Firms fail to use HR data properly for taking business decisions, new study reveals
Despite being able to collect specific data regarding their employees’ activity, the large majority of companies don’t use it properly in order to drive business decisions, a new report carried out by Alexander Mann Solutions and the HRO Today Institute between May and September this year has suggests.
Figures obtained by the aforementioned poll indicate that, while close to 90% of all companies around the world constantly collect data regarding their employees, just around half of them actually use the information in order to improve talent acquisition efforts. Even worse, 32 percent of firms do not use the information at all.
The survey also suggested that most companies typically collect employee performance appraisal ratings (73% of respondents), new hire retention (55%) and customer satisfaction (50%), while not paying as much attention to the speed at which new hires are promoted (13%), the time taken to bring recruits to full performance (12%) and profit generated per employee (24%).
“For one of our retail clients we saw a £2 improvement in average spend per transaction using predictive analytics. With 40,000 to 50,000 transactions a month per store, the link to the bottom line can be significant,” said Jerry Collier, global director at Alexander Mann Solutions.
Those companies that fail to measure data effectively cited several barriers, one of the most important being the inadequate IT systems capable of collating, analysing and ensuring the consistency of data across geographies and business divisions.
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