Source | https://huntscanlon.com
Big data is rewriting the script for how companies around the world do business. The market for big data and business analytics is expected to grow to $203 billion in the next three years. For human resources, the implications include better and more efficient talent management processes, greater insight into whether a candidate will be successful in a new role and a host of other benefits.
Spencer Stuart recently discussed the promise – and potential pitfalls – of the growing role of data in the human resources function with Ross Pollack, executive vice president and chief human resources officer (CHRO) of Lionsgate, Jim O’Gorman, senior vice president of talent and organization at Hulu, and Rick Merritt, senior vice president and CHRO of OSI Systems.
Here are Spencer Stuart’s top five takeaways from those conversations:
1. Success requires a data-ready culture.
Many organizations, even those that are further along in their digital journeys, still have a way to go to fully integrate more sophisticated data analysis into decision-making and also implement the “holy grail” of predictive analytics, said the firm. The good news is that a number of tools are available to help organizations get there. Making the significant leap from relying on built-in practices and assumptions to deploying more data-driven analysis, however, will require that organizational cultures support such a transition.