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Workforce Analytics

Powerful Data Science Tools and Techniques Put Business Intelligence at Your Fingertips

Contingent workforce management (CWM) is not easy, especially in a global enterprise. You are engaging workers and contractors from a growing number of sources and the complexity will only increase.

With ever more data at our disposal, it is understandable that some CWM program managers feel overwhelmed by the idea of using metrics and analytics as a business tool. But what if you could get measurable results from data, without a lot of stress? Imagine harnessing Big Data and being able to analyze present and future labor requirements, segment your workforce, and gauge internal and external labor markets. How could the resulting business intelligence (BI) position your organization for success?


 

Too many contingent workforce programs rely on guesswork


Few companies have the tools or the skills to perform the analysis needed to make sense of their existing workforce data: Which staffing suppliers provide qualified candidates fastest? Which categories of non-employee worker rate highest for performance quality? Do contractors operating on a time-and materials basis outperform fixed-price, statement of work (SOW) based contractors?

Beeline’s vendor management system (VMS) incorporates powerful visualization, analysis, and reporting tools to turn
this workforce data into actionable insight for making better workforce management decisions.

Workforce Analytics image
Workforce Analytics Image

Use big data to move confidently into the future


Analyzing existing program data and past performance is a big step forward, but to engage in
predictive workforce analysis, your need BI tools that can deal with Big Data such as Brightfield Strategies’ Talent Data Exchange
(TDX) contingent worker market rates, which are continuously updated and based on location, length of assignment, level of seniority, and other important variables.

Other applications of Big Data analysis include examining the factors that determine the most
successful candidates for contingent staffing assignments and comparisons of industry-wide job titles, job descriptions, and job skills and
competencies with hiring success rates in order to craft job descriptions to engage the best possible candidates.

Cases like these, involving myriad factors or huge data sets, are only solvable through the use of AI. That is why Beeline is advancing the use of data science and AI capabilities into our workforce analytics toolkit.

How to use workforce data in your extended workforce program

Once you develop the process and capabilities for converting Big Data into useful and actionable intelligence, you can
use data analytics to build a talent strategy to make your company more agile and turn your workforce into a
competitive differentiator. There is a lot at stake. Michael Capone, Chief Information Officer at Automatic Data Processing, Inc. says, “The companies that leverage workforce analytics effectively will win the war for talent.”

Integrate your tools and processes

When you use a hodgepodge of tools and solutions, you add barriers to retrieving and sharing information. You have to integrate your tools to understand where your information is located and make sure the right people in organization can access that information. For example, a strong vendor management system (VMS) that can deliver real-time data should be part of any successful contingent programs.

Do not simply look back

In addition to analyzing your program’s past performance – to understand what has happened – you need to be able to engage in predictive workforce analysis – to understand what will happen. Once you have harnessed Big Data, use your data to analyze current and future human capital requirements. You should be able to optimize your workforce to create the best mix of employee and non-employee labor to achieve desired results.

Look at the big picture

Analytics allow us to spot geographic and demographic shifts before we otherwise might, as decisions to hire in a specific location or for remote workers happen daily and rates change quickly and often. Detailed analytics are useful for seeing more than the immediate challenges facing the organization.

Recognize the business case

Data-based decision making makes sense. Properly leveraging analytics lets you budget better for the future and gauge future spending. Whether you are tracking SOW-based projects and services or managing temporary labor, an effective framework for managing data provides increased visibility into your spend and your labor deployment. You will also be able to easily track headcount, spend, and cycle time.

Use business metrics, not HR or procurement metrics

According to Christopher Dwyer, “The true effectiveness of SOW-based projects, services and contractors can only be measured by leveraging analytics to understand how these items stack up against pre-defined (and communicated) goals, objectives, milestones, and delivery dates.” Align metrics with your business’s strategic goals. Although organizations task HR with human capital management, it is the business, not human resources, that is ultimately responsible for talent management.

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Contact us today to learn how Beeline’s Workforce Analytics can help improve your business processes.