Hrm 531 Week 1 Work Force Analysis

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Week Two Discussion Questions

1. What is workforce analytics and how would it benefit your organization?
Workforce analytics are sophisticated methods organizations can use to analyze employee data in order to enhance their competitive advantage. There are six kinds of analytics to manage the workforce, which include: 1. Human-Capital Facts 2. Analytical HR 3. Human-Capital Investment Analysis 4. Workforce Forecasts 5. Talent Value Model and 6. Talent Supply Chain. Human-Capital Facts help identify key indicators of an organization’s overall health. Analytical HR aid in identifying the units, departments or individuals that need attention. Human-Capital Investment Analysis help companies in identifying the actions that have the greatest impact on their business. Workforce Forecasts help organizations in predicting when more staff is needed as well as when to cut back on staff. Talent Value Model aid businesses in identifying the underlining cause(s) of why employees decide to stay or leave the company. Finally, Talent Supply Chain help organizations predict how their workforce needs will adapt to changes in the business environment.
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First, Analytical HR will help my company identify the individuals who are in need of extra attention to succeed in their jobs. Therefore, my organization can come up with a plan to help these employees who are struggling. Second, the Talent Value Model will help analyze the reasons of why employees decided to stay or leave. This will allow my organization to come up with a way of retaining employees. Overall, workforce analytics will be very beneficial to my organization in retaining employees, lowering costs as a result of retention, and improving methods for employees who need additional
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