With new tools, technology and skill sets, HR can support strategic decision-making with evidence-based workforce insights.
In today’s disrupted markets, companies are under constant pressure to make the right workforce decisions. Yet despite advances in analytics technologies, many HR functions lag significantly behind Marketing and Finance when it comes to delivering deep, data-based insights. In our view, this must change. Workforce analytics is one of the six key areas that we believe should be at the forefront of the HR agenda. With new analytics tools, technology and skillsets, HR can unlock significant value from workforce data and provide insights that help drive competitive advantage.
Today, many HR functions are still focused on setting policies and ensuring compliance, with the CHRO pulled into the business only when management needs to address an employee grievance or concern. Forward-thinking CHROs understand that as the organization transforms in response to competitive pressures such as new technologies and changing customer expectations, HR’s role must evolve to provide greater strategic value to the business. In the future, leading HR organizations will apply advanced technology to workforce data to create more responsive business and workforce strategies, improve performance, design a better employee experience, and more.
In this paper, we offer a framework that facilitates a holistic review of workforce issues by applying five lenses. This approach ensures that interdependencies are fully considered and supports anticipation of new measures required to support strategic decisions. Read the paper to learn about this framework and how the human resources function can: