Microsoft’s MyAnalytics was designed for employees to monitor their individual performance, but an updated version, Workplace Analytics, is a significant upgrade giving manager access to the information. It not only provides managers with insight into an individual employee’s performance, but it also helps them plan and create strategies around increasing productivity and improving employee output and engagement.
How it works
Now available as an add-on to Office 365 enterprise plans, Workplace Analytics extracts behavioral insights from data gathered from Office 365 email, calendar, documents, and Skype. This means that any data an employee types into their email and calendar — whether it’s on the subject line or the main content itself — can be used to indicate their productivity status.
The program has an overview dashboard that provides specific information:
- Week in the Life provides an overall view of how the entire firm spends time and how employees collaborate
- Meetings shows the amount of time spent in meetings
- Management and Coaching gauges staff-manager one-on-one meetings
- Network and Collaboration takes a look at how employees connect to colleagues
What does it aim to do?
Workplace Analytics aims to address, according to Microsoft, businesses’ most common challenges: complexity, productivity, and engagement.
Using analytics data, managers and human resources departments can form productivity strategies for your entire RIA firm. If, based on Workplace Analytics data, a majority of your employees are spending 60% of their time attending meetings and not enough time doing creative work, they can come up with a strategy that reduces meeting time and focuses more on productive tasks.
It also identifies how employees collaborate with internal and external parties. Suppose one of your staff frequently communicates with certain contacts. By using Workplace Analytics data, the employee’s manager would be able to determine whether this particular collaboration pattern is helping the employee hit targets or whether he or she is missing out on other more critical contacts. Also, based on this info, managers would be able to determine which employees are most likely to meet or exceed their targets and set firm standards accordingly.
Data gathered by Workplace Analytics also allows managers to determine an employee’s level of engagement (i.e., whether the organization’s collaboration patterns are good for the company) and whether workloads are fairly distributed among workers and/or departments.
Is it useful for small and mid-sized RIAs?
Large corporations have been using Workplace Analytics, but small and mid-sized RIAs can also benefit from it. For one, the data used to provide the insights are all based on data generated by employees themselves — how much time they spend on meetings, whom they frequently communicate with, and how much time they spend on productive tasks.
Aside from letting managers examine their staff’s working behavior, Workplace Analytics also provides an overall look into what happens at an organizational level. If you want your organization to harness the capabilities of Workplace Analytics and other Office 365 tools, contact us today.