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Labor cost optimization using data analysis.
The right data would mean finding the best approach to manage a person based on their skillset and place in their career to match them with the best opportunities within an Organization. I think it’s fairly safe to say that if people enjoy what they do, they will be more productive, motivated and generate better long-term results for their employers. The right data would help define what employees do enjoy about their work situation – how many hours they work, when they work, the predictability and stability of the hours they work, work that includes the activities they want to perform and skills they want to build, all go into job satisfaction. So a comprehensive approach to aligning people to what they most enjoy and are suited for would be the boldest data-science creation. – Anupama Desai, CEO EzDataMunch
- HR would be able to forecast how pay policies and schedules are driving labor cost, productivity and revenue.
- People drive the business and the bottom line and having a clearer picture of how compensation motivates workers
- How schedules drive attendance, recruitment and retention would enable them to position workers based on schedule fit, worker skills and cost.
- They would also help managers influence the daily situations where pay policy and work opportunity converge and potentially inflate labor spending or upset employees.
HR leadership needs to be willing to go beyond superficial changes and have the courage to fundamentally change how their organization operates. Systems, processes and policies may need to be completely abandoned in the new world of work. HR needs to accept that behavior will be changed most effectively when predictive analytics are used to their full potential. Resist the temptation to do what you know, embrace disruption and recognize where you do not have sufficient skills.
Find out more by registering for our webinar on “Labor cost optimization using data analysis” where our Head of solutions – Milan Desai, talks about how companies can optimize their labor cost, drive performance and employee satisfaction by a data driven approach.