The future of HR is digital. Are you ready?

Summary

In today's data-driven world, businesses are increasingly relying on big data and analytics to transform operations, and HR is no exception. Companies like Facebook, Amazon, and Credit Suisse have successfully adopted HR analytics, improving retention and saving millions. Despite the growing demand for data skills, there is a significant gap, with only 18% of HR professionals proficient in analytics. As the workforce analytics market expands, there are numerous opportunities for individuals with data analysis skills. Now is the time to upgrade your skillset and become data-driven to seize these opportunities and advance your career.

Takeaways

• 🌐 We live in a highly connected world, generating 2.5 quintillion bytes of data daily.
• 📊 90% of the world’s data was produced in the last two years, and it's transforming how businesses operate.
• 🏢 78% of companies expect big data to fundamentally change their operations in the next three years.
• 🤖 Modern HR relies heavily on automation, analytics, and predictive capabilities to drive better outcomes.
• 💼 Companies like Facebook, Amazon, Credit Suisse, Google, and LinkedIn are actively implementing HR analytics.
• 💰 Credit Suisse saves up to $100 million annually by using data-driven HR strategies to increase retention.
• 🚀 Companies using people analytics are 56% more profitable than their less data-driven competitors.
• 📈 The digital workforce analytics market is expected to exceed $1 billion by 2023, creating millions of jobs requiring data analysis skills.
• 🎓 There’s a significant skills gap in HR analytics, with only 8% of HR teams rated strong in this area and 18% of HR professionals possessing relevant skills.
• 📚 Now is the time to develop data-driven skills to bridge the gap and seize growing opportunities in the data analytics field.

Q & A

What is the significance of the 2.5 quintillion bytes of data produced each day?

This figure highlights the massive scale of data being generated daily, emphasizing how interconnected the world has become and the increasing importance of managing and analyzing this data.

How much of the world's data was generated in the last two years?

90% of the world's data was generated in the last two years, showcasing the exponential growth in data production and its impact on businesses and individuals.

What impact does big data have on businesses?

Big data is expected to fundamentally change how 78% of companies operate, influencing their decision-making processes, strategies, and ability to stay competitive.

How is HR adaptingto the rise of big data and analytics?

HR is increasingly relying on automation, analytics, and predictive capabilities to make data-driven decisions that improve both business outcomes and employee experiences.

Can you give examples of companies using HR analytics?

Yes, multinationals such as Facebook, Amazon, Credit Suisse, Google, and LinkedIn are successfully implementing HR analytics to improve their operations and decision-making.

How did Credit Suisse benefit from implementing data-driven HR practices?

Credit Suisse saved up to $100 million annually by improving employee retention through a more data-driven HR approach.

What are the profitability benefits for companies using people analytics?

Companies that implement people analytics are 56% more profitable than their less data-driven competitors, demonstrating the financial advantages of embracing data analytics.

How has the demand for workforce analytics affected the job market?

The digital workforce analytics market is projected to be worth over $1 billion by 2023, with an estimated 5 million jobs in the U.S. requiring data analysis skills.

Why is there a skills gap in HR analytics?

Only 18% of HR professionals currently possess the necessary data analysis skills, and the global demand for data scientists has already exceeded the supply by over 50%, creating a significant skills gap.

What should HR professionals do to remain competitive in the future job market?

HR professionals should focus on developing key data analysis skills, such as programming, interpreting statistics, and predictive analytics, to stay competitive and bridge the growing skills gap in the industry.