Return on investment (ROI) used to apply solely to profit and loss of an activity or project. But in today’s digital age, ROI is often discussed amongst areas that used to be hard to measure. For example, can you effectively measure how your talented staff directly impacts business performance? Maybe you’ve been in one of these scenarios recently:
- One of your business locations is performing better than all the rest, but you lack the insight into seeing how you could mirror their performance across the rest of your locations.
- As the director of finance, you want to understand how annual labor spend is distributed across all locations and departments so you can set an accurate budget, but you currently don’t have the data to make those projects work.
Kronos Incorporated and analytic.li have introduced a new suite of analytics dashboards for the Kronos Workforce Ready human capital management (HCM) cloud platform that empowers organizations to visualize and communicate how workforce talent directly impacts business performance. The best practices dashboards leverage data from both within and outside of Workforce Ready and simplify the effort and investment traditionally associated with launching an analytics program.
The analytic.li solution for Kronos analyzes the extensive human resources, workforce management, and payroll data available from Workforce Ready within the context of additional, critical business information from outside the platform.
By supplementing Workforce Ready’s rich data set with additional data points such as financial performance, organizations move from transactional HCM data reporting to measuring strategic outcomes based on proven best practices. This helps to communicate a highly visual picture of business performance while keeping people at the center of important organizational decisions.
“Organizations leveraging Kronos Workforce Ready today have access to high-quality reporting tools that allow people managers to draw HR, workforce management, and payroll data from its single database to support real-time, evidence-based decision-making,” said Bob DelPonte, vice president and general manager, Workforce Ready Group at Kronos. “Through the addition of analytic.li, HR, finance, and even executive leadership will add a powerful new tool to combine HCM data with other business measurements to quickly and clearly communicate the health of the business, where it is trending, and what can be done to achieve future success.”
Aside from business success and operations-focused dashboards, Workforce Ready and analytic.li make it easier for organizations to keep their finger on the pulse of employee engagement, ensuring they are attracting, retaining, and developing the most engaged workforce possible. This includes:
- Helping organizations understand if their compensation strategy is fair and analyzing if it incentivizes behaviors that drive positive business outcomes. For example, a cross-functional committee from HR, finance, and operations for a large network of hospitals can evaluate the
impact of a new bonus program on turnover and tenure at the department level to identify correlation to employee performance and engagement.
- Providing a deeper understanding of the demographic and geographic distribution of a workforce, including talent gaps, department-level views of generational breakdowns, and additional trends impacting tenure, turnover, and engagement. This allows a manufacturer or distributor to identify if a spike in turnover is caused by an engagement challenge or an aging workforce reaching retirement so programs can be put in place to prevent churn or train existing employees on new skills.
- Supporting HR departments that must keep the recruiting process at an efficient level by providing at-a-glance insights into their complete talent picture, allowing them to quickly drill down to see which talent sources provide the most successful candidates and maximize return on investment while identifying which managers receive the best acceptance rates on extended offers.
“Data-driven and people-driven workforce decisions are not at odds. They’re far more powerful when used together, which is why organizations need a tool that will deliver evidence-based measurement of HCM strategies on the organization,” said Jana Fuelberth, president and co-founder, analytic.li. “Kronos and analytic.li keep people at the center of every decision, helping to turn information into insights, and insights into impact.”
Click here to learn more about the Kronos Workforce Ready Solution and their partnership with analytic.li.