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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor--------------------Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
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TRENDS IN WORKFORCE ANALYTICS: CAPTURING THE LATEST RESULTS FROM U.S. HUMAN CAPITAL EFFECTIVENESS BENCHMARKS, 2014 [5 May 2014]
[full-text, 21 pages]
Our US benchmarking service recently published hundreds of metrics that reinforce the business improvement opportunity available to HR departments today-if they can align workforce performance to business strategy, supported by effective data. The service outlines how businesses are performing relative to their peers and pinpoints improvement opportunities-and, today, areas where robust workforce analytics can contribute game-changing insights. In this publication, we share our analysis of critical metrics from our 2014 US Human Capital Effectiveness report, highlight weaknesses in the market, and identify leading practices in workforce analytics that can help promote better performance.
Market demand for workforce analytics is on the rise as business leaders increasingly recognize that the right talent is critical to bringing business strategies to life. Equally important is the ability to access and analyze the right information to support talent-related business decisions. According to PwC's 15th Annual Global CEO Survey, more than 80% of US CEOs say they need critical talent-related insights to make business decisions, but only a small percentage actually receive relevant information.
The need for better analytics has transformed. While once it was a chronic pain-point and an intellectual curiosity for a small cadre within HR, today it's an acute transformational need. The charge comes from the top, as CEOs have started to demand better information on their talent to support the realization of their business strategy. Those HR departments that deliver analytics will evolve into strategic partners and help achieve a sustainable competitive advantage for their organizations.
For their part, many HR departments are beginning to recognize that delivering the right insights at the right time requires the creation of a new competency-one that incorporates the development of new workforce analytics deliverables, an organization that can produce them, the tools and technology to create them, and an approach to boost usage and adoption.
Leading areas of strategic significance:
- Capturing return on workforce investment
- Curtailing high-potential and high-performer turnover
- Improving new hire quality
- Enhancing the strategic role of HR business partners
To download publication, please cut and paste this URL into your web browser: http://www.pwc.com/en_US/us/hr-management/publications/assets/pwc-trends-in-workforce-analytics.pdf
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