5 Aspects of Workforce Intelligence Software

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Workforce intelligence software provides comprehensive data and analytics on various workforce metrics. Asset managers can optimize this software to understand the companies they trade. Corporate clients can also use this software to benchmark against their competitors. Here are five aspects of workforce software that can give users helpful insights:

1.    Job Categories

Workforce intelligence tools can offer detailed profiles about the company being traded or benchmarked. Data about the types of professionals that work for the company can help you understand the organization’s structure and business strategy. Workforce software provides this data by offering insights into the company’s reporting lines and hierarchical structures.

After reviewing a competitor’s organizational structure, you make the necessary changes to streamline your company’s operations, reduce costs, and improve employee efficiency. Asset managers can analyze company profiles to understand the ratios of various job categories and how they affect a company’s overall goal achievement. With this information about job positions and categories, you can identify workforce inefficiencies that might impact shareholders of the company you intend to trade.

2.    Hiring and Attrition Patterns

A company’s hiring and attrition patterns can indicate the health of its culture. If a company has a higher staff attrition rate, employees may be unsatisfied in the workplace. This information informs you of who and when your competitors are hiring. Understanding your competitor’s talent acquisition and retention rates can help you examine your company and improve the lacking areas. 

Asset managers can check a company’s hiring and attrition trends to determine whether it’s a good fit for investment. If the organization has difficulty retaining qualified workers, it might have trouble performing well in the market. Workplace software can notify you about increases in hiring patterns within a particular company or industry. This information can indicate that an organization is healthy, growing, and has plans to expand.

3.    Compensation and Benefits

Workforce intelligence software can provide information about how other organizations reward and compensate their staff. This software can analyze salary levels, benefits packages, and bonuses to help you identify and address compensation gaps in your company. If a competitor offers a higher salary package, consider adjusting your budget and salary amount to retain your employees and remain competitive. You can also add employee benefits like reasonable retirement plans and flexible work schedules to attract top talent. 

Asset managers could use compensation and benefits data to understand potential risks associated with pay disparities. Workforce software can analyze past compensation trends to determine whether the company’s salary and benefits have been responsive to market dynamics. Salary details can also show if there’s an alignment between compensation and performance management practices within a company. 

4.    Workforce Demographics

The gender and ethnicity demographics of your rival’s workforce can help you understand their priorities and strategies. With reliable workforce intelligence software, you can also explore the age, gender, experience, and education of your competitor’s staff members. Demographic information can help asset managers and corporate clients gain insights into workforce diversity and bridge the gaps. 

Intelligent software can calculate diversity indexes and capture the cultural backgrounds of staff members. Understanding the demographic makeup of a company can help you understand its potential performance in the market. When a company practices inclusivity, it can become more attractive to investors and employees than a non-inclusive company.

5.    Global Distribution of Assets

Workforce software allows you to see how your business rivals distribute their operations around the globe. When you know where your competitors are doing business, you can identify potential opportunities to get ahead. With workforce data, you can determine how and when a company relies on outsourced labor. You can also anticipate and react to changes within specific geographic locations that affect your operations, such as local laws and tariffs, severe weather, and international conflict. 

Details about the global distribution of assets can help you predict trends that may affect your investments’ short-term and long-term performance. Asset managers can assess the company’s global distribution footprint to understand potential implications for market reach, talent acquisition, and business expenses. 

Invest in Workforce Intelligence Software

Workforce intelligence software can help you monitor competitors and potential investments. This tool uses professional profiles, government data, firmographic data, job listings, and employee sentiments to generate and analyze workforce information. This software also provides insights about job categories, compensation and benefits, employee demographics, global distribution of assets, and hiring and attrition rates. Schedule a consultation with a workforce software professional to determine whether this tool is the right investment for you and your company.

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