Labor & Workforce Analytics Terms Glossary
A Comprehensive Reference Guide of Phrases to Know
Welcome to our comprehensive Labor and Workforce Analytics glossary!
Here, you'll find a list of essential industry terms, definitions, and examples designed to help you understand the world of talent acquisition better.
On the page below, terms are organized into relevant sections and additional links provided for further reading. Ready to explore? Select a term from the list below.
Labor Analytics
Definition: Labor analytics is a comprehensive approach to studying various aspects of human resources and workforce data to gain insights for informed decision-making. It helps organizations identify trends, patterns, risks, and opportunities related to employee engagement, retention, performance, and other critical areas.
Example: A company uses labor analytics to examine the correlation between employee satisfaction and productivity, which helps them develop strategies to improve both.
Labor Market Analytics
Definition: Labor market analytics is the process of analyzing data related to the job market to better understand trends, supply and demand, and potential obstacles for talent acquisition.
Example: Suppose a company is looking to hire data scientists in their industry. They will analyze labor market analytics to understand the availability of data scientists, the expected salary range, and which locations have the highest concentration of potential candidates.
Diversity Analytics
Definition: Diversity analytics is the practice of leveraging data to gain insights into the experiences and needs of diverse populations in the workplace. Through the analysis of demographic data, such as age, gender, race, ethnicity, sexual orientation, and ability status, organizations can uncover patterns of engagement, retention, and advancement within different groups.
Example: A company might use diversity analytics to compare the performance ratings, promotions, and salaries of employees from different ethnic backgrounds. This analysis might reveal that certain ethnic groups have lower rates of promotion or receive lower compensation than others, indicating potential biases in the talent management process. Armed with this knowledge, the organization could work to adjust their hiring practices, increase opportunities for professional development and advancement, or implement training to reduce unconscious bias and promote equity.
Talent Intelligence
Definition: Talent intelligence refers to the process of collecting and analyzing data related to candidates, employees, and external talent to make strategic talent-related decisions. This valuable information helps companies understand their talent pool better and adjust their recruiting, onboarding, and retention strategies to align with business objectives.
Example: A tech firm utilizes talent intelligence to identify in-demand skills and design targeted job advertisements to attract the best talents in their industry.
Workforce Analytics
Definition: Workforce analytics uses data about employees, their behavior, performance, and human resources metrics to make informed decisions and drive organizational growth. This data-driven approach helps businesses identify areas for improvement, measure the effectiveness of existing practices, and optimize their workforce strategy.
Example: A retail chain analyzes workforce data to identify locations with high staff turnover rates and implements targeted retention measures.
Workforce Planning
Definition: Workforce planning is the process of analyzing and forecasting an organization's talent needs to fulfill both short-term and long-term goals. This process focuses on ensuring the right people with the right skills are in the right positions at the right time.
Example: HR professionals may collaborate with department heads to determine the necessary skill sets, roles, and responsibilities needed for the coming year and then develop strategies to attract, retain, and develop that talent.
Succession Planning
Definition: Succession planning is a strategic effort to identify, assess, and develop individuals within an organization to ensure they are prepared to step into key leadership roles when necessary.
Example: A company may groom several high-potential employees for management positions, providing them with mentoring, training, and job rotations to prepare them to take over those roles when current leaders retire or move on.
Workforce Intelligence
Definition: Workforce intelligence refers to the collection, analysis, and interpretation of data related to employees and human resources to inform strategic decision-making and improve overall workforce performance.
Example: HR professionals may use workforce intelligence to analyze employee engagement, retention, and performance trends in their organization, identifying areas for improvement and implementing targeted interventions.
