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Benchmarking & What-If Analysis

September 9, 2016

 

Benchmarking

 

Metric Benchmarking can be a great way to compare your metrics to industry best practices, however accessing relevant benchmarking data for you industry is not always easy to obtain or broadly available for every industry. Most enterprise organizations are big enough to benchmark against themselves and with our Analytics tool they can do just that.

Internal benchmarking is one of our key capabilities and customers are finding internal comparisons to be highly valuable and effective. If you are a company that has similar business units, branches, or divisions, internal comparisons offer significant insight. Take turnover comparisons by performance ranking, for example. You could see if high performers are turning over at the same or different rates across the organization and then conduct further analysis to see what the primary drivers of turnover are. In fact, you could look at any population within your organization and perform a turnover comparison. You could then apply various dimensions to your comparisons based on any # of factors like job function, competency, gender, age or tenure. With our tool you can easily discover how one part of your company is performing compared to another and then discover the root causes of success or failure. Companies are taking decisive action on these revelations and driving real bottom line business improvements. What you measure you can improve and once you know how high the bar is you can begin to move everyone towards the internal best in class metric.

 

What-If Analysis

Our tool provides proven and reliable predictive forecasts. Our enterprise customers are able to see turnover risk or flight risk at the individual level and that individual risk is then rolled up into the overall forecasted attrition. Seeing what is coming down the pike allows companies to be proactive in their decision-making and develop policies that can either support a positive outlook or dissuade a negative one. Additionally our customers have the ability to see how different measures can affect the future through what-if analysis.

What-if analysis allows companies to apply a measure to a predicted forecast and then see how the measure could change the prediction, thus revealing an alternate possible future. This offers companies the ability to quantify their decisions and take proactive actions with increased confidence. Customers have been predicting supply shortages, retaining more high performers, and improving their overall workforce planning. The main drivers of retention and turnover can vary greatly by employee population and industry. For example, you might find that different generations have different reactions when you apply a raise amount and this could help guide the overall raise policy. You may also find that certain populations dislike a lateral transfer increasing their turnover risk dramatically, while other populations welcome a lateral transfer. Identifying effective measures to retain critical employee populations has been one of the many ways our tool delivers real value.

 

Vemo is a leader in workforce planning and analytics subscription software and predictive analytics consulting services. Vemo differentiates itself in the market by its expertise, innovation and customer-oriented approach.

 

For more information: info@vemoworkforce.com

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