Advanced analytical tools and techniques critical for addressing HR issues says DeloitteDOWNLOAD
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.
‘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
Pre-register for Digital disruption: Short fuse, big bang?
Digital disruption: Short fuse, big bang?, the newest paper in Deloitte's Building the Lucky Country series , will consider the magnitude of digital transformation within Australian business and government – the size of the 'bang' – as well as how quickly 18 industry sectors will be affected – the length of the 'fuse'. Pre-register now to receive our digital disruption paper when it is launched in September 2012.
Follow us – @DeloitteNewsAU