Articles - L Squared

Smart CEOs: Leveraging Data for Boosting Employee Productivity And Collaboration

Written by Gregg Forsberg | Mar 18, 2024 3:30:00 PM

CEOs are the architects of a company’s culture and operational efficiency. A critical part of this role is to ensure day-to-day operations are maximized. 

But the question is: How can CEOs and leadership teams do this?

The answer is multifaceted and layered. However, one pivotal factor is boosting employee engagement. This means enhancing employee productivity with the right support, tools, and team.

Smart CEOs focus equally on improving employee engagement and driving business business. The outcome? A staggering 21% increase in profitability! 

Conversely, those who neglect this reality have to deal with disengaged employees and pay a costly penalty — to the tune of $550 billion!

So, if you want to take the smart (and profitable) route, here are five points to leverage data for more engaged and productive teams.

1. Understanding the data landscape

The first step is to understand the vast types of data available and those related to employee engagement particularly. This includes insights from your project management tools, performance reviews, and communication platforms. 

Let’s look at what each of these data sources reveal:

  • Project management tools: Tools like Asana, Trello, and ClickUp offer information like task completion times, project durations, and backlog sizes. These workflow patterns on these tools show how efficient your processes, teams, and operations are and help identify potential bottlenecks.
  • Performance reviews: These surveys provide a structured evaluation of how individuals and teams perform. You can use this data to map out strengths to be leveraged and any areas of improvement.
  • Communication platforms: Tools like Slack, Teams, and email provide actionable data on frequency and communication patterns within and outside your organization. Analyzing details like response, message volumes, and thread lengths reveals how effectively and efficiently problems are being solved.

2. Clarify KPIs and goals

Once the data is mapped out, the next step is to outline key performance indicators (KPIs). The trick here is to pick and choose the right KPIs for your business — because not all KPIs are equally important.

Some critical KPIs include: 

  1. Project delivery times: Ensuring your team meets delivery deadlines reveals two major things — efficiency of project management processes and resource allocation. This will ensure workflows are streamlined for optimal employee productivity.
  2. Quality of work: A trickier metric to gauge, this KPI shows your commitment to a certain standard of excellence alongside speed. This can be reviewed through client feedback, peer reviews, and performance evaluations.
  3. Positive collaborations: A core part of successful collaboration is the elimination of data silos. When teams have the right information at the right time, they can solve problems and perform their tasks without delays.

This is where digital signage can help. You can share critical updates, performance KPIs, and relevant data on digital screens so employees have the information they need right in front of them.

3. Implement analytics tools

The next phase is the implementation of robust data analytics tools. The goal here is to transform raw data into actionable insights that can shape strategy. From user-friendly dashboarding solutions to cutting-edge AI-driven platforms, the arsenal of analytics tools at a CEO's disposal is as diverse as it is powerful.

Let’s take a look at a few of them below:

  • Tableau: This tool enables CEOs and stakeholders to visualize complex data in interactive, shareable dashboards. It enables real-time exploration of trends and patterns, facilitating informed decision-making.
  • Power BI: This tool allows for data preparation, modelling, and visualization. It integrates seamlessly with Excel and Azure, making it popular among organizations who have already invested in the Microsoft ecosystem. 
  • Digital signage: This versatile solution works best to present complex data on eye-catching displays. You can share business dashboards, market reports, and business presentations on screens to make them more comprehensible and digestible.

L Squared Digital Signage uses digital business intelligence (BI) dashboards to showcase all this information. With apps like Power BI, Tableau, and many more already built into the platform, you share critical data directly on your in-house displays. This empowers your employees with actionable data at their fingertips, boosting employee engagement and productivity.

 

4. Tailor strategies to your goals

Now, let’s talk about the strategies you need to boost workforce engagement. Yes, we’ve outlined your KPIs and used tools to increase productivity, but what happens when you identify bottlenecks in your team’s performance? 

This is where affirmative action comes in. For instance, if data shows that certain teams have longer project turnaround times, targeted interventions like workflow optimizations, additional training, or resource reallocation can be implemented to improve employee performance.

Here are a few things to consider:

a) Work optimizations

The main focus here is to streamline existing workflows to address roadblocks, and inefficiencies, and reduce turnaround time.

Best practices include: 

  • Conducting process audits to identify exact pain points and bottlenecks
  • Implementing agile methodologies to boost responsiveness
  • Leveraging technology to automate responsive tasks and streamline workflows

b) Resource allocation

Here, our main aim is to ensure you’re allocating resources where they can make the most impact. This means ensuring your budget, teams, and technology are aligned with strategic priorities. 

Best practices include: 

  • Identify areas of overallocation and underutilization of resources 
  • Redesigning team structures in high-priority and cross-functional teams
  • Analyzing budget allocations for technology or upskilling purposes 

c) Additional training 

92% of employees think that workplace training impacts their job engagement effectively. That’s a lot!

Training isn’t just a way to enhance your team’s productivity. It also boosts engagement and participation by showing them you care about their development and progress.

Best practices include: 

  • Identify skill gaps performed through performance evaluations and feedback 
  • Offer targeted training programs for each department 
  • Invest in leadership coaching and mentorship programs to nurture talent

5. Prioritize recognition

No shocker: Employee recognition improves employee engagement, productivity, and performance — by 14%.

Even more, about 40% of Americans put more energy into their work if they’re recognized for it! This goes to show that a little appreciation goes a really long way. That’s why an employee-centric workplace has higher engagement and productivity rates.

Some tips to keep in mind: 

  • Garner employee feedback to bridge any workplace gaps 
  • Celebrate wins and milestones to boost employee morale and engagement
  • Create incentive programs that inspire and motivate employees

6. Best practices to make the most of your data 

The crux here is building a data-driven culture within your organization. When data becomes part of your ethos, it catalyzes a profound shift in how your company operates. 

Let’s look at a few best practices to leverage data for boosting employee productivity:

(1) Understand the status quo

To address specific challenges within your organization, you need to understand the unique nuances of your company, office, or team. While broad workforce data provides macro trends, it may miss the finer details relevant to your organization.

  • What are your company goals? 
  • What’s your work culture? 
  • Are there internal roadblocks that might hinder employee engagement?
  • How are different teams performing?
  • How do you uncover roadblocks? 
  • What strategies or tools can you use to address these?
  • How can you measure the impact of your efforts?

Dive deeper into the nitty-gritty. Utilize people analytics from various sources, such as user behaviour analytics solutions, to gain precise insights into employee norms, productivity patterns, and workflow bottlenecks. Remember, the difference is in the details!

(2) Hone in on data-driven insights

Don’t just assume what employees want or feel — ask them directly! You can do this by collecting first-party data through employee sentiment surveys. These surveys can cover topics like hybrid work preferences and job satisfaction. Once you analyze this data, you can identify potential solutions to improve employee morale and performance.

(3) Predictive analytics and AI

AI is here to stay, and it’s no shocker that it can serve as an accomplice in boosting team productivity. AI-enabled collaboration tools facilitate seamless communication and teamwork across remote and diverse teams. 

Using AI-driven predictive analytics, organizations can gauge employee trends, moods, and patterns to anticipate employee needs and identify potential disengagement risks. With these insights, you can proactively address these issues at the right time to maintain high levels of engagement and foster a sense of belonging.

(4) Learn from bold moves

Lastly, we encourage learning through experience. This helps leaders step into the shoes of employees at different levels to gain firsthand insights into the challenges and opportunities they encounter daily. 

For instance, take inspiration from leaders like Uber’s CEO, Dara Khosrowshahi, who got behind the wheel to understand employees’ experiences. Bold actions can yield tangible results and inform your approach to employee relations.

Data-driven insights and proactive measures can significantly boost employee productivity and collaboration. Smart CEOs recognize the value of leveraging data to create a positive work environment.

By strategically leveraging the wealth of information available through predictive analytics and AI, organizations are not just reacting to changes but are anticipating them, enabling a more agile and responsive work environment. The future of work is undoubtedly data-centric, with leaders who embrace this reality positioning their organizations for unparalleled success.