—but there are some hurdles to cross along the way. In fact, LinkedIn’s Global Recruiting Trends report indicates that 64 percent of today’s organizations use data at least occasionally and 79 percent are somewhat likely to take advantage of it in the next two years. Workforce planning (41 percent). Comparing talent metrics to competitors (31 percent).

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When People Analytics grows up

Analytics in HR

When People Analytics grows up it adds value. It’s so obvious that you don’t have to spend a lot of time explaining it (and if you really have to, refer to Josh Bersin’s paper “ People Analytics: Here with a Vengeance “). Once CHROs have had a top-notch People Analytics shop, they can’t imagine not having one. The Toddler People Analytics Team. Next, you clarify basic definitions and data sources (i.e.

Cloud-Based Data Management and Analytics for Employee Wellness and Business Survival

Visier - Talent Acquisition

How ready was your organization to provide people insights to leadership, HR, and managers during the COVID-19 pandemic? Data warehousing and the importance of providing business insight in a timely manner during the current COVID-19 crisis highlights the need for all data management teams to be able to react and adapt rapidly to serve the changing needs of the business. Data management agility to lead through change.