9 Tips for Analyzing and Interpreting HR Workforce Data
At Revelio Labs, we have created workforce intelligence software that can absorb workforce data across millions of companies and condense it into digestible reports. This information can help you better understand your business or benchmark it against competitors. Workforce data can provide insights into employee performance, retention, demographics, and overall business success. Here are some of our tips for analyzing and interpreting HR workforce data:
1. Define Clear Objectives
Revelio Labs' workforce data can provide data on almost anything derived from workforce trends. You could spend many hours analyzing all of it, which is why it can be helpful to define your objectives before analyzing and interpreting workforce data. Before analyzing data, determine what questions you want to answer or challenges you want to address. Clearly defining these objectives and considering the right questions can help guide your analysis toward meaningful outcomes.
2. Use Revelio Labs To Simplify Data Gathering
When analyzing workforce data independently, you are responsible for gathering, cleaning, and preparing all aspects of the data. When you use Revelio Labs software, we do the heavy lifting for you. All you need to do is select categories and filter the information you want away from the information you are not interested in. Accessing all data in one location can help you save time and energy, giving you a head start on analyzing the data and finding solutions.
3. Use Revelio Labs To Visualize Data
We understand that people visualize and understand data in different ways, so we made sure that our software could accommodate various preferences. You can receive your monthly workforce data in three ways. The first is reports, which are easy to scan and understand and can be delivered in various digital formats. Second is raw feed, which has the same information as reports without being sorted and compiled into a report. Third is through the Revelio Labs terminal, which allows you to track specific companies and aspects like job titles or job positions. Sign up for a demo to speak with one of our experts and explore our software.
4. Look for Workforce Trends
When you are analyzing workforce data, look for trends. Data from different periods can help you examine past workplace growth, changes, or declines. You can track past turnover rates, training program effectiveness, and employee satisfaction scores. You can analyze qualitative information or employee feedback to discover why specific patterns exist. This can help you identify underlying workforce trends and make informed decisions about your company. If you notice a sudden decline in employee or company performance after implementing a change, you can use that data make remedial adjustments.
5. Regularly Monitor and Evaluate Data
If you want to take full advantage of workforce intelligence data, continue to monitor and evaluate it regularly. Revelio Labs data is updated every month so that you can track company or employee progress and identify emerging trends as soon as possible. Regularly reviewing workforce data helps you set realistic, attainable goals for your organization. Staying up-to-date on the available data enables you to anticipate significant shifts in the labor market and explore the impact of recent economic downturns. Monitoring your workforce data allows you to adjust your company's business, employment, and management strategies to achieve the best results.
6. Look for the Root Cause of Trends
If you see a new trend or pattern within your data, go beyond surface-level insights and try to identify the root cause of the issue. Knowing about declining employee engagement is only helpful if you learn why they are less engaged. You can use employee feedback or conduct focus groups to gain insight into the potential root causes of trends. Once you identify the root cause, it can be easier to determine a new course of action.
7. Perform Evidence-based Analysis
You can use statistical analysis to draw meaningful insights from your workforce data. Statistical analysis provides an evidence-based approach to interpreting the data. This can help you turn your insights into new strategies to help improve your business. You can also use other types of analysis, such as correlation analysis, which can help you identify relationships between variables.
8. Take Action
One of the most beneficial ways to use workforce intelligence is to take action on what you have learned. Suppose your data shows your employee retention is decreasing, and you recently changed your benefits package. In that case, you can analyze that information and adjust your employee compensation and benefits to meet industry standards. Using workforce data to inform your company's actions can help you stay ahead in an ever-changing, competitive market.
Workforce Intelligence Software Provides Valuable Data
Revelio Labs workforce intelligence software can provide valuable information about all public companies and over two million private organizations. Analyzing and interpreting HR workforce data can help you benchmark your company's performance and recognize what you need to adjust. If you want access to HR workforce data for multiple companies, including yours, schedule a Revelio Labs demo or start your free trial today.
