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Advanced analytical tools and techniques critical for addressing HR issues says Deloitte


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3 September 2012: Advanced workforce reporting and analytics is shaping up to be one of the key trends in Human Resources (HR) according to professional services firm Deloitte. Many leading organisations are using workforce reporting and analytics to help make better and more informed decisions about their human capital.

In the global report “Human Capital trends 2012: Leap ahead”, Deloitte highlights how advanced analytical tools and techniques, such as predictive modelling, are making it possible for organisations to glimpse into the future and make informed predictions that they can then develop into targeted solutions. Organisations are reducing labour costs, improving productivity and employee effectiveness and managing risk more efficiently by capitalising on the latest workforce reporting tools and analytic techniques.

Nicky Wakefield, Deloitte Consulting’s National Leader of Human Capital believes advanced analytics is helping leading organisations retain top talent and increase their leadership pipelines by looking deep into their workforces to anticipate which employees are most likely to reach the top.

“In our fast paced business environment, organisations need predictive solutions that help address critical business issues before they actually become problems.

“Our workforces are often global and more complex, so advanced analytics helps HR and business leaders cut through complex issues, such as controlling labour costs, generating more value from the workforce and offering valuable insights using useful workforce data.

“Organisations that understand their workforce can outperform their competitors by uncovering powerful insights using analytics” said Ms Wakefield.

The report noted that workforce reporting and analytics are having an impact on areas such as forward-looking workforce planning, talent acquisition, workforce performance, and diversity effectiveness.

The report identified five important issues when organisations are using workforce reporting and analytics.

  1. Start small and build momentum. Use data to drive practical decisions so organisations can start to see the value, making it easier for additional investment.
  2. Focus on capabilities, not just solutions. Desirable capabilities include the skills to design the analytics, interpret findings and then translate the findings to actions.
  3. Leverage existing technology investments. Use the systems and data currently available with better integration and controlled access.
  4. Consider cloud to jump-start the effort. Costs, lead time and capital expenditure can be reduced using a Cloud vendor to host reporting and analytics infrastructure.
  5. Use what you learn. Reporting and analytics delivers insights to enable smarter decision making so business leaders can effectively manage a complex and increasing global workforce.

‘Leading organisations combine data and analytics from a variety of business sources to sharpen their insights. Organisations can use analytics to rethink how they do business and improve efficiency, whereas another organisation may use external data to anticipate the future availability of local talent,” added Ms Wakefield.

NB: See our media releases and research at www.deloitte.com.au

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Contacts

Name:
Jane Kneebone
Company:
Deloitte Australia
Job Title:
Director, Corporate Affairs & Communications
Phone:
Tel: +61 3 9671 7389, Mobile: +61 416 148 845
Email
jakneebone@deloitte.com.au
Name:
David Brown
Company:
Deloitte Consulting
Job Title:
Human Capital Leader
Phone:
Tel: +61 2 9322 7481
Email
davidbrown@deloitte.com.au

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