Study: Employers missing the mark with data analytics
- When it comes to talent management, the data analytics trend has garnered a lot of attention. After all, as the U.S. economy has moved from manufacturing to being service-based, the people cost is often the first item on any employer's balance sheet.
- While hiring the right talent costs money, that move tends to bring increased productivity, innovation and other ways to contribue to the bottom line. Unfortunately, according to a new white paper from XpertHR, the value of these contributions is lost, not recorded. And the reason is simple: talent management cost/benefit is rarely measured, creating a massive missed opportunity for HR leaders.
- Even with that less than positive news, measurement efforts are on the upswing, according to XpertHR's white paper author Linda Pophal. Her research shows many companies have already invested in or are planning to invest in big data over the next two years.
"While the focus of their data efforts tends to be primarily related to customer experience, organizations are targeting streamlining processes, marketing more effectively, reducing costs and enhancing security capabilities," Pophal said.
The white paper also says there is a growing need for a focus on predictive analytics for workforce analysis, citing a Deloitte survey that found only 4% of respondents are investing in "big data"-indicated use of predictive analytics.
The paper goes on to give HR leaders some ideas on how data can and should be used, including quickly addressing data and insights for C-suite leaders and ensuring that return on investment is central and woven into any dashboards or presentations.