Workforce analytics: The five key data points most employers miss

People management decisions are pivotal. Whether or not you have a small team or operate multiple sites, truly understanding your workforce means understanding the data behind it.

At Adecco, we know the value of data-driven strategy. That’s why our Adecco Analytics team is such a critical part of our staffing solutions and consultations. When it comes to workforce analytics, we often see employers not tracking key metrics.

While most managers know their headcount or the number of workers who left last year, there are a handful of key metrics most employers overlook.

Five key workforce analytics to track

Average commute times

The average commute for Americans is roughly 27 minutes. For many of those workers, it’s longer, simply because they can’t afford to live near their place of work.

A long or stressful commute can significantly impact employee job satisfaction and impact work-life balance. It can also impact your candidate pool and the available talent supply. If employers don’t believe this should be their concern, they might risk missing out on workers looking for more convenient opportunities. If workers need to take public transit or regularly drive an hour to get to work, employers should consider introducing more flexible start times, embracing hybrid schedules, or even contracting a shuttle service.

Learn more about creating a more flexible workplace when hybrid schedules aren’t an option. Read more.

Wage rates

Finding the right pay is critical for attracting and keeping top talent, but landing on a strong wage rate isn’t as simple as checking an old salary guide. While pay rates are often impacted by job title, industry, region, and the current job market, we at Adecco also make sure to look at other local businesses, including direct competitors, big box stores, and other employers targeting similar local talent.

Don’t know where to start with salary discussions? Check out our Salary Calculator tool. Learn more.

Cost of living

This is another critical data set, especially when paired with wage rate analytics. Simply put, cost of living refers to the estimated amount needed to cover basic household expenses, such as housing, childcare, food, gas bills, and health insurance. Cost of living varies widely across states, cities, and regions, and it has a profound influence on employees' financial well-being.

Better understand basic expenses in your area with our Cost of Living Calculator. Learn more.

Cost of turnover

Many employers still underestimate the true cost of turnover. The cost of replacing one employee can be as much as one-half to two times their annual salary. In addition to the cost of posting the job description, there’s the resources needed to screen and interview candidates, the time spent onboarding and training a new worker, and the lost productivity from being a person down. Investing in retention strategies, such as employee engagement initiatives or upskilling and reskilling, can ultimately help employers save both time and money.

Use our Cost of Turnover Calculator to see how much employee turnover impacts your bottom line. Learn more.

Average tenure

On average, American workers have spent roughly four years at their current employer. Knowing how long your employees stay at your company – and at what point in their employment they leave – can tell employers a great deal. Pinpointing where workers are in their career journey with your organization when they leave can allow you to make strategic decisions on how to retain workers at different points in their tenure. This is especially true for contingent workforces where mistakes during onboarding or shift schedules can have a massive impact on show rates and whether workers stay through their assignment.

Learn how we revamped a peak hiring program to improve worker engagement and attendance. Read more.

We know the value of people analytics

These workforce data points work in conjunction with one another. A longer commute time requires more gas money and raises the cost of living. Meanwhile knowing the cost of living is critical to navigating wage rates.

Data-driven decision-making is vital for effective workforce management. That’s why Adecco Analytics, our proprietary tool, is a critical part of our staffing strategies. We use the latest market research to tailor strategies to your business, your industry, and your region.

Learn more about Adecco Analytics, or contact us today to learn how we can support you.