Making Your Workforce Analytics Data Work Harder

By: Brian Salkowski – Bartech Managed Services

Social Media - Word Cloud Text

Data by Itself Is Little More than Noise; Make Your Data Sing!

Rearview mirrors identify potential hazards approaching from behind. Windshields are not only far bigger; they provide a clear view of where you are going. If you are a contingent workforce program manager, it’s likely you have sat through numerous business reviews in which your managed service provider (MSP) shared tons of data, giving you unprecedented visibility into your contingent workforce program. As valuable as it is to understand your contingent workforce from a historical perspective, there is even more value in knowing what the future holds. If you can use the data you collect to drive decisions for your organization, you will have a greater competitive talent advantage.

Moving Your Contingent Workforce Program Forward

While new contingent workforce program managers are happy to get data for the first time, more mature programs offer an opportunity to capitalize on all the available historical data to drive decision making. If knowledge is power, the benefits of contingent workforce analytics are vast and can drive program innovation. It can help you make prescriptive statements about what is likely to happen in the future and why. The advent of data analytics, employing leading-edge predictive algorithms, is making it possible to uncover new intelligence about the current workforce and future requirements. Not only does this help a company hire and retain the right resources at the right prices, but it also facilitates the identification of program improvements that can be made in current workforce programs based on actual data and results.

Explore the Possibilities with Workforce Analytics

Mine your data to understand root causes and make predictions about where issues are most probable to surface in the future. You can determine, for example, where turnover risk is highest and then build retention strategies for those locations most at risk. Examining a data point such as time to proficiency can help you structure assignment length for peak proficiency. If engagement is most vulnerable at the six-month mark, is it most acute in a certain skill set or pay rate? Can you use that information to adjust the career ladder? Think of the money saved by proactive vs. reactive decision making, supported by historical data. VMS technology offers an almost infinite amount of data that can be tracked and used to uncover issues and potential solutions that were virtually impossible to see in the past.

Empower Contingent Workforce Planning with Workforce Analytics

Work with your MSP as a strategic workforce partner to assess risks and uncover opportunities. Your MSP partner can take your data (data that is already captured as part of your program) and drill it down to a more granular level. It can then match your program data to external sources to assess your position in the market. Looking at multi-client aggregate data, industry benchmarks, government databases and market trends – it can scan the competitive landscape for key indicators, such as labor supply, rates, geographic markers, etc. By analyzing your data with an eye to the future, your MSP partner can help you move your firm forward. It can identify the best position in the market to capture the talent you need to grow and deploy it most effectively for the greatest advantage.