HR Data is the Key to Unlocking Business Value, Harvard Business Review Analytic Services Report Finds
Use of workforce data beyond the human resources department helps organizations uncover better ways to manage teams, and drive company performance–particularly during times of uncertainty and change
Visier, the globally recognized leader in people analytics and workforce solutions for people-powered business, today announced the launch of a new report by Harvard Business Review Analytic Services sponsored by Visier. The report, Sharing People Data Outside HR to Drive Business Value, finds that progressive organizations utilize people data beyond the HR department, and they often combine this people data with business data to deliver valuable insights to their managers.
“The dynamic of today’s workplace has shifted dramatically, leaving many organizations on their heels,” said Alex Clemente, Managing Director of HBR Analytics Services. “Our report found that while people typically represent the largest expense within an organization, most organizations are unable to connect these people investments with business outcomes–and, more specifically, understand how to manage workforce effectiveness to drive profitable growth for the business. Meeting this challenge should be the focus of every modern organization, particularly given the uncertainty in the economy and the labor market.”
Digital transformation in Human Resources has, in the past, been largely focused on the improvement of cost efficiency and compliance, which has resulted in cost savings measures and better organization within the HR function, but not provided broader business value outside of those core functions. With the pandemic creating new workforce challenges, organizations began to realize they needed better decision making around people-related problems, and the organization as a whole, not just the HR department, can benefit from accessing and understanding people data.
“Over the last decade, most organizations have poured their efforts into putting the customer at the center of their activities,” said Ryan Wong, CEO of Visier. “But the pandemic accelerated a change that forced organizations to look at another, largely underutilized business lever: their workforce. Many organizations now realize they lack real insight into how employees impact the business and how the business impacts employees; as a result, managers are woefully ill-equipped to understand the complex relationship between organizational demands, and what the workforce needs to meet them.”
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