People analytics has finally arrived in HR, but use of analytics is still rudimentary and not evenly distributed. That much was clear at the 2019 People Analytics & Workforce Planning Conference in Miami on May 5th-7th. HR leaders, vendors and partners in the HR space gathered to discuss the challenges of people management and potential tools and solutions to those challenges through the application of analytics.
As we continue into 2019, we will see a growing industry-wide shift taking place in the talent market that is driving new business strategy. With an overall projection of 20.5 million jobs that will be created by 2020 and the labor force growth rate slated to decline this year (Jobs Outlook), employers are now even more challenged in competing to attract and retain top talent. This shift has pushed employers to rethink their talent strategies to pursue a forward-thinking approach that will enable them to stay ahead of their competitors.
For hundreds of years – possibly longer – organizations have made critical HR decisions based largely on instinct and intuition. Where should we find talent for our business? What’s the best way to attract those people? What kinds of benefits and perks should we offer to keep them? What kind of training and develop should we use, who should we offer it to, and what are the results? All of these critical questions, and many more, were often answered based on gut feelings and anecdotal experience.
In today’s tight labor market where matching talent and outcomes has become critical for achieving high levels of performance, an organization’s workforce is arguably its most important asset. Indeed, organizations routinely exclaim that their people are their most important asset. However, very few businesses carefully plan, measure, or optimize this all-important resource.