Workforce data strongly indicate how well a business is doing. With so many moving parts, this data has a history of being difficult to analyze. Modern workforce intelligence software is streamlined and simplified, making the data more accessible than ever before. This allows employers, employees, and investors to understand the true inner workings of a given organization.
With workforce software, you’ll have real-time, visual access to data on company composition, hiring and attrition rates, industry skills and transition trends, and so much more.
Workforce composition describes the people involved in a business. It includes demographic, socioeconomic, and experience-level data. Knowing the details of the employees involved in a business can help investors, employers, and prospective employees better understand the dynamics of the workforce.
For example, data on the demographic composition of a company could indicate that the majority of current employees are middle-aged. The employer could then shift recruiting efforts to target college-aged applicants for a better balance of experience in the work environment. This data could also indicate an opportunity for employee mentorship, as older employees tend to have valuable experience that could benefit younger recruits.
The same principles could extend toward disability inclusion, team cohesion, socioeconomic outreach, etc. Understanding the dynamics of a specific workforce allows management, HR, and recruiting departments to better meet the needs of their employees. The goal is to create a workplace focused on supporting employee development and job satisfaction. This in turn can impact the company’s performance and growth.
Hiring & Attrition Trends
Workforce intelligence software can also display a business’s hiring and attrition trends. Attrition is measured by the departure of employees from a company, both voluntary and involuntary. This is also known as the rate of turnover, and it is a useful indication of how well a business retains its talent over time.
A low rate of attrition typically indicates that an organization is fairly stable. A high attrition rate could indicate that there are underlying issues causing employee dissatisfaction and departure.
Clear visualization of these hard numbers can guide employers in their retention efforts and recruitment strategies. It can also show potential investors whether a company is consistently stable, to the degree that its hiring rates counterbalance its attrition rates. For prospective employees, this data could help encourage or discourage application for available positions at the company.
This data informs HR departments how long employees typically remain with the company, which positions have high turnover rates, what reasons are commonly stated for departure, etc. With this information, businesses can more efficiently focus efforts on important areas of improvement.
Industry Skills and Transition Trends
A particularly useful element of workforce intelligence software is the data on top industry skills. These charts display the top five skills favored by a given company. By analyzing job listings and associated skills, employers can explore the changes in hiring demand. Job seekers can also research the top industry skills at their company of choice and then tailor or compare their resumes for matches.
For example, the top five desirable skill sets exhibited by employees at Amazon are Microsoft Office, management leadership/strategic planning, web development, project management, and research. Applicants with experience in any or multiple of these areas can then focus on leveraging those skills during the application and interview processes. Employers at Amazon can analyze these skills for a deeper understanding of the current labor market.
Workforce software can also display the most commonly favored skills that are non-industry related, as well as career transition trends. For instance, medical representatives have often transitioned from careers as receptionists. Non-medical skills, such as Microsoft Office, customer service, and public speaking, are favored among applications for medical rep positions. An applicant could then showcase those skills if seeking a position as a medical rep, or an employer could filter their searches based on applicants with or receptionist experience.
The same data principles translate across a variety of fields, with employers and employees utilizing common jobs or origin and desirable skill sets to recruit or transition from one career to another.
Geography, Gender, & Ethnicity
Workforce intelligence data can display a company’s geographic composition. This serves as a comprehensive summary of current employees by country and percentage. For example, most of the employees for Chase Bank are either from North America or South Asia. Chase recently used this data to focus on advancing racial equity within the company, dedicating $30 billion to their international recruiting efforts. This involved targeting their outreach toward countries with a lower percentage of Chase employees.
With workforce software, business owners can also view the gender and ethnicity data of their employees as a whole. Individuals’ information remains anonymous, but this information can help employers and investors analyze the dynamics of the workplace. It could also give social impact investors a clearer idea of which businesses to support.
Many researchers and industry-leading businesses assert that a diverse workplace is more likely to increase profitability and retention. Diverse workplaces are also associated with easier access to resources, greater amounts of information, and more extensive industry knowledge. Gender and ethnicity data could then motivate business owners to cultivate a more diverse workplace. It could also help potential employees consider how compatible they may feel with a company’s current culture.
Using Workforce Intelligence Software
The data offered by workforce software extends beyond company composition and hiring trends. It also includes information on offshoring, macro trends, competitors, and so much more. Whether you’re a business owner, investor, or employee, workforce intelligence software can transform your professional world. With real-time data at your fingertips, you can have a sophisticated understanding of almost any industry. This software can empower you to meet your goals by making data-driven decisions. Find a workforce intelligence software service today and request a demo to learn more about how this data can improve your business or career.
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