McKinsey’s betting that workforce analytics is the next big wave
When it comes to workforce analytics and its value, McKinsey’s in.
And as eloquent as one would expect.
Many of us in this space have been talking for a number of years about many, if not all of the points which are highlighted in this latest position from Bruce Fecheyr-Lippens, Bill Schaninger, and Karen Tanner – but very few can articulate it with the clarity, relevance and gravity that McKinsey can.
See for yourself:
The latest data and analytics buzz comes from the field of advanced HR analytics, where the application of new techniques and new thinking to talent management is becoming more mainstream. The implications are dramatic because talent management in many businesses has traditionally revolved around personal relationships or decision making based on experience—not to mention risk avoidance and legal compliance—rather than deep analysis. Advanced analytics provides a unique opportunity for human-capital and human-resources professionals to position themselves as fact-based strategic partners of the executive board, using state-of-the-art techniques to recruit and retain the great managers and great innovators who so often drive superior value in companies.” (“Power to the new people analytics” – McKinsey Quarterly, March 2015)
But workforce analytics isn’t just for the McKinsey’s, the Fortune 500 or the mega corporations. If you’re a smaller or mid-market company, you too can benefit from workforce analytics. There are a few players in the analytics business who are focused on proving that significant value can be driven from data-driven people and talent decisions in the mid-market. There are countless stories of thousand person companies using data to drive out millions in unnecessary costs, and to focus on millions of net new value. Click here to explore some of these companies and the benefits they are achieving from workforce analytics. Whatever you priority area of focus – recruitment, succession planning, performance scorecards, engagement, reducing turnover, recognition – there’s a company using workforce analytics to make better decisions in this area and drive improved business outcomes.