Five Point Checklist for Developing Successful Workforce Strategies

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Leveraging Big Data has been slow to penetrate the world of human resources. While most leaders talk about applying Big Data to marketing and consumer businesses, there is an even bigger opportunity to apply it to HR. This is changing quickly as businesses desire to gain meaningful insights to make timely and evidence-based decisions from their own data to support growth strategies and prioritize workforce development investments. As well, leveraging external data sources will be increasingly important to predict things like what skills will be needed and where those skills are being developed to shape recruitment and development and retention efforts.

Most companies have tons of HR-related data available, but don't have the analytics in place to capitalize on it. If we can apply science to improving the selection, management, and alignment of people, the returns can be tremendous.

The nature of work is drastically changing. The rapid pace of technological advancements, shifting demographic patterns, the switch to knowledge-based economies, and increasing pressures for innovation are all driving this transformation and defining the future of work. Business leaders are also mindful that what made them successful in the past will not necessarily make them successful in the future.

In order to be successful and stay competitive, companies must prepare for what the workforce will look like in 2020 and beyond. To understand the challenges and opportunities associated with the changing nature of work, last year Oxford Economics and SAP surveyed over 2,700 executives and more than 2,700 employees in 27 countries. The results show that many companies lack the structure, strategy, culture, solutions and resources to manage employees effectively. To succeed, they must address the role and relevance of people strategy, changing demographics and evolving definitions of work, leadership ability and cultivation, employee wants and needs, and talent development.

In this slideshow, Jewell Parkinson, head of Human Resources for SAP North America, shares a five-point checklist that executives can use to develop winning workforce strategies in this new era of work.

 

Related Topics : A Big Market for Big Data Jobs, Midmarket CIO, IT Management Automation, SharePoint, Technology Markets

 
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