12 reasons to upgrade your hr analytics toolset
DESCRIPTION
The vast majority of companies that decide to step up their HR analytics efforts face serious challenges with the amount of effort it takes to collect, store, and analyze good consolidated data about people. It’s not long before new systems and tools need to be leveraged. The following 12 curated musings paint a picture of the current state of analytics technology and what big companies are going to do about it.TRANSCRIPT
Edited by Harrison Cates Withers III
12 Reasons to Upgrade Your HR Analytics Toolset
12 Reasons to Upgrade Your HR Analytics Toolset eBook was edited by Harrison Cates Withers III Harrison is the Vice President at Media 1 and a principal business operations consultant. He has over 20 years of experience in the performance improvement space including managing learning and development activities on an international scale. Prior to Joining Media 1 he was the Director of Training and Technology at the Domino’s Pizza chain, giving him the unique perspective of both the business and advisor sides of the equation. He regularly writes on the intersection of people, process, and technology, including in-depth perspectives on metrics and measurement, use of social media in business, knowledge management, and the proliferation of mobile technology. Harrison has a particular passion and talent for challenging the way things have “always been” and seeking the unvarnished truth. Despite being an early adopter of new technology, Harrison is brutally honest with clients and their expectations regarding “flavor of the day” trends. He insists on clear measurements that are linked directly to metrics that align to business strategy, and driving behavior-based change to yield measurable financial results. With contributions from the Media 1 ROP consulting team: Scott Byers Jordan McClure L. Michael Wykes, Cover and information design by James Barnes Please share this eBook freely with leaders, innovators, and champions. Thank you! Media 1 are experts in Return On People, a powerful organizational performance methodology grounded in Human Capital Analytics. We apply ROP to increase long-term profit and fuel an empowered, agile, and sustainable work environment for all contributors. Our clients include senior executives from companies who have grown through merger and acquisition and emerging organizations seeking to implement leading people practices. Return On People will help you create an accountable measurement culture for a greater return on your investment in people.
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The vast majority of companies that decide to step up their HR analytics efforts face serious challenges with the amount of effort it takes to collect, store, and analyze good consolidated data about people. It’s not long before new systems and tools need to be leveraged. The following 12 curated musings paint a picture of the current state of analytics technology and what big companies are going to do about it.
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Most organizations’ human capital management activities are bogged down by spreadsheets and other methods that take time and increase errors. Nearly half of all organizations are dissatisfied with such processes, which require 2/3 of the time just to extract the data.
Source: Mark Smith via Kronos & Associates “Applying Analytics to the Workforce”
12 Reasons to Upgrade Your HR Analytics Toolset
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HR functions with user-friendly client systems are 2X more effective and efficient than their counterparts.
Source: Bersin & Associates The High-Impact HR Organization
12 Reasons to Upgrade Your HR Analytics Toolset
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“The average large company has a core HR system that is more than 6 years old with more than 10 different HR applications, most of which are not even integrated within HR.”
Source: Bersin by Deloitte
12 Reasons to Upgrade Your HR Analytics Toolset
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Besides core HR management systems, how many systems are in place for HR processes like recruitment, performance management, compensation, benefits, and time & attendance?
Source: Forrester Research HR Market Overview, 2011
12 Reasons to Upgrade Your HR Analytics Toolset
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Many HR leaders view centralized data as a critical enabler of advanced analytics.
Source: CAHRS The State of HR Analytics
12 Reasons to Upgrade Your HR Analytics Toolset
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HR departments that say adopting new technologies such as data analytics will be their main focus in the next 3 years.
Source: KPMG People Are the Real Numbers
12 Reasons to Upgrade Your HR Analytics Toolset
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HR functional areas that plan to implement new technology to support the use of data analytics.
Source: KPMG People Are the Real Numbers
12 Reasons to Upgrade Your HR Analytics Toolset
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Fortune 500 companies that have some kind of Big Data project on the way.
Source: SSON Big Data and Shared Services
12 Reasons to Upgrade Your HR Analytics Toolset
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“New technologies and skills in HR data management have provided an opportunity for HR functions to develop new methods of measuring activities and results, proving out people and HR performance.”
Source: Deloitte The Top Best Practices for the High-Impact HR Organization
12 Reasons to Upgrade Your HR Analytics Toolset
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“Growth in global markets, rapid proliferation of new technologies, and increasing productivity demands are transforming the overall business environment. HR must hustle to keep up with that transformation—or better, stay one step ahead of it—to ensure alignment with business needs.”
Source: Deloitte The Top Best Practices for the High-Impact HR Organization
12 Reasons to Upgrade Your HR Analytics Toolset
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“New HR technologies and skills in HR data analysis have provided an opportunity for HR organizations to become more data-driven. HR data is now systematically gathered and analyzed, so that it can be translated into actionable insights and measures of impact. These measurement approaches provide clear connections between the efforts of both the HR function and individual people in the performance of a company.”
Source: Deloitte The Top Best Practices for the High-Impact HR Organization
12 Reasons to Upgrade Your HR Analytics Toolset
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“Organizations that integrate workforce and business performance data into analytics tools are 3x as likely to achieve Best-in-Class (top 20%) performance results as those who do not.”
Source: Aberdeen Group via Kronos Applying Analytics to the Workforce
12 Reasons to Upgrade Your HR Analytics Toolset
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Media 1 are experts in Return On People, a powerful organizational performance methodology grounded in Human Capital Analytics. We apply ROP to increase long-term profit and fuel an empowered, agile, and sustainable work environment for all contributors. Our clients include senior executives from companies who have grown through merger and acquisition and emerging organizations seeking to implement leading people practices. Return On People will help you create an accountable measurement culture for a greater return on your investment in people. Learn more at ROIPeople.com.
www.media1.us
12 Reasons to Upgrade Your HR Analytics Toolset
