Big data is the big buzz word flapping around HR teams’ ears. We all know that having the ability to identify patterns, compile metrics and statistics, and thereby be able to determine which employees are the most productive could make predictive decision-making more effective. According to Forbes, this article reveals that only 4% of companies, however, have achieved the ability to perform predictive analytics on their workforce.
Additional research from German applications giant SAP earlier this year appeared to find that the main reason that most businesses are not using big data and predictive analytics to their full potential was purely down to a lack of skills. Over three quarters of respondents said they needed new data science skills within the organisation to take advantage of the technology. It’s not just being able to access the data, it’s knowing what to do with it when you have it…
But perhaps the reason many companies are unable to perform predictive analytics is down to not having the financial prowess to support a dedicated data team within the business: whereas global giants such as Google, AstraZeneca and General Motors all have dedicated people-analytics teams hard at work in their HR departments.
The good news, according to Peter O’Hanlon, chief analytics officer at psychometric test and survey provider Onetest, is that most HR managers are hungry for more information and have already embraced the need for evidence based decision-making.