There are lots of different data sources, and there are lots of different types of analytics — for different departments, for example.
The poll of 500 HR leaders found that 44% do not have a main focus on HR analytics — technology that uses ‘people data’ to solve business problems.
This is self-defeating, because big data and analytics adds value and is already used in other areas, with; 40% of respondents stating they use it for regular operational reporting; 29% using it for financial workforce planning; 23% improving the accuracy and simplicity of reporting and 14% using it to predict employee retention, compliance and workforce growth.
Nick Felton, SVP at MHR Analytics said: “Smart use of big data is now essential for organisations in every sector who are serious about driving growth. With the right tools, quality data can be collected and used to save time and money.”
Predictive analytics in HR management
When asked what was preventing HR teams from delivering analytics, 35% said it was not having the right knowledge or skills within HR. Almost a third (30%) said the biggest barrier was the lack of quality of data currently collected in the business.
Dr Max Blumberg, founder of the people analytics think tank, the Blumberg Partnership, said: “Gaining insights into the performance of the workforce and associated resources enables faster, more accurate decision-making and delivers savings to the bottom line.
“The YouGov research conducted by MHR Analytics shows that many UK businesses are failing to equip HR professionals with the analytics tools they need for high quality people and process management. At a time when analytics can play a vital role in managing salaries, payroll and performance measurement, investing in technologies like this can help companies gain the competitive advantage.”
MHR Analytics is producing a series of educational videos by Dr Max Blumberg to help HR leaders use people data to make business decisions and create more effective workforce strategies. The videos will be available in the coming months.