Talent analytics and big data have become leading organizational buzz words over the last several years—and for good reason.
Talent analytics has been dubbed a “crystal ball” for HR and management and lauded for its seemingly endless applications for succession planning, employee engagement, talent management, staffing, and various other aspects of managing organizations.
How is big data really changing or affecting the workplace?
- According to a study out of MIT, companies that inject big data and analytics into their operations show productivity rates and profitability that are 5% to 6% higher than those of their peers.
- “Big data has never been bigger, nor more of a crapshoot.” At least, that's the sense one gets from a recent survey revealing that 76 percent of all enterprises are looking to maintain or increase their investments in big data over the next few years—despite a mere 23.5% saying they have a clear big data strategy.
- Estimates suggest that by better integrating big data, healthcare could save as much as $300 billion a year — that’s equal to reducing costs by $1,000 a year for every man, woman, and child. And retailers who leverage the full power of big data could increase their operating margins by as much as 60%.
- The consultancy DNV GL Business Assurance, in partnership with research institute GFK Eurisko, polled 1,189 enterprises across the globe to better understand their big data plans. A majority of these companies—52 percent—see big data as a big opportunity. That number climbs to 70 percent among large companies (1,000-plus employees) and tops 96 percent of those the report authors categorize as “Leaders.”
- For a typical Fortune 1000 company, just a 10% increase in data accessibility could result in more than $65 million in additional net income, according to a recent Forbes article.
- A study released by the Economist Intelligence Unit in January 2016 reported that 60% of the professionals they quizzed feel data is generating revenue within their organizations and 83% say it’s making existing services and products more profitable.
At its 12th Annual Leading Edge Consortium (LEC), the Society for Industrial and Organizational Psychology (SIOP) will discuss: “Talent Analytics: Data Science to Drive People Decisions and Business Impact.” The event will “showcase the power and promise of this science with a focus on combining organizational science with new and emerging methods in data collection, analysis, and display to deliver game-changing insight for organizations,” according to the SIOP.
Click here to register.