New study from the ROI Institute and i4cp shows people analytics resources, budgets, and interest continue to grow, but the lack of certain skills and competencies poses challenges.
Nearly half of high-performance organizations expect to see budget increases in their people analytics functions in the coming year, and are 2.8x more likely than lower-performing companies to anticipate adding at least two employees in that time. Those figures, coupled with progress in the exploration of predictive relationships and proactive data mining, make it clear that more organizations are maturing their capabilities in this burgeoning field.
Still, many employers struggle with a range of barriers including data quality and access, technology, and various skill and competency gaps. Some organizations are paying particular attention to improving consulting and storytelling skills.
A new report from the ROI Institute and i4cp— Four Ways to Advance Your People Analytics—examines these workforce analytics trends, barriers, and more, and is now available as a complimentary download.
The report outlines:
- Four key recommendations to advance the people analytics function based on data collected from hundreds of organizations and interviews with people analytics leaders.
- Insights from analytics executives at AT&T, Intel, Capital One, USAA, Cardinal Health, Genentech, Pfizer, and others.
- How people analytics functions are maturing, including trends in the types of projects and predictive relationships being explored.
- What people analytics functions should look like, and where they reside within organizations.
“When an activity drives results, it is no longer viewed as a cost—it becomes an investment. When investments pay off, increases in investment occur,” said Patti P. Phillips, President and CEO of ROI Institute, and Chair of i4cp’s People Analytics Board. “We are finally seeing evidence that leveraging people analytics to drive business strategy pays off.”