An analytics revolution is upon us. Knowledge workers are in short supply, the competition for talent has gone global; turnover is rising; and employee engagement is stagnant at best. How can companies attract, retain, and develop employees who can drive business results and have the data to back up these decisions? A recent survey found more than 80% of respondents said that they needed talent-related insights to make business decisions. Yet most enterprises still base talent decisions on gut feeling. Few can offer analytic evidence to support their hunches. Now, finally, analytics are beginning to drive decisions about people.
Highlights from this paper include:
- 6% of high-performing employees in U.S. organizations voluntarily changed jobs in 2013, the highest rate in 10 years
- 9% of companies responding use predictive analytics to inform workforce decisions
- 57% of companies expect within two years to employ analytics using data integrated across multiple systems
The “dataficaton of HR” is a leading business trend today and has the potential to change the game forever. With the workforce comprising an average of 70 percent of the typical company’s expenses, HR has the opportunity not just to “get a seat at the table” but also to play a critical role in driving business outcomes and improving financial outcomes.
For this Visier-sponsored report, Harvard Business Review conducted an online survey of 230 executives, and interviewed HR leaders and industry experts, including thought leaders Josh Bersin and John Boudreau.