We sent a team from ZeroedIn to the annual HR Technology Conference and hosted a booth on the show floor. We were pleased to find that a key theme throughout the event was the idea of harnessing big data to make better HR decisions – which of course means a big focus on our sweet spot, workforce analytics.
SuccessConnect, a 3-day conference that was held in Las Vegas October 9-11, covered major changes impacting HR and the role technology plays in transforming HR. The conference kicked off with a keynote speaker, Shawn Price, explaining that “tomorrow won’t look like today.”
Other important topics included innovative leadership styles, meeting human capital management realities, unified talent management, HR compliance, the importance of mobile HR technology and the tangible benefits of moving HR to the Cloud.
In parallel with the conference, some interesting findings from new research and surveys were released. Deloitte Bersin also posted a blog post with some of its research highlights, which included the following:
- Only 14% of organizations have implemented true HR analytics and the payoff has been huge. Stock market returns for these companies were 30% higher than the S&P 500, they were twice as likely to be delivering high impact recruiting solutions and their leadership pipelines are two and a half times stronger.
- These companies are four times more likely to be considered credible and data driven by their business counterparts, thus unlocking the key to sales productivity, employee turnover, customer retention and various other key business problems.
- The importance of cross-functioning HR analytics team that manages recruiting, learning, performance, compensation and other business data in one integrated way, not just pie charts and PowerPoint presentations.
- Although companies have statistics folks around them, they usually haven’t organized a analytics team yet. By outsourcing important skills like statistics and modeling to companies, like LinkedIn, you can have those important skills in your organization now.
- Teams take time to build, 3-5 years typically, working actively with management to implement the new decision-making tools on the job.
As HR organizations apply this new model and rethink how they deliver HR services to their consumers—managers and employees—they are finding they cannot only redesign employee processes, but also integrate technology inside of HR and with other functional areas. If done well, this will not only help the organization be more efficient and effective, it will drive improved employee engagement, job satisfaction, as well as workforce productivity and performance.
Talent analytics is here to stay. Contact ZeroedIn today to learn how we can help you get started with workforce analytics technology and develop an HR innovation strategy that will set you up for future success.