11 Aug, 2022by Team Included
Workforce analytics is an invaluable tool in your quest to make diversity, equity, and inclusion (DEI) improvements in your company. Unfortunately, many businesses are not using workforce analytics tools to their full potential. Workforce analytics software can help you track that data and refine your goals and strategies using objective, verifiable information.
Read on to learn how workforce analytics can help boost your team’s performance, improve your DEI metrics, and transform your workplace culture for the better.
Before you can start tracking workforce analytics, it’s essential to understand what they are and how they can help you build stronger teams. Workforce analytics provide insights from your data at a granular and employee-level, as well as a holistic view of your entire workforce, which helps you to track patterns, weaknesses, and goals easily. For example, workforce analytics software gathers data for employee engagement, skills and diversity gaps, flight risks, and retention rates. It can also enable you to visualize how you compare to similar companies.
Using workforce analytics can help you make informed assessments about DEI initiatives and your hiring process, retention rates, productivity management, and more. As a result, workforce analytics software can give you deeper insight into your company as a whole.
An overwhelming 76% of current employees and job candidates say a company’s commitment to DEI is a top priority during their job search or when evaluating job offers. In addition, workforce analytics can help you spot trouble areas such as diversity gaps leading to a more inclusive workplace.
The same survey shows that almost half of Black and Hispanic employees and job candidates have left a job after experiencing discrimination or witnessing someone else being discriminated against. Workforce analytics can provide insights into these trends by tracking attrition rates to help you identify regrettable attrition by demographic group. Workforce analytics software can also store and organize HR documents like exit interviews, employee complaints, and performance reviews, highlighting areas where discrimination may occur.
Inclusive workplaces help your existing employees feel more comfortable and productive. High retention enables smooth businesses operations. Plus, when your business has a reputation for inclusivity, you will attract a more diverse hiring pool.
Workforce analytics can help highlight areas where your hiring process is underperforming in identifying, attracting, or hiring a diverse workforce. In addition, being transparent about DEI goals and commitments can help attract diverse hires, but it’s much more important to enact valuable, meaningful changes in the first place.
Meaningful change requires meaningful data, and workforce analytics software can help you gather, store, and track data such as hiring rates and diversity among applicants. You can use insights from that data to craft a DEI policy that will increase workplace diversity, equity, and inclusion. Attracting a more diverse candidate pool will eventually lead to better DEI outcomes — helping you to meet your DEI commitments.
In addition to improving your DEI metrics, workforce analytics can help your business thrive. In a labor market increasingly subject to “The Great Resignation,” talent retention is more important than ever — and improving your DEI performance can directly impact employee retention.
Over 70% of Black and Hispanic employees believe their employer should be doing more to improve diversity, meaning that companies who aren’t investing in workforce analytics to improve their DEI metrics risk losing talented employees.
Research shows that businesses with improved DEI can better represent their customers, solve problems faster, and boost employee productivity. Workforce analytics enable you to track and enhance your DEI efforts, set realistic goals, and measure the results for meaningful change.
Workforce analytics can encompass a wide variety of data, from employee retention and experience to recruitment and talent management. Included, a dedicated DEI and people analytics platform can help you improve your DEI efforts throughout the entire employee lifecycle.
Here are just a few of Included’s workforce analytics features that can reform your internal processes and increase DEI.
Included’s RecruitRight™ 360 DEI Guidance generates DEI Reports across your hiring funnel to help you set hiring goals, track your DEI progress, and recommend ways to meet those goals. In addition, Included’s bias detection engine can help you see where and why each demographic group leaves your hiring funnel.
With EquityDetection, Included not only locates equity gaps but also determines the causes to help you apply solutions to improve. It can help identify which sources yield the best candidates to keep your hiring pool diverse.
Included can help you match current and previous candidates with roles where they might be a good fit. This helps ensure that talented, diverse candidates don’t disappear from your talent pool after they were screened for a previous role. The platform also shows you where and why each demographic group leaves your hiring funnel qualified so that you can take action to remedy your processes.
Workforce analytics is essential to growing your business, creating goals, and measuring those goals’ progress. Workforce analytics software is invaluable in gathering, analyzing, and synthesizing your workforce data into insights that can help increase your company’s DEI and boost your business. Embracing data transparency shifts your culture and builds trust with employees. With those results, you can increase productivity and diversity while future-proofing your business.
Ready to start your workforce analytics software journey? Get in touch with Included to schedule your free demo today!
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