From sports to retail and beyond, it seems that every industry is using data analytics to glean key insights into their organization, competitors and to measure overall performance. However, it may come as a surprise to some that HR departments are one of the biggest data collectors and analysts inside many organizations.
HR analytics enables HR professionals to make data-driven decisions to attract, manage, and retain employees, which improves ROI. It helps leaders make decisions to create better work environments and maximize employee productivity. It has a major impact on the bottom-line when used effectively.
But no function in a business stands alone with regard to data and analytics. One reason that Oracle surveyed both HR and Finance executives is that those two functions have an increasing need to collaborate. Workforce expenditures are often among an organization’s highest costs, and a company’s financial situation will dictate fluctuations in the size and makeup of the workforce. The survey found high levels of collaboration and mutual respect between HR and Finance, and a growing need for collaboration. For example, 82% of respondents agreed or strongly agreed, and only 5% disagreed, that “Integrating HR and Finance data is a top priority for us this year.” However, several interviews conducted after the survey revealed that there is still much opportunity for greater sharing of data and collaboration on analytics.