When it is necessary to reduce your workforce minimizing these actions through retraining, reassignment and reallocation can reduce the loss of employee’s intellectual capital. Critical knowledge must be retained within the company now more than ever. Career and succession plans should be developed for employees which will maximize the life of your employees and reduce productivity losses. Those company’s and managers which invest the time and capital in analytics are more able to meet workforce challenges and decision making demands with accuracy and competence (IBM Global Business Services).
As a manager data should be considered a strategic asset and end user needs for analytics should be gathered through a clearly defined process (The Analytical SMB, 2012). Problems or situations that can be addressed through analytics include downsizing, recruiting, and retention. Knowing what your strengths and weaknesses are within your workforce allow you to make decisions quickly. Employee evaluations, prior attendance records and discipline records all become important data components in decision making processes. Career plans and tracks can assist in retention of valuable employees and understanding your company’s shortages will allow you to recruit man power in targeted areas.
Results in any problem or situation are greatly improved when data collection includes many elements or facets. You should know and understand the needs of the business in order to decide what data needs to be collected.