The HR and Talent Management Benchmarking Report, conducted by HR.com in partnership with Ceridian, found that the top two priorities for HR departments in 2018 are focusing on learning and development, and talent acquisition (see our previous post here). The third most widely cited area of focus, according to survey respondents, is to streamline HR operations in 2018.
This means that HR professionals want greater efficiency, especially in larger organizations. Many organizations reported failing to get satisfactory levels of performance out of large portions of their workforce. Respondents identified an opportunity to empower business decision-makers – and potentially improve workforce performance – through better use of data.
This finding echoes the general trend that leveraging data sets for human capital management will be a bigger priority in 2018 and beyond. Leveraging data can also impact the top priorities identified in the study – learning and development, and talent acquisition.
However, while talent acquisition is a top priority in 2018, the report found that relatively few organizations use data analytics to assist in their talent management efforts. 10% of respondents use data analytics to predict talent outcomes, while another 10% use analytics to both describe workforce issues and predict talent outcomes.
There are many opportunities for organizations to increasingly leverage data to make real-time and smarter business decisions. For example, more organizations are looking to use data algorithms during the hiring process and in talent management to suggest the best candidates and identify individual strengths, critical skills and traits of high potential employees.
Additionally, leveraging data is a key component in organizations moving away from antiquated annual performance reviews and annual engagement surveys to an “always-on” approach to collecting feedback.
Successful organizations are shifting their mindsets around the value of data in human capital management. Data is more than simply record-keeping – it is a critical asset that can provide major strategic insights that help leaders run their businesses better.