Workforce Analytics- An Effective Solution for HR Activities

19 November 2020: Analytics allow the management and control of numerous features of workforce and help maintain employees’ information from the date of joining to the date of leaving. Workforce analytics include HR activities such as scheduling and staffing, time and attendance, employee benchmarking, and performance management, along with other core HR responsibilities. It also assists in improving the output of HR staff by offering self-service web interfaces. The workforce analytics not only permits businesses to access and manage their employee details effectually on a real time basis but also offers meaningful insights that allow smooth functioning of the organization. 

BFSI Application to be a Prominent Sector for Workforce Analytics

On the basis of application, the workforce analytics market is classified into IT and telecommunication, manufacturing, Banking Financial Services and Insurance (BFSI), healthcare, aerospace and defense, retail, etc. The BFSI segment is anticipated to be one of the prominent sectors for the market over the forthcoming period. The development of financial and banking services is expected to be catalyzed by end-to-end computerization. Given the increasing use and acceptance of workforce analytics, organizations receive personalized and fast solutions related to human capital on a real-time basis.

The growing proliferation of online business solutions as well as customer relationship management (CRM) and e-commerce transactions, in addition to an improved number of users, is anticipated to drive the demand for the market in the retail sector. The developing online communication that equally access retailers and consumers on a stable basis is creating, even more, data for dealers to store. Workforce analytics understands both structured and unstructured data, such as images and videos, and also understands and reasons the way humans do through senses, learning, and experience. In addition, establishments are encouraging investments in the healthcare sector in a bid to digitize and modernize the industry workforce and infrastructure. 

Market Insights 

Leading players effective in the workforce analytics market are Tableau Software.; ADP LLC; SAP Se; IBM Corporation; Genpact Ltd.; Kronos Inc.; PeopleSreme Pty. Ltd.; and Oracle Corporation; among others. These companies are involved in research and development activities to advance products compliance with the standards mandated by government establishments. Strategic partnership and investment are estimated to be the most effective way to gain quick access to the developing markets.