Nearly half of HR decision makers believe they could use people data more effectively, as well as more than a third saying they cannot progress with analytics because of a lack of skills.
This survey was carried out by MHR Analytics, a specialist provider of business intelligence, analytics and financial performance management. It found that 45 per cent feel their people data could be used in a more efficient way and 35 per cent find it hard to progress with analytics due to a lack of skills.
In light of these results MHR Analytics teamed up with Max Blumberg, a people analytics and workforce planning expert to create four videos that attempt to answer people analytics questions.
The four videos cover:
- How do you get ready for people analytics?
- What is people analytics?
- What is workforce planning?
- What is the chief financial officers (CFO) role in workforce planning?
Mr Blumberg said:
Many studies show that while HR professionals understand the business value of people analytics, they are unsure how to set about implementation. For example, in an MHR Analytics study, almost half of HR leaders believed predictive analytics and machine learning would improve their HR function, yet 44 per cent had no analytics strategy. There is a clear keenness to advance, but getting the basics right and being able to create a business case with clarity and confidence is the key to success. In the videos, we wanted to answer the most common questions asked by those starting their data analytics journey.
Laura Timms, MHR Analytics product strategy manager said:
The boom in analytics technology is already forging big changes in the HR profession – a trend set to grow in the coming years. Yet for the average business, implementing analytics is not always an easy task, with common barriers including cultural resistance, data silos, or a lack of internal data analytics skills.
We also know that larger companies do more HR analytics. Our research showed 48 per cent of companies with less than 50 employees said they weren’t doing any reporting or analytics, compared to only 6 per cent of those with more than 250 employees.
In order to obtain these results MHR Analytics conducted a survey through Censuswide, a survey consultant and asked the opinion of 161 HR experts from medium to large UK businesses in 2019. As well as a You Gov survey which asked 500 HR decision makers which was commissioned by MHR Analytics in 2018.