HR analytics and work force planning needs are increasing by the second. It is a finance-led process for majority of companies and is focused primarily on managing the employee headcount to budget and ensure there are no cost overruns. New data shows that many companies can not their business goals due to lack of workforce planning or no workforce planning at all. These talent gaps lead to losing out on great business opportunities. Many activities fall under the category of HR analytics and workforce planning, such as:
Forecasting tools and past trends help businesses make more accurate predictions and workforce plans that increase the efficiency and effectiveness of the company. HR analytics and work force planning also helps companies recognize their training needs with minimum over or under spending on it.
The tools can also help managers observe and understand the working style of the most productive and best performing employees to see what is it that they are doing differently from the rest. The insights from this discovery can be incorporated in the agenda of the upcoming training sessions planned by the company. This allows already tried and trusted tricks being conveyed to the work force rather than some tools that might or might not be effective to achieve the set targets. The HR analytics and work force planning tools can also help set minimum and maximum acceptable results using information regarding the characteristics of the employees responsible for achieving the target(s).