When combating misconduct in the workplace, leveraging actionable insights matters. Data analytics should be at the center of your organization, and it’s beneficial for all business leaders to tap into data-driven decision making. Research shows that 90% of business leaders view data as a key element to an organization’s success, which makes data literacy crucial in your workplace. Not only does relying on metrics allow for more confident decision making, but it also reduces risk in a number of ways. From why actionable insights matter to how Work Shield implements them to cultivate safer workplaces, we’re sharing everything you need to know about how to protect your organization and employees by following the analytics.
3 Reasons Why Data is Important in Decision Making
- Empowers Confident Decisions: As the leader of an organization, making decisions is a part of your everyday work life. By utilizing data, you will have a sense of confidence when launching a new strategy. Time wasted sitting on decisions or second guessing next steps is only a loss in productivity.
- Mitigates Risk: By analyzing data, particularly when it comes to workplace misconduct, you are mitigating risk of liability as well as reputational risk. Natural intuition may sometimes lead to positive results, but data-driven decisions are more accurate – and in today’s workforce, there’s simply no room for error. In fact, data will even allow you to calculate the amount of risk associated with a certain strategy or decision, which leads to better preparation.
- Helps Cost Savings: Harnessing data allows leaders to find the most cost-efficient way to achieve a business goal. When regarding the cost of not managing workplace incidents, organizations may be at great risk. For instance, the average costs of defending and settling a workplace claim are around $160,000. With such a high risk, it’s crucial for employers to source a platform, such as Work Shield’s full-service incident management solution, to mitigate this risk through actionable data and insights.
3 Ways Work Shield Leverages Data to Support Organizations
- Type of Workplace Incident: This data may reveal that a certain organization or location is experiencing a particular type of incident more than others, which can prompt more specific training or resources to handle that need. Rather than training or focusing on broad topics, the data gives a more valuable, focused approach.
- Location of Incident: This data is ideal for organizations with multiple locations. Finding that one location has significantly more incident reports than others through data empowers employers to implement additional oversight or resources to that particular location. Rather than using a blanket approach, this method saves on time and costs when managing incidents.
- Repeat Offender: When data shows a repeat offender, employers have a clear picture of whether the issue is isolated to one employee. Whether a large organization with multiple locations or a small business, this data will guide the training, removal or relocation of a team member.
Along with type and location of incident as well as repeat offender status, the Work Shield full-service misconduct solution and portal collects other key data points to support leaders in their decision making. From gender to manager of the employees involved in the incident, these actionable insights are easy for our employer partners to view. Stay competitive with top technology and a platform that creates more efficiencies when it comes to your organization’s most valuable assets.