Workforce Trends: Utilize Data to Build a Lasting Business

Employee data

Employee data is publicly available data collected from business-related job sites surrounding individuals’ professional work experiences. While employee data has a variety of use cases, information such as an individual’s work history, connections, and interests enhance recruiters’ and HR tech companies’ knowledge of the current workforce, prospective employees and can even be helpful in discovering new talent. 

Firmographic data 

Firmographic data, also known as company data, is data that pertains to company operations, organizational structures, funding, revenue, and social media. This information is useful for uncovering workforce trends because it provides companies with information about their competitors, industry expansion, movement, and company growth. All of these can be analyzed by AI-based workforce analytics tools to help companies get a better understanding of hiring trends by competitors, track key players within the industry, and even predict workforce needs. 

Workforce analytics

Workforce analytics is the practice of utilizing data-driven insights about employees and the larger workforce to enhance human resource management processes. It is important to note that workforce analytics differs from HR analytics, as workforce analytics is a subset of analysis processes and strategies within HR analytics. 

Companies are able to employ insights gained from workforce analytics to their current HR strategies and systems in order to improve larger business goals within a company. More specifically, organizations are able to turn workforce-related data into actionable insights that can be applied to decisions surrounding current employees, operational practices, recruiting, performance management, and more.

Workforce trends for 2021 and beyond

Increased data-driven hiring decisions

With an increase in our global remote workforce, nearly a 3x to 4x increase from 2019 to 2021, according to Morgan Stanely, companies are looking for new ways to improve the near-virtual hiring process as well as virtual or hybrid work models. AI-based recruitment automation tools and improved work-related communication technologies have provided businesses with the resources to meet the new demands of a more remote workforce, such as meeting the current workforce needs for a more flexible work schedule. 

Implementation of workforce software and applications for employees

Workforce software and self-service tools will see a rise in companies around the world looking to empower employees with HR-related information. Newer self-service software and applications revolve around empowering employees by providing them with secure and direct access to their pay stubs, benefits information, schedules, personal documents, and tax forms. 

Additionally, companies are investing in recognition platforms that aim to recognize work achievements and motivate employees, as companies that provide frequent feedback demonstrate a 41% increase in employee retention, according to Human Resources Today. For example, as remote work and hybrid work models have recently increased due to the impacts of COVID-19, employees are unable to receive in-office recognition. A study from SHRM determined that shifts in remote/hybrid work models are showing steady work productivity results. Ultimately, providing employees with virtual recognition through workforce applications that focus on employee empowerment and engagement has helped employees stay on track while also feeling valued and empowered. 

An emphasis on tracking employee engagement

In addition to other COVID-related workplace trends, employers are realizing that engaging with current employees is now more important than ever. In a fully remote or hybrid work setting that many companies are adapting, businesses recognize the impact regular engagement and check-ins have on employee retention, mental health, and overall workplace satisfaction. In 2021, and the years to follow, companies will see an increase in resources dedicated to employee engagement software tools that provide workers with access to portals for employee feedback, professional goal setting, and team building. 

Increased monitoring of employee health and wellness 

According to Businesswire, 75% of employees have seen an increase in mental health struggles as a result of COVID-19. Likewise, many companies have identified that work-related mental-health services and support tools directly impact work performance, employee retention, productivity, and overall company satisfaction. Consequently, companies are implementing virtual mental health tools and services for employees. These amenities include providing access to meditation and other digital fitness applications, boosting physical health, and virtual counseling, flexible work schedules, and automated therapy services, improving employees’ mental health. 

Wrapping up

In all, identifying these trends provides companies with actionable insights into how to improve recruiting strategies, boost employee engagement, increase productivity, and more. In addition, shifts in the workforce will continue to ebb and flow as a result of larger societal, cultural, and political changes across all industries. Therefore, it is up to businesses to stay on top of such trends and even work to anticipate them. With the increase in AI-powered workforce tools, HR software, and public web data usage, companies will be able to stay ahead of the curve and their competition with the proper implementation of employee-centered business models.