- The use/influence of workforce analytics, also referred to "big data," is driving a "transformative revolution" in HR, according to a new report released this week at the SHRM Conference.
- The Use of Workforce Analytics for Competitive Advantage report, from The Economist Intelligence Unit (EIU) and sponsored by the SHRM Foundation and IBM, found that workforce analytics' growing impact on workforce composition, HR and talent management and overall business strategy will be inevitable during the next five to 10 years.
- One key finding, for example, is investment in workforce analytics is rising, as the research found that the overwhelming majority of employers surveyed will either begin using or increase their use of big data in their HR strategy.
Mark Schmit, executive director of the SHRM Foundation, said in the foreword to the report that a 2015 EIU survey found 82% of organizations "increasingly see workforce analytics as a critical tool to shape future business strategy."
Other key findings of the report include the HR function is adapting to a more data-driven world, leading to the establishment of specialist teams and the recruitment of data-oriented personnel. As a result, future HR professionals will need analytics knowledge and the skills to convince senior executives of the value of the data.
Also, predictive analytics, which identifies future outcomes based on existing data (past and present), will become more popular among HR, especially in employee retention and recruitment.