Even in this contemporary era, gaps prevail in the marketplace when it comes to the human aspect of human resources technology and analytics. Most often, providers are caught up with metrics, internal performance figures, and cost associated with people, which are not favorable for high-end strategies or the candidate’s job search process.
“Presently, the entire premise behind the staffing industry is a reaction to decisions that were taken without the right data.”
While using tools and web applications for online job searches, most candidates enter a keyword to receive information about a particular job. Unfortunately, they are bogged down with too many irrelevant options and job opportunities available in various fields, which is a diversion from their original requirement and results in a negative experience. Keeping all this in mind, we developed the ‘Total Workforce Index™’ (TWI), which is capable of observing the market conditions outside the business process that has a direct impact on the candidate or on the hiring process. These and other innovative tools have the potential to augment the value of HR technology and HR analytics.
Total Workforce Index™
We developed our comprehensive workforce analysis tool, after identifying 92 different data points within the market data that are indicators related to workforce viability and hiring activity across 75 different countries. All these depend on the availability of talent, the cost of engaging the talent, and productivity that can be harnessed from that talent. Further, within these datasets, the workforce is broken down into permanent or contingent workforce. Contingent workforce is divided into formally contracted and informally contracted.
Unlike other players in the industry who consider the workforce in its totality, we split it down across 75 countries and markets. This helps us to expand our central customer service strategies and alter it according to the geographical locations and needs, providing a holistic perspective for HR and business strategies.
The trends we feature in our tool to examine global workforce strategies are relatively new to most organizations. Global workforce programs that are now becoming the norm require a different level of visibility, but numerous organizations make decisions based on their own data, their customer data or on available metrics. This might not result in the best decisions and hence it is necessary to rely on tools akin to the Total Workforce Index™.
Points to Remember
With regard to the value of the Total Workforce Index™, I constantly remind our clients that they are trying to answer questions in a reactive way. Presently, the entire premise behind the staffing industry is a reaction to decisions that were taken without the right data. The staffing relationship with clients is driven by the client’s decision to expand into a market or having to ramp up hiring in a particular location. However, later on, leaders identify the negative aspects of not finding enough talent or the cost being too high. Our organization is able to proactively circumvent that and help our clients to make the right decisions. We assist them in observing all of the aspects in their workforce strategy.
We should ensure that the human resources strategy and the hiring strategies are tied to the business strategy. This is what the Total Workforce Index™ provides; it aides to transcend HR analytics and elevates it to a business strategy tool as opposed to just a HR strategy tool. As mentioned earlier, we possess 92 data points across 75 countries and markets. Each data point can be uniquely weighted depending on the strategic priorities of business. For example, ‘English proficiency’ may not be more important than the ‘literacy rate’ as a requirement for some companies. By leveraging information from the data points, we are able to provide a customized index for our clients from our interactive tool. They receive a version of the report that enables them to have a more productive strategy session for their business needs.
Latest Trends on the Horizon
As the passion and enthusiasm for machine learning and automation increases, organizations not only rely on vendors that can enhance their hiring strategy but they have started looking internally to figure out what type of leaders are required and what type of skills are essential to capitalize on these technologies to achieve the objectives for a promising future.
Predictive analytics is another promising technology, which has become more of a buzz word than a strategy in the HR sector. Predictive analytics help to observe datasets by leveraging technology, making use of market insights and aide in comparing how organizations have reacted to external factors before to predetermine how they will react in future. All these can be done with ease by embracing the latest trends in HR analytics and HR technology that we have today.
Staying Ahead of the Competition
Having played various roles in my career path from human resources to management consultancy and marketing strategy, I made it a point to build on the qualities imbibed from my previous roles. To lead the organization and be the best player in the industry, we should be willing to move forward and be committed to what our profession requires. Additionally, if you are planning to expand, it is important to consider the entire business rather than just a single part. Leaders should know the value of data and how to harness it to benefit the organization. They should make it a priority to understand the data and be open to new information.