Workforce analytics has the potential to be a game-changer
It can help HR become more business-relevant, rigorous and evidence-driven. But are organisations ready to realise this potential, or is workforce analytics destined to be a passing fad? Find out by clicking on the infographic below, or scroll down to read the text version.
The rise of workforce analytics
Workforce analytics has recently become a hot topic…
- $1.29b is the predicted size of the global workforce analytics market by 2022
- 91% of IT businesses expect data driven insights in HR to improve profits
… And the benefits for businesses are clear
- Companies using data-driven decision making are 5% more productive than their competitors
- These same companies are also 6% more profitable than their competitors
Yet for most HR functions, this is still an emerging field…
- Just 14% of businesses have used analytics to successfully predict outcomes and take action to a great extent
Making workforce analytics more of a ‘hot mess’…
- A tiny 7% of organisations have reached a reasonably advanced level in workforce analytics
So why is the uptake of workforce analytics so slow?
Lack of collaboration:
- Just 24% of businesses see extensive collaboration between their HR analytics teams and the rest of the organisation
- Only 39% think HR is good at analysing a wide range of business data before making decisions
The data challenge:
- Only 36% of think business leaders trust HR data as being consistently accurate and reliable
- 51% think that quality of HR data is a significant barrier to their analytics efforts
The skills gap:
- 67% don’t have a methodology or standardised approach for HR analytics projects
- 60% believe that HR professionals in their organisation are analytically weak
- 28% weren’t able to determine whether or not their investment represents value for money
- Only 24% have invested ‘a fair amount’ or ‘substantially’ in upskilling HR in data and analytics
It seems many businesses don’t know where to begin, but workforce analytics doesn’t have to be a challenge…
Three tips to get you started
- Take a hypothesis-led approach and align your data to higher organisational goals.
- Don’t try to fix the data all at once. Learn more with our free sample chapter: The Data Goldmine.
- Use visualisation tools to bring your data to life and gain a deeper level of insight.