Workforce analytics have traditionally focused on HR’s use of them when their value can actually have significant overall business impacts. Realizing this, more business leaders are demanding insights into workforce dynamics to unearth insights that weren’t apparent before.
Businesses often claim that talent is their greatest asset, but they’re not always able to track what’s working, what isn’t and why. For example, in Deloitte Consulting’s 2018 Global Human Capital Trends report, 71% of survey participants said their companies consider people analytics a high priority, but only 10% are “very ready” to deal with it. According to David Fineman, specialist leader at Deloitte Consulting, who co-authored the report, business leaders want insights into six focus areas that include workforce planning and shaping, recruiting and staffing talent optimization, culture and engagement, performance and rewards, and HR service delivery.
“The important distinction between focus areas that are addressed today compared with the focus areas from prior years is the emphasis on issues that are important to business leaders, not limiting analytics recipients to an HR audience,” said Fineman.
In fact, the Deloitte report explicitly states that board members and CEOs want access to people analytics because they’re “impatient with HR teams that can’t deliver actionable information and insights…”
As businesses continue to digitize more tasks and functions, it’s essential for them to understand the current makeup of their workforces, what talent will be needed in the future, and what’s necessary to align the two.
Shebani Patel, People Analytics leader at professional services firm PricewaterhouseCoopers (PwC) said that companies now want to understand employee journeys from onboarding to daily work experiences to exit surveys.