The pandemic has been a game-changer for businesses in more than one way. Even as organizations struggle to stay afloat, the silver lining is that they have found better ways to do things. The remote transition is the best example of resilience and adaptability. Similarly, businesses have turned to data for better decision-making. Workforce data is a key area of focus in this context.
While companies have been using and analyzing internal data to optimize their workforce, they are now picking competitor data to go a notch higher. It may take some work to study your competitors, but the benefits make it worthwhile, and you may want to continue it for the long haul. Let us explain how workforce data from your competitors can help.
Process and Product Thinking
A peek into the competitor’s operations gives you an insight into the process and predicts they use to gather workforce data. For example, you get to know the types of information they gather and analyze. Further, you can learn about the steps they follow to gain access to it. It also brings awareness about the tools and technology solutions they use to access and analyze information. You can use these insights to build a better process and choose the right products to gather workforce data and analyze it for your business.
Risk and Experimentation
Even the most conservative businesses have to take educated risks at some point because they open the growth opportunities. Conversely, not taking risks can lead to stagnation and push you behind in the competitive landscape, which is the last thing any business will want to happen. Keeping track of the workforce data of your competitors makes you comfortable with the idea of risk and experimentation. You even have a view of tried and tested ideas before implementing them for your company, and it can curb apprehension to some extent.
Businesses can use data and analytics to innovate, and knowing how competitors have done it can inspire you and show you the right direction. It helps you embrace a people analytics culture, which would seem challenging if you leap without understanding how it works. Watching someone else doing it gives you the confidence to invest in the culture that fosters better hiring decisions. Once you build an innovative culture, it is possible to compete in the landscape and secure the best talent for your company.
Another benefit of competitor workforce data is that it helps you build strong leadership within your company. Surprising as it sounds, you can convince your senior management to develop a pro-analytics mindset by using others as an example. Relying on data for decision-making is a definitive advantage. There are fewer chances of such decisions going wrong.
Smart business decisions aren’t made in isolation. Instead, they require a clear view of the competitive landscape. You learn from the success and failures of your competitors. It is an opportunity to avoid the same mistakes and leverage the success factors to your advantage. So make sure you track the workforce data of the competitors even as you pay attention to your own data.