Workforce data helps business owners and investors make data-driven decisions. This data describes aspects of the business such as employee composition, hiring and attrition trends, predicted trajectories, etc. Workforce intelligence plays a large role in a company’s success; here are several areas it affects.
What Is Workforce Data?
Workforce data is the information that is collected by workforce intelligence. This is a specific program that gathers intel from public and private businesses. It shows a large array of records regarding workplace functions. This data turns into a universal HR (human resources) and investment database. This database contains much of the information you may need to understand the employee composition, history, and success trajectory of any company.
How Do You Use Workforce Intelligence for Data?
Workforce intelligence’s main purpose is to retract data from workplaces everywhere. Where does the data come from and what does it contribute to? Intelligence pulls data from a few different sources.
- It gathers professional profiles that are found online. This information includes dates of employment, companies worked for, different titles, and background education.
- It analyzes company job postings, including the postdates (beginning and end), and position descriptions.
- It gathers employee reviews, including both review scores and actual written reviews.
- It collects government data. The data may be global and domestic labor metrics, as well as immigration filings, data from the census, SS (social security) data, and voter registration data.
- It classifies and maps firmographic data or merged company relationships, allocating financial identifiers within each industry.
How Does Workforce Data Affect My Company/Investments?
Business owners or careful investors should dig through the workforce data. This data can help you achieve your business’s goals because it can give you a clear idea of the variables involved.
Workforce intelligence data helps businesses hire the right people. It does this by giving you insight into what potential employees look for in a company. This data will show where they are located (geographically) and if they are willing to relocate. The potential of these employees is also shown by giving you tools to advance their careers and be able to offer more than the competition.
The data brought in by workforce intelligence teaches you ways to maintain or improve business relationships. It helps improve workplace relationships by searching and finding issues that may arise with your team. When you are able to pinpoint these issues communication and overall efficacy will rise.
Another employee-specific way that workforce intelligence assists in is retaining them. The data that is retained can help you plan out the right amount of bonuses and when to give them. It will also help in scheduling the correct amount of raises per employee. This may seem like a small and simple way to keep employees, but when a business has happy employees, the better they succeed.
There are other ways that workforce data affects investors and companies that have nothing to do with employees. These functions can assist in maintaining overall proper workplace functioning. They can expose the core cause of issues your company may be facing and ways to fix them. Workforce intelligence can keep you up to date with the latest technology and whether or not it is worth investing in.
Your decision-making process will become more efficient because you’ll have a plethora of information regarding a diverse range of workplaces at your fingertips. This data can help reduce your costs as a business by evaluating your marketing plans, technology use, and resources. Workforce intelligence allows you to tailor your data to only the information you truly need.
Workforce Data: It Affects Everything
If your business isn’t taking advantage of the data that comes out of workforce intelligence, you are doing yourself a disservice. Every workforce intelligence group has its own ways of gathering information and keeping its consumers current on topics and trends. Find workforce data in high-quality places with raving reviews. It truly can affect every part of your business or investment.