Benetech HCM Gets Analytics Boost with analytic.li
Through a recent partnership between Kronos Inc. and analytic.li, Benetech now offers a new suite of analytics dashboards that combines the robust employee-performance, time and labor, and payroll data of Benetech’s HCM suite with business data from outside the system to gain clear insights into how business initiatives impact business performance. The new analtytic.li dashboard simplifies the effort and investment traditionally associated with launching a workforce analytics program.
By supplementing Benetech HCM’s rich data with additional data points such as financial performance, organizations move from transactional HCM data reporting to measuring strategic outcomes based on proven best practices. Some of the new benefits include:
- Identifying and curating best practices across the organization. For example, a retail chain may evaluate the performance of multiple stores, identify performance outliers, and standardize common management trends that lead to high-performance.
- Leverage predictive analytics. Predictive analytics demonstrate how historic trends coupled with everyday performance will impact productivity in the future. For example, a subcontractor with seasonal work opportunities can refine his or her schedule for seasonal hiring and layoffs, reducing the risk of carrying excess or insufficient labor based on seasonal demand.
- Continual fine-tuning of employee scheduling. Optimizing labor to demand is a multi-variable formula and improves over time as managers identify the driving trends of customer demand. A retailer may wish to assess their labor cost during peak sales or customer lulls on a daily, monthly, seasonal, or annual basis to better optimize future staffing. The more an organization can tie employee scheduling needs to objective and measurable trends, the less dependent they are on the individual competency, experience, and gut-instincts of their managers.
- Identify which employee engagement investments impact business performance. Research shows that teams with engaged employees are 21 percent more productive than those with low engagement, so improving engagement is an obvious goal for employers. However, some engagement-investments have a greater impact than others. Assessing how certain engagement or retention initiatives impact productivity or retention can help organizations reduce wasteful spending on ineffective initiatives and focus their talent investments on those programs that produce the best results.
Jana Fuelberth, President and Co-Founder of analytic.li shares, “Data-driven and people-driven workforce decisions are not at odds. They’re far more powerful when used together, which is why organizations need a tool that will deliver evidence-based measurement of HCM strategies on the organization.”
With this new powerful integration, Benetech aims to deliver insights that empower business leaders to transform business goals into greater business performance and further a unique competitive advantage through the human capital management sciences.