With so much data available to companies today, there’s a lot of interest among leading organizations in leveraging it to better understand the contingent workforce. With the right technology and expertise in place, analytics can help organizations better understand what they’re spending, how they could be saving money, why trends are occurring and how they measure up to the competition.
The challenge for many organizations is to take their workforce data and reports and translate them Into actionable business intelligence that drives better results. To that end, we recently sat down with PRO Unlimited’s Senior VP of Strategy, Analytics and Metrics Dustin Burgess to discuss the state of workforce data and analytics, as well as some key areas in which organizations can use business intelligence to improve performance. (Listen to the podcast.)
Here are three of the many ways Dustin mentioned that workforce analytics can help organizations:
Overpaying for contingent labor can negatively affect margins and profits, while underpaying can result in increased turnover and a loss of talent. Yet many organizations lack the visibility and reporting tools to understand where they fall in this area.
On the other hand, leading-edge analytics tools can empower hiring managers with accurate market intel at the point of decision, providing helpful information on savings opportunities they might realize by adjusting required skillsets, job location and more.
Organizations can ill-afford to see good people walk out the door. Understanding why these workers are leaving is imperative so companies can refine their business practices and potentially tweak a policy here or there to ensure they’re reducing turnover.
Pulling in both internal and external data sources can help organizations better understand worker satisfaction. Furthermore, by drilling into voluntary terminations, companies can gain insights into why people are leaving assignment early. Would a shift in pay rate or benefits drive a significant increase in retention? Are there correlations between hiring managers and people leaving?
Figuring out ways to reduce time to fill is difficult because there are so many different steps that go into hiring someone for a position, each of which can’t typically start until the prior one finishes. To make matters more challenging, there are often lots of stakeholders involved – MSPs, staffing suppliers, hiring managers, etc. And to further muddy the waters, every organization usually has unique hiring processes.
The best workforce analytics tools, such as PRO’s Wand Discovery, reflect each organization’s specific processes, help them understand hiring manager behavior, and suggest best practices they might employ. Small tweaks early in the process might have a large impact on speeding up time to fill.
Interested in learning more about how workforce analytics and business intelligence can help your organization? These resources can help:
1) Podcast: “4 Key Workforce Questions Wand’s Business Intelligence Can Help Answer”
2) Data Sheet: “Using Reporting and Analytics to Improve Contingent Workforce Management”
3) White Paper: “Analytics and Contingent Workforce Management: 7 Real-World Success Stories”
If you’d like to learn more about how PRO is helping organizations implement winning contingent workforce programs globally, please contact a PRO representative at 800.291.1099 or email at firstname.lastname@example.org.
Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of PRO Unlimited and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.