Teams in HR utilize Planning Analytics (TM1) for better workforce management.
In today’s competitive job market, effective workforce management is essential to gain a competitive advantage. The HR team’s primary task is to swiftly and effectively identify new requirements and employee needs and incorporate them into planning. This is crucial if we want to retain key employees within our organization. Defining objectives and continuously comparing them with the current data stream, generated, for example, from sales tools, is a fundamental task for the HR team. IBM Planning Analytics comes to the rescue by streamlining HR processes and creating budget planning forecasts for the future.
Forecasting and Planning
Planning Analytics can be an invaluable tool in forecasting and planning workforce needs. By analyzing historical data related to employee turnover, organizational growth, and changes in team structures, HR can develop more accurate forecasts for workforce requirements. This knowledge enables appropriate responses to the demand for new employees, avoiding shortages or surpluses of human resources.
Optimizing Recruitment Processes
The HR department can utilize Planning Analytics to optimize recruitment processes. By analyzing the effectiveness of various recruitment sources, the efficiency of different candidate acquisition channels, and forecasting hiring times, the recruitment strategy can be optimized. This saves time and costs associated with recruitment and improves the quality of new employee selection.
Monitoring and Analyzing Employee Performance
Planning Analytics enables detailed analysis of employee performance. With properly configured key performance indicators, HR can assess and compare employee performance, identify talents, and recognize areas requiring support and training. This information leads to a better understanding of team and individual performance, facilitating improvement actions.
Development and Training Planning
Through advanced data analysis, Planning Analytics can help identify training needs within the organization. Analyzing competency gaps within teams allows better alignment of training with employee needs, thereby contributing to skill and knowledge development within the organization.
Turnover Analysis and Retention Strategy
High employee turnover can be costly for an organization. Planning Analytics can assist in identifying factors influencing turnover and devising retention strategies. This enables the HR department to proactively take actions to retain the most valuable employees.
IBM Planning Analytics is an intuitive solution for workforce planning and personnel costs. With it, you can plan staffing, positions, and salaries, and non-payroll labor costs will be automatically calculated. Furthermore, you can gradually plan new hiring and salary increases.
MINERAL MIDRANGE has created a ready-to-implement “out-of-the-box” solution based on this software, which can be seamlessly integrated into your organization. As a result, HR becomes a more strategic partner for the entire organization, contributing to increased efficiency and business success.
