Employers are Unlocking the Power of Big Data
Employers are Unlocking the Power of Big DataWorkforce management (WFM) technologies are changing before our eyes, offering more choices than ever. Organizations are now recognizing that data analytics represent a potential goldmine of information that can be tapped to enhance efficiency, productivity, and profitability.
“While most of the talk is about applying BigData to marketing and consumer businesses, there is an even bigger opportunity to apply BigData to Human Resources,” writes global research analyst Josh Bersin, founder and principal of Bersin by Deloitte.[i]
After all, for most companies, payroll is by far the largest expense, equaling 40% or more of total revenues. But according to Bersin, most companies don’t have a fact-based understanding of what drives performance, let alone how to improve it.[ii]
It’s an assertion echoed in a recent survey of CEOs. More than 80% said that they need access to “critical talent-related insights.[iii]”
More HR departments are looking to workforce management systems to help them gather these insights, from monitoring overtime to make more proactive scheduling decisions, to comparing labor hours to sales dollars to assess productivity, to using budget analysis reports to stay on top of budgets and bid on jobs more accurately.
“Traditionally, HR departments have been focused on reporting and procedures,” says Ward Christman, author of the HR Tech Advisor blog and founder/chief advisor of HR Tech Advisor, an HR technology consulting firm. “But by utilizing the data available to them, HR can take on a more predictive role and actively help drive the business forward.”
Download our ebook, Top HR Thought Leaders Predict Workforce Management Tech Trends for 2015 & Beyond, to learn what other key technology trends are changing the HR landscape.
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