Creating The Business Case For Workforce Analytics: Quantifying The Business Value
Businesses exist to grow profits. Regardless of how well a new technology improves a business process, the decision to implement it must be justified by a measurable, significant, positive impact to the bottom line.
When making the case to senior leadership for a major investment in HR solutions, credibility is often on the line and HR needs to speak the language of the executive audience. HR needs to feel confident they can understand and articulate both the cost and potential value of the investment. The opportunity for workforce analytics extends beyond such topics as retention, compensation, or recruiting and can have a major impact on productivity, revenue and expenses for an organization. Understanding the ROI in terms of an organization’s performance and profitability is critical to gain senior leadership support.
This white paper provides a comprehensive chart to help HR navigate these tricky waters. It addresses the value or ROI your organization can expect from a workforce analytics initiative, how to calculate both the short and long-term pay-back on your investment, and most importantly how to drive the business case for the necessary support and budget from executive leadership.
Download this white paper and discover how to:
Structure the Business Case—Recommendations for a structured approach to building a workforce analytics business case
Measure Efficiency Gains—How new technologies create efficiency gains related to maintaining existing systems and/or reducing the costs of licensing systems.
Quantify Direct Benefits—Cost-savings that results from the direct application of information from workforce analytics, such as reduced benefits costs, increased recruiting efficiency or turnover reductions.
Determine Secondary Benefits—Improvements in business results that derive from applying workforce analytics to improve employee effectiveness.