Big data has transformed numerous industries over the last few years. We can now match candidate with job descriptions, browse corporate information seamlessly, and get recommendations for products just for us. But big data in the HR function is only just starting to rear its head. MOVE Guides believes that the use of big data to optimize workforce planning, management and globalisation will be the next quantum leap for the HR profession.
Last week KPMG published the results of its EIU-commissioned survey, “Rethinking Human Resources in a Changing World”. According to the widespread report, approximately 81% of respondents believe that effective talent management strategies will be a key to company success in the future and 59% of respondents believe HR will grow in strategic importance going forward. Yet just 15% of respondents believe that HR currently does a good job of providing insightful and predictive workforce analytics. The question is why?
In other industries, new technologies and data have emerged in times of financial pressures. Data used effectively can radically reduce prediction, transaction and delivery costs. One of the most profound examples of this is the US healthcare system, where huge cost pressures are incubating start-ups offering transparent information and pricing, and big data to optimise delivery and execution.
Similarly, the HR industry needs more sophisticated data and analytics to optimise talent management and mobility, and by extension lower costs and improve relocation services. Objective and un-biased data will help parts of the HR function transition from a transactional to strategic role -- something often discussed at conferences and seminars. This shift is particularly critical in global mobility, as international workforces becomes increasingly to organisations, employee demographics shift and cost pressures continue to increase. According to the KPMG report, today just 24% of people believe their HR function supports their company’s globalization strategies well.
Yet HR is not to blame. We at MOVE Guides believe that the people management and mobility industry needs more sophisticated technology companies for the new era of global mobility. These data-centric companies must work with HR as a business partner to lower costs and optimise operations across the global talent pools. Clear, reliable and defensible data will support HR in working with global talent pools and workforces. MOVE Guides is building a data-centric business to help with that quantum leap forward.
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