Answer the Tough Questions with Boardroom-Ready Workforce Analytics
Are we prepared enough to face greater competition?
How will we foster the next generation of leaders in our company?
Do we have the right talent in place to support our strategic goals?
Are these the questions that keep you up at night? They are for the CEOs and senior management teams looking for growth opportunities in 2013.
As we all know, CEOs are tasked with steering the ship and building the bottom line. They can do this either through capturing more share in existing markets, or growth into new markets through new products, acquisitions or strategic alliances. Talent availability is a key area of focus as CEOs look for ways to grow the business. In fact, in PWC’s 16th Annual Global CEO Survey 2013, more than half of the CEOs stated that availability of key skills is a potential threat to their growth in 2013. In addition, 18% said they are prepared to make major changes to their talent management strategies this year.
In our recent workbook, “Key HR Metrics and Their Bottomline Impact,” we share how to drive these strategic business decisions related to growth and talent mobility using boardroom-ready analytics that identify trends, visualize talent needs and support the strategic direction of your organization.
We start with identifying which metrics matter the most in workforce analysis. While automated systems and HRIS solutions provide a plethora of information, CEOs and senior leaders need only to focus on a few metrics the right metrics - that, when analyzed, can expose the root cause of problems or barriers that exist. These metrics can reveal issues like loss of high performers, increase in absentee rates and lack of workforce control costs.
Once these metrics are identified, CEOs can use this information to gain a clearer picture of the following issues and make boardroom decisions that focus on:
Monitoring talent movement in support of business goals
Analytics can track the current supply of talent as well as identify the talent gaps when comparing the current pool to the future needs based on the organization’s strategic goals. Tracking talent movement can also help organizations to identify career paths and understand the placement of talent throughout the organization, as well as determine future hiring goals.
Providing transparency and accountability among managers and leaders
Comparison of key metrics by hierarchy or specific cohorts can be used to identify issues like high turnover, talent gaps and ability to meet key performance indicators. It sets a level of accountability among leaders and detects blockers that are impeding organizational growth. This data visibility also provides a level of transparency within the organization, so that leaders and managers can better align their responsibilities with the strategic goals.
Identifying and developing leaders to support your business in the future
Access to key data is vital to identifying the high potential candidates that can lead your organization in the future. These candidates should be carefully selected based on specific skill sets. In addition, their movement to various roles should be monitored throughout their career at the organization so that they received the experience and training needed to prepare them for future leadership roles.
Boardroom-ready analytics will help you make critical strategic decisions by answering these key questions: What's going on in the organization? What action should we take? Did this action impact our goal?