Use the Future to Your Advantage: Predictive Analytics in Workforce Management
Getting ahead in business often starts from within. You can use all the metrics and tools in the world to measure fluctuations in the industry around you, but observations you make internally can spark actions that make your business outperform the rest. Kronos was an earlier innovator in predicting and forecasting, incorporating these practices over 15 years ago, before most other major providers of HCM solutions.
It's no surprise to us that Kronos was recognized as a high performer for predictive capabilities in a recent HfS Research report, excelling in Innovation and Execution. Just as these capabilities are continuing to evolve and expand, businesses are still early into adopting predictive practices, but there are five key areas that Kronos Workforce Analytics can already make strong, actionable insights for earning continued gains from better management and workforce performance.
1. Forecasting / Scheduling / Costing Labor
Predictive analytics can help optimize staffing levels based on traffic trends and projected need for better cost to profit ratios. This is especially helpful in industries with nontraditional schedules.
2. Strategic Workforce Planning
Workforce analytics can help determine opportunities for adding talent to aid balance and performance for existing staff (preventing overwork or increasing schedule flexibility).
3. HCM Factors Linked to Business Performance
Kronos has an impressive ability to tie labor deployment and scheduling to profits like retail sales or service delivery like in healthcare (e.g., the measurable financial cost of poor performance from fatigue).
4. Compliance and Safety Risks
From protecting against breach of labor regulations to preventing employee fatigue, Workforce Analytics primes managers with crucial alerts to take appropriate action.
5. Talent Acquisition (Best Fit, Top Talent)
Want to know how prospective talent will influence performance? Workforce Analytics can help identify candidates with high contribution potential.
These are just the beginning of how predictive analytics in Kronos are making waves for customers, and more capabilities are in the works. If you'd like to learn more about what predictive workforce analytics can do for your company's performance and competitiveness, we're happy to discuss - contact us today.