Stay informed and ready to meet both everyday challenges and long-term planning and policy-making goals, with focused news, practical information, and strategic insights on all HR-related...
May 7 — Chief executive officers are demanding better information about their talent to support business goals, and human resources departments that can deliver such data and help to achieve a sustainable competitive advantage for the organization are more likely to be considered strategic partners, according to consulting firm PricewaterhouseCoopers Saratoga.
“There are real improvement opportunities that are still to be met,” Ranjan Dutta, director of the metrics operations and predictive analytics practice at PwC Saratoga, told attendees at a May 6 webinar on PwC's “2014 U.S. Human Capital Effectiveness Report.”
According to Dutta, today's major workforce challenges include:
“Though revenue levels have bounced back following the recession, organizations are still struggling with labor costs and trying to achieve the same level of return on their workforce investment,” Scott Pollack, principal at PwC Saratoga, said during the webinar.
“Organizations are investing more in HR, with an emphasis on strategic initiatives,” Pollack said. HR's role “is moving away from transactional activities and more toward strategic talent management, leadership development and workforce analytics.”
According to Kristina Dunphy, senior associate on workforce analytics projects at PwC Saratoga, progressive employers are adopting an integrated survey design to better understand changes in their workforce, and also are using “big data” to build predictive models to help select candidates who are most likely to be successful.
Internal survey data can answer questions, Dunphy said, such as, “How many employees voluntarily quit last year or last month?” The answers can help employers better streamline hiring and talent management processes to get the most return on human capital investments, she said.
Analytics can isolate the “characteristics of success” of new hires, Dunphy said, and be used to create strong hiring profiles.
To contact the reporter on this story: Genevieve Douglas in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Simon Nadel at email@example.com
The PwC report is available at http://www.pwc.com/en_US/us/hr-management/publications/assets/pwc-trends-in-workforce-analytics.pdf.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)