Kronos Incorporated and analytic.li today introduced a new suite of analytics dashboards for the Kronos Workforce Ready human capital management (HCM) cloud platform that empower organizations to visualize and communicate how workforce talent directly impacts business performance. The best practices dashboards leverage data from both within and outside of Workforce Ready and simplify the effort and investment traditionally associated with launching an analytics program.
- The analytic.li solution for Kronos analyzes the extensive human resources (HR), workforce management, and payroll data available from Workforce Ready within the context of additional, critical business information from outside the platform.
- By supplementing Workforce Ready’s rich data set with additional data points such as financial performance, organizations move from transactional HCM data reporting to measuring strategic outcomes based on proven best practices, helping to communicate a highly visual picture of business performance while keeping people at the center of important organizational decisions.
- Best practice dashboards available at launch highlight key performance indicators and success metrics to show how talent management impacts business performance while providing business leaders with fast access to evidence-based conclusions to support strategic decision making. Business success dashboards:
- Place core business metrics in one central location to tie people-centric data to overall business results, supporting continual refinement of organizational strategies; for example, the CEO of a regional retail chain can compare the performance of each location to identify common trends among high performing store managers that can be implemented across all locations.
- Will empower HR and finance to take a deep dive into HCM investment trends and costs to identify areas of success and opportunities for continued improvement, such as a director of finance at a national bank seeking to understand how annual labor spend is distributed across locations, departments, and positions; how new benefits packages and compensation/promotion strategies will impact spending; and what accurate targets to set for the next year’s budget.
- Operations-focused dashboards help organizations transition from reactive decision-making to proactive planning. Predictive analytics demonstrate how historic trends coupled with everyday choices will impact productivity in the future, such as:
- Evaluating and analyzing labor spend and external influences, including demand, seasonality, and/or overtime, to predict whether labor expenses match anticipated sales cycles and if performance/productivity expectations match realistic worker output.
- Supporting continual planning to fine-tune scheduling practices to maximize productivity and meet demand; drilling down into which people or cost centers have traditionally consumed the largest number of hours; predicting when and where spikes will take place; and identifying future labor requirements early on to ensure plenty of time to onboard and train team members.
- Workforce Ready and analytic.li make it easier for organizations to keep their finger on the pulse of employee engagement, ensuring they are attracting, retaining, and developing the most engaged workforce possible. This includes:
- Helping organizations understand if their compensation strategy is fair and analyzing if it incentivizes behaviors that drive positive business outcomes. For example, a cross-functional committee from HR, finance, and operations for a large network of hospitals can evaluate the impact of a new bonus program on turnover and tenure at the department level to identify correlation to employee performance and engagement.
- Providing a deeper understanding of the demographic and geographic distribution of a workforce, including talent gaps, department-level views of generational breakdowns, and additional trends impacting tenure, turnover, and engagement. This allows a manufacturer or distributor to identify if a spike in turnover is caused by an engagement challenge or an aging workforce reaching retirement so programs can be put in place to prevent churn or train existing employees on new skills.
- Supporting HR departments that must keep the recruiting process at an efficient level by providing at-a-glance insights into their complete talent picture, allowing them to quickly drill down to see which talent sources provide the most successful candidates and maximize return on investment while identifying which managers receive the best acceptance rates on extended offers.
- The Kronos and analytic.li product development teams will continue to collaborate to identify and deliver additional opportunities to deliver analytics to organizations of all sizes seeking to highlight the impact of people-related investments on overall success.
- Bob DelPonte, vice president and general manager, Workforce Ready Group, Kronos
“Organizations leveraging Kronos Workforce Ready today have access to high-quality reporting tools that allow people managers to draw HR, workforce management, and payroll data from its single database to support real-time, evidence-based decision making. Through the addition of analytic.li, HR, finance, and even executive leadership will add a powerful new tool to combine HCM data with other business measurements to quickly and clearly communicate the health of the business, where it is trending, and what can be done to achieve future success.”
- Jana Fuelberth, president and co-founder, analytic.li
“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. Kronos and analytic.li keep people at the center of every decision, helping to turn information into insights, and insights into impact.”
- Lisa Rowan, research vice president, HR, talent, and learning strategies, IDC
“Kronos continues to seek out new and differentiated opportunities that leverage its unified platform approach that combines HR, workforce management, and payroll. This new relationship with analytic.li, and the ability to draw on secondary data sources for a more complete picture of business performance, is poised to further support Kronos’ goal of helping organizations use workforce data to make better informed, evidence-based decisions about their people.”
- Learn more about the benefits of Workforce Ready and analytic.li.
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- Follow The Workforce Institute at Kronos for insight, research, blogs, and podcasts on how organizations can manage today’s modern workforce to drive engagement and performance.
About Kronos Incorporated
Kronos is a leading provider of workforce management and human capital management cloud solutions. Kronos industry-centric workforce applications are purpose-built for businesses, healthcare providers, educational institutions, and government agencies of all sizes. Tens of thousands of organizations — including half of the Fortune 1000® — and more than 40 million people in over 100 countries use Kronos every day. Visit www.kronos.com. Kronos: Workforce Innovation That Works.
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