Human Capital Professionals Need Better Analytical Skills to Articulate Business Results
New Report Provides Practical Guidance to Create and Run an Effective Human Capital Analytics
Despite the plethora of data gathered over the past two decades, human resources functions have made little progress in using this data to help provide insights critical to making strategic decisions.
According to a new report from The Conference Board, Human Capital Analytics: A Primer, it is not only critical for HR departments to embrace analytics, but to move analytics from beyond analyzing what happened or what is happening to predicting and prescribing
The report, prepared by The Conference Board’s Human Capital Practice and co-authored by Dr. Jac Fitz-enz, CEO of Human Capital Source, Dr. Patti P. Phillips, Principal Research Fellow, Human Capital, The Conference Board and Dr. Rebecca Ray, Senior Vice President, Human Capital, examines the current state of human capital analytics, identifies best practices that can lead to rapid development and deployment of a sound human capital analytics function, and creates a framework to better understand the process of human capital analytics that will increase the likelihood of success.
Per Dr. Rebecca Ray, Senior Vice President, Human Capital…“Today’s human capital functions have failed to keep pace with other business leaders in using analytics to make critical decisions.“It is imperative for human capital departments to create effective analytics processes that focus on making decisions in real time, particularly those which are predictive in nature, all of which closely align to current and future business plans.Human Capital Analytics provides guidance and recommendations, and key actions corporations can take to outline a strategy to create a sustainable human capital analytics program.”
- Identify the key business issues, problems or opportunities facing the organization
- Build hypotheses surrounding the causes and probable impacts of an issue or opportunity
- Consider methodologies, consistency, information management, project management, technology, and data governance
- Strive for high quality, alignment, transparency, credibility, and stakeholder input and executive buy-in as you implement your approach
Source: Human Capital Analytics: A Primer
Report # R-1500-12-RR
The Conference Board
Download the full report at this link: http://www.conference-board.org/publications/publicationdetail.cfm?publicationid=2352
About The Conference Board
The Conference Board is a global, independent business membership and research association working in the public interest. Our mission is unique: To provide the world’s leading organizations with the practical knowledge they need to improve their performance and better serve society. The Conference Board is a non-advocacy, not-for-profit entity holding 501(c)(3) tax-exempt status in the United States. For more information, please visit www.conference-board.org
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