The workforce or labor force is the foundation of every company and the primary contact point for customers. Collecting workforce data can help companies identify areas of improvement and streamline various processes, including attrition, labor planning, training, and benchmarking. Here are some of the 2023 trends in labor force data collection and analysis in the United States:
Increased Software Integration
Workforce intelligence has become a useful tool for many U.S. companies as it informs future business strategies. Companies use workforce software systems to collect, analyze, and report on various employee data metrics.
This gives management and investors insight into the company’s workforce requirements and performance. Companies can also use this software to remain competitive by tracking competitors’ workforce trends and other emerging developments. The software allows them to analyze accurate benchmarking data and set realistic organizational goals.
Many companies rely on software integrations to track workforce data. Managers and shareholders can see how other companies are building their workforces and use that information to identify areas of improvement. Software integrations also improve organizational communication, labor optimization, scheduling, and training. Companies that use software applications have the opportunity to gather various metrics on their workforce and competitors to inform internal structural changes. The goal is to automate data collection, analysis, and reporting to expedite decision-making.
Real-Time Data Analysis
Modern companies can instantly gauge their workforce performance and requirements before monthly and quarterly reports are available. Workforce software systems enable company leaders to assess the workforce in real-time. This allows them to provide prompt interventions for potential issues. Real-time data analysis involves daily reports that are used to optimize scheduling, hiring, onboarding, and training. Managers can analyze daily performance logs. This allows them to see which employees go above and beyond to achieve company objectives. They can also use real-time data to analyze the most current competitor information.
Modern companies use workforce tools to examine trending practices and inform internal decisions like hiring and compensation. If competitors hire talent with specific skill sets, companies can recognize the demand and its future implications. Managers can also use HR databases to identify workforce compositions, remuneration practices, and benefits packages their competitors offer. Analyzing data in real-time allows companies to make strategic changes. These changes involve creating plans for retaining employees, adopting modern practices, and remaining competitive.
Mainstream AI Application
The mainstream adoption of artificial intelligence has been expected for years and is now more apparent than ever. More companies are recognizing the role of AI in various processes, including hiring, data analysis, and business practice recommendations. In contrast to the popular belief that AI will push people out of their jobs, data shows that AI is adding more jobs. Artificial intelligence has been introduced into various industries and requires knowledgeable employees who can access the technology’s full potential. In 2023, many U.S. companies were hiring for AI-related jobs.
The postings for AI-related jobs have tripled over the last decade as the technology becomes more mainstream. AI functions best with human help, encouraging companies to hire tech-savvy employees to use the technology. Modern companies use AI to gather employee data and improve personalization, data analysis, and automation of redundant tasks. AI can also help detect and correct incorrect data entries, privacy violations, and improper regulations. These abilities and features positively impact the employee experience.
The modern recruitment process heavily relies on data and automation. Companies analyze data from internal systems, competitors, and market trends. The data is used to identify efficient ways to source the right talents for specific roles. More employees are charting nonlinear career paths. This calls for overhauling the traditional sourcing antics. Investors and HR teams must adapt to new forms of assessing candidates based on required skills rather than credentials and experience.
Current data shows that organizations are removing formal education and experience from their job postings. Hiring teams are focusing on finding nontraditional candidates who will perform the job well. Instead of conventional hiring processes, companies are adapting to data-driven recruitment. This prioritizes candidates with the needed skills for the position. Companies are becoming the new accrediting firms that help nontraditional employees obtain backing for their abilities. Quiet hiring is also becoming a new practice as employees evolve into new roles within their current company.
Using Workforce Data Labs
Modern U.S. companies have the advantage of workforce intelligence labs that standardize employment records. These labs provide hundreds of millions of records that allow managers to explore the workforce composition of any company.
Analyzing workforce data can help organization leaders benchmark and identify the ideal talent pool for existing roles. Companies can also use this software to analyze industry trends, increase employee engagement, and improve performance. Contact a workforce software provider today to learn more about their services.