27 Jul Saving Employees by Saving Data: How Big Data Analytics is Transforming the Workforce
Can data analytics help companies save and transform their workforce without downsizing the organization? Lets find out!!
So, what is data analytics?
It’s a new way of looking at data that helps to better understand and predict consumer behavior. Data Analytics is an exciting field with many opportunities for growth in the profession, but it also has some drawbacks.
In this blog post, we will discuss how big data analytics is transforming the workforce and saving employees by saving data!
Hiring a Data Driven Analyst
Hiring an analyst can be very beneficial to your company. An analyst will help you find creative ways to better organize data, and they will also help you identify trends that may not have been obvious before. This intelligence is beneficial to leaders or managers to defend decisions to avoid downsizing.
Data analytics holds the key to workforce management
Data is the future; data saves employees and data saves your workforce.
Data analytics can help prevent downsizing by identifying trends in data before they become too big of a problem to handle without workers. And this isn’t just for companies with an excess of data!
Data Analytics has many benefits like being able to find creative ways to better organize data and identify trends which might not have been obvious before.
This intelligence could be used on any size organization or industry.
Data analytics not downsizing workforce metrics solves the burning issue of company layoffs, especially as a result of covid 19.
A strong workforce with determined management should work towards avoiding layoffs and business setbacks at all costs. For example:
One company recently used data analytics to stop its downsizing process. The company had been downsizing for the past 10 years, and in that time, they had reduced their workforce by 50%.
They were at risk of stopping production if they continued with this trend, so management decided to use data analytics to find a solution. Data was collected from every division and analyzed for two months before any decisions were made.
This helped the organization identify the areas where employee resources were lacking and helped put in place policies to retain them both in the short-term and long-term. By using data analytics, the company found success and value in retaining employees and their talent, while still running efficiently as a business. Demonstrating, that an effective employee retention strategy not only promotes employee engagement but also provides financial benefits which can also contribute positively to the bottom line.
Why are layoffs ineffective?
Between 2000 and 2008 nearly 880,000 new workers lost between 1.26 million of their jobs in the USA alone. The survey finds that 65% of businesses laid off between 2008 and 2011 at the recession and its aftermath. After the layoff workers witnessed a 41% decrease in job satisfaction a 36% decline in organizational commitment and a 20% drop in job performance.
Wow!! We can all agree that layoffs cause more problems than they solve. Quality and security suffer while innovation declines despite being so relevant.
However, if layoffs are inevitable…
Analytics can reduce the collateral damage of layoffs
Businesses can now rely on analytics to gather real-life insight. In a talent management domain this allows hard-hitting interventions including lay-offs to be less painful. Layoffs often have consequences for the corporate reputation and can cause collateral harm when employees are removed from jobs.
Proactive analytics can play a valuable role in understanding business challenges that need layoffs and prepare companies for data-driven decisions that could make them ‘bearable’. Analytical data has the potential to ‘rewire’ organizations. On the surface it makes layoffs manageable.
How do I motivate the survivors of downsizing?
Leadership is essential in sustaining employee engagement in a reduction crisis. Those shedding their jobs, experienced a 20% productivity decline. Disengagement can be contagious according to research, showing that while workers work in organizations they catch “each other’s” feelings.
Leadership support and internal communication are vital to supporting your employees and their team throughout this period, it is essential to keep your organization and may even inspire changes for your company.
Whatever your case may be Incus Services can help.
If you’re a data novice, start or looking to get the most out of your existing data management, get into contact with them about their workshop or specific services that are tailor made for your organization.
But the workshop is just the beginning. Consulting with Incus Services as part of your data improvement drive can make the difference between being a leading organization or falling behind the competition.
Incus Services can work closely with your organization to help your data talk to you and offer key insights. It is our objective to provide businesses with the machine learning and artificial intelligence strategies that they need to succeed.
Aren’t you ready to take your business to the next level? Why wait another moment to lead and explore your sector through technology and digital transformation?