As the HR industry evolves and technology continues to dominate most aspects of human interaction, making faster and more accurate people decisions is becoming a priority for organisations.
More and more businesses and organisations are taking advantage of the unique and highly targeted insights provided by data analytics to analyse workforce performance and predict outcomes.
Data analytics answers the big questions:
- Why should you pursue one candidate over another?
- What will be the next vacancy to fill? And when?
- Willingness to adapt, learn and develop
- What differentiates your top performing sales people from the rest?
- Why did the software engineer leave your organisation after only 3 months?
- Why do younger candidates leave after 12-18 months?
These questions seem simple but most organisations don’t have the answers at their fingertips, and it all comes down to smart analysis of the available workforce data.
Only 4% of large organisations have the ability to predict or model their workforce data.
Most organisations encounter challenges across areas of data collection and storage, data quality, and internal analytics skills shortage. Indeed, it’s a big job to ‘datafy’ your workforce.
However, organisations that do manage to datafy their HR functions see 2-3 times better results in recruitment, development and turnover of employees.