Extract taken from HRM Asia:
Despite the growing importance of workforce analytics as an essential tool among organisations to improve business results, more than a quarter of companies are struggling to deploy analytics.
According to a new global survey of business leaders by the Harvard Business Review Analytic Services (HBRAS), more than a quarter of respondents use little or no workforce analytics.
Sixty-one percent report its use as tactical, ad hoc and disconnected from other key systems and processes. Close to 50% say they are unable to integrate workforce data with other systems to make decisions critical to the business in real time.
Many others also report using KPIs, such as the number of performance reviews completed or the headcount of employees who have completed learning coursework. HBRAS said this transactional data is not enough for making strategic business decisions.
HBRAS notes that with workforce analytics, companies need to integrate technologies, data, metrics and processes to measure and improve workforce performance. This is done by employing suitable staff with the specific skills for the relevant job, as well as providing them with training and development opportunities to engage them to give their best.
The research indicates that the effort will pay off. Proactive users of analytics are more likely to say their organisation is effective in utilising their workforce.
Such companies are said to have fewer headcount reductions, as they have a lean and efficient workforce that consists of engaged employees. They also enjoy higher quality, productivity, customer satisfaction and market share, all on top of greater company profits.
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