The knowledge economy, more than ever, has made an organization’s people its most important asset and one of its greatest investments. According to a survey conducted by the Society of Human Resource Management (SHRM), the total cost of a workforce represents nearly 70% of the operating expenses for Fortune 500 companies.
Complexity in today’s workforce, new technology investments, economic pressures, finding talent to gain a competitive edge, aligning the people strategy with the business strategy and unleashing creativity are driving a change in HR to be information-savvy. Today’s leaders are faced with unrelenting pressure to drive both strategic and operational performance for their organizations. Workforce analytics can help those leaders: reduce labor costs, improve productivity, attract and retain top talent, and implement workforce strategies to support key business objectives.
In order to excel in today’s complex business environment, HR leaders are challenged more than ever to make sound business decisions with confidence. In order to make those informed business decisions, executive leaders need the right data. This has created a growing demand for workforce analytics, which are more informative, insightful and accurate than ever before.