Our US benchmarking service recently published hundreds of metrics that reinforce the business improvement opportunity available to HR departments today - if they can align workforce performance to business strategy, supported by effective data.
Market demand for workforce analytics is on the rise as business leaders increasingly recognize that the right talent is critical to bringing business strategies to life. Equally important is the ability to access and analyze the right information to support talent-related business decisions. According to PwC’s 15th Annual Global CEO Survey, more than 80% of US CEOs say they need critical talent-related insights to make business decisions, but only a small percentage actually receive relevant information.
The need for better analytics has transformed. While once it was a chronic pain-point and an intellectual curiosity for a small cadre within HR, today it’s an acute transformational need. The charge comes from the top, as CEOs have started to demand better information on their talent to support the realization of their business strategy. Those HR departments that deliver analytics will evolve into strategic partners and help achieve a sustainable competitive advantage for their organizations.
For their part, many HR departments are beginning to recognize that delivering the right insights at the right time requires the creation of a new competency–one that incorporates the development of new workforce analytics deliverables, an organization that can produce them, the tools and technology to create them, and an approach to boost usage and adoption.
Leading areas of strategic significance: