How Oil and Energy Companies Reinvent Operations with Workforce Analytics

Oil and energy companies are always seeking ways to refine processes with the data and analytics available to them. Yet more often than not, this data concerns logistical and environmental factors rather than personnel.

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As such, there’s a wealth of untapped potential waiting to be uncovered with activity log software. Whether it’s a question of improving the company’s profitability or managing talent, these companies can direct the same analytical rigor internally.

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In this guide, we’ll take a look at some of the ways oil and energy companies can streamline their operations with remote work management solutions.

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Boosting Employee Retention

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One of the primary benefits oil and energy companies can extract from employee tracker systems is boosting their employee retention rates. 

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Companies Face High Voluntary Turnover

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As this eye-opening report from Deloitte reveals, younger employees in particular are leaving the industry in droves. For Generation Y (anyone under the age of 30), there’s a staggering 39% voluntary turnover rate in energy and oil companies.

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The high turnover isn’t exclusive to the youngest generation, either, remaining at a high 37% for members of Generation X (anyone between 30-44). While the turnover rate tapers off the older the employee, this is a concerning trend in the industry.

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What’s more, these figures represent the portion of employees that voluntarily leave their roles at their respective companies.

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How can we interpret this data?

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The key takeaways are as follows:

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• Substantial ongoing expenses to replace and retrain 
• Lost productivity as machines are left without operators
• Knowledge drain as experienced employees leave without passing on valuable information 

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How Workforce Analytics Supports Higher Retention 

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One of the best ways to get on top of increasingly concerning turnover rates is to be proactive.

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On a basic level, you can use a tracking and monitoring software tool like Insightful to pinpoint the departments or teams that are experiencing the highest turnover rates. From there, you can analyze individual productivity data with the employee performance dashboard and see if there are any trends that you can identify. 

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With workforce analytics tools, you can identify key trends among the individuals in your company to spot lapses in productivity and address issues before they become reasons to leave.

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It could be, for example, that around a certain time period several employees in the same department become more detached from their work, and their productivity levels start to fade. 

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Here’s where you can think critically, and ask some of the following questions:

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• What happened to cause a uniform drop in productivity in this team or department?
• Does the dip in productivity correlate with a particular change in personnel or approach to working?
• Was there a lack of engagement with the work involved?

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Raising Employee Engagement Levels

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The last of the three questions signals a significant theme in voluntary turnover: employee engagement.

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Whenever an employee decides to quit a company, you can say with a high degree of certainty that they began to feel detached from the work they were doing in the end. Employee engagement is intrinsically linked with satisfaction and a sense of purpose, so if you want your workforce to thrive, it’s worth prioritizing.

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It isn’t just oil and energy companies that could be seeing record-high employee engagement issues, though. In 2021, Gallup reports that just 34% of US employees felt engaged with their work.

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How do you raise employee engagement levels with remote pc monitoring software software?

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There are various ways you can use software for tracking employee productivity to boost employee engagement:

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• Highlighting career growth opportunities - With Insightful, you can share access to time data with employees so they can see how well they’re doing and if they’re on track to hit targets. In turn, this data can be used to help employees see what is required of them to climb the career ladder or access opportunities for growth.
  
  
• Boosting accountability - Transparency can help create a culture of accountability whereby employees are inspired to work harder as they’re acutely aware of their individual input.
  
  
• Providing greater flexibility - Moving to a more flexible way of working can be a risk as you lose the ability to check in on employees at the workplace. With workforce analytics tools, you can transition to a flexible work model and continue to keep track of productivity and encourage employees to be more autonomous and connected with their work.

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Tracking Productivity and Performance

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Computer programs to monitor activity can give you a glimpse into the beating heart of a workforce. They can tell you when things are ticking by, and when they begin to stutter.

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For oil and energy companies looking to reinvent their operations, there needs to be concrete workforce analytics data to drive sustainable growth. 

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To implement a strategy of sustainable productivity, one which prioritizes employee wellbeing and still yields results, you need a reliable system for tracking the three Ps:

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1. Productivity

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Using workforce analytics tools, you can measure the input of individual employees as a result of hours worked. That way, you can put your finger on the overall productivity of each team member as well as the team as a whole.

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Insightful even lets you monitor specific app usage, and label individual activities as ‘productive,’ ‘neutral,’ or ‘unproductive’ so you can gauge how well employee time is being spent.

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2. Progress

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Use detailed time data reports to map out key trends over time and see whether your team is making progress. 

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Progress is essential to sustainable growth, and with workforce analytics tools, you can see how far individuals have come and use that data to boost engagement with career opportunities and other incentives.

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3. Performance

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Performance is all about how close employees are to meeting your standards. If you’ve set clear strategic goals and outlined expectations from the outset, then you can use workforce analytics tools to see if your employees clear the benchmarks and outperform your expectations.

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