The Future of HR is Digital. Are You Ready?

We live in a world where everyone is constantly connected. We are unconsciously producing 2.5 quintillion bytes of data each day. Over the last two years alone, 90% of the data in the world was generated.

This trend affects how we communicate and how we consume information, but also how businesses operate. 78% of companies believe big data is likely to fundamentally change their operations over the next three years.

And HR is no exception. Modern HR systems rely more than ever on automation, analytics, and predictive capabilities. Using workforce data enables HR to make decisions that drive both better business, and people outcomes.

Now, you’re probably thinking: this is all very abstract. Are company’s really implementing HR analytics? The answer is absolutely yes! And you know them too. Multinationals like Facebook, Amazon Credit Suisse, Google, and LinkedIn are all doing it.

“At least 40% of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies.” — John Chambers, Cisco

In fact, Credit Suisse saves up to a hundred million dollars every year, by increasing the retention rate after creating a more data-driven HR function. Big data, big savings. Companies that implement people analytics are 56% more profitable than their less data-driven competitors.

That’s why, in the last decade, 72% of businesses in the United States increased their spending on analytics. And more investments lead to more jobs. The digital workforce analytics market is expected to be worth more than 1 billion dollars by the year 2023.

The projected amount of jobs that require data analysis skills is 5 million in the US alone. Great news, right? You have a chance to grab these opportunities. You just need the right skills. Are you fluent in performing data analysis, using spreadsheets, programming, interpreting statistics, database management, big data, machine learning, and predictive analytics? Not yet? That’s no surprise.

Companies rate their HR teams low on analytical skills. Just 8% felt that the current state of their HR analytics was strong. There simply aren’t enough people who possess these skills to take on the data-driven jobs.

In fact, a study by LinkedIn shows that only 18% of HR professionals currently have these skills. It’s also projected that the skill gap will keep growing. The University of California estimates that the global demand for data scientists has already exceeded the supply by over 50%.

But you’ve probably heard this before. It’s no secret that data, digitalization, and analytics are becoming crucial in HR. Now is the time for you to upgrade yourself and develop the skills of the future.

It’s time for you to become data-driven. Bridge the gap. Take charge of your career.

“Less than 1% of data in businesses is analyzed and turned into benefits.” — SAP