HR and Workforce Analytics: Harnessing the Power of Data for Business Success
In a recent study on global trends in HR, business and HR leaders quoted the workforce analytics among their top priorities for 2015, recognizing the business value of people data and insight. Already in 2013, organizations increased their investment in HR measurement and analytics by 57 per cent compared to the previous year, and this number is expected to grow in the upcoming years as companies are tempted by the promise to have a better structured, more precise and fact-based HR function. HR teams, in their turn, should welcome the opportunity to be able to measure the value of their interventions – from training programs to workforce engagement initiatives – and to be seen as an important business partner.
Early adopters of HR analytics are winning business competition from their peers because they are able to improve the quality and productivity of their workforce, close talent gaps and avoid human capital investments that add little value to their bottom line. It is estimated that they enjoy 30 per cent higher stock prices compared to their competitors who lack advanced workforce analytics capability, suggesting that workforce analytics is becoming crucial for a business success.
With three to five years needed to develop an efficient HR analytics team, it is time to either jump start the process or accelerate its implementation within your organization. Every step of this journey carries some unique challenges: from improving data quality, which may take up to 70 per cent of the analytics budget and time, to promoting culture change that would help to ensure that data insights trigger actual strategy changes.
One thing is certain – a more strategic use of data to inform HR decisions is only a matter of time, and a short one to be certain, as it has proved to have a positive impact on the businesses’ bottom line. How is it going to transform the way we approach people management? Is the HR community ready to accept and act upon that change? How to ease the shift from a perception-based decision making to data absorption, analysis and interpretation? What can be done to empower HR teams to become pro-active users of analytic insights?
These and other questions related to the future of people management in the era of big data and analytics will be discussed at the inaugural Workforce Analytics Summit organized in Amsterdam on 3-4 March 2015 in association with IBM. With the exceptional participation of experts from the “Top 50 HR Analytics Influencers” such as Jonathan Ferrar, VP Smarter Workforce at IBM and Peter Hartman, Business Intelligence Expert at Maersk Drilling, the summit promises to gather the brightest minds in the analytical business applied to HR over 2 days of practical presentations, debates, experience sharing and valuable networking.
Bringing together the HR leaders and experts of workforce analytics to discuss practical challenges in the development of analytics capabilities, the event will benefit those who are seeking guidelines for setting up or scaling their HR analytics capabilities. Whether you are contemplating your first analytics project or you already have developed a stellar team that delivers predictive foresight, the 2015 Workforce Analytics Summit is designed to deliver the content relevant to your current needs.
Join us to discover how HR analytics will shape the business landscape in the future. Secure your seat and benefit from our early-bird rate!