Data Analytics: Companies have to do more

Companies are not doing enough to prepare for the future of work, especially in terms of adopting data analytics, according to a survey by global professional services firm PwC.

Some 60% of respondents said using data analytics in workforce decisions is important, but only 27% actually use it in these decisions.

Just 38% said they use data analytics to predict and monitor skills gaps in the work workforce, 31% use sophisticate workforce planning and predictive analytics, and 28% use data analytics to help limit bias in hiring and to make incentives.

It is important to note that data analytics is not only for IT and marketing departments; HR professionals, for instance, need to step up and take advantage of this technology to help make people decisions. Data analytics can also provide facts and remove bias from processes such as performance evaluation, hiring and rewards.

PwC surveyed 1,246 business and human resource leaders from 79 countries. It focused on 45 capabilities and identified where companies are most ‘at risk’. In order to succeed and thrive in future, companies need to rethink their workforce portfolio. This includes doing more to engage flexible talent, as we have to understand that as the war for talent heats up, a flexible approach can be used to hire for specific tasks and specific periods.

Some 78% of respondents said that developing adaptability and agility in workers is important, but only 52% do it. 56% said they have procedures for employees to offer innovative ideas, 70% said they believe that providing employees with autonomy is important, but just 45% said that they actually give their workers a high degree of autonomy.

We at EITSC are coming up with programs for entrepreneurs and intrapreneurs, trying to address the need for more independent innovative people who will address technology, artificial intelligence, digital mobility and virtual collaboration, things that are radically changing the workplace. But let’s be clear, managers have to change their attitude also if they want to get the best out of their growing number of millennials and centennials in organizations.

Opportunities are aplenty for organizations to make the working lives of their employees more productive, meaningful and fulfilling. Companies that understand and act on these workforce changes now will not only have skills but also the organizational motivation, innovation and adaptability to thrive.

The report confirms that businesses need to learn how to deal with ‘flexible’ talent like gig workers and contractors; however, regulators in government will have to understand and allow these changes also.

As mentioned above, intrapreneurship will also be a trend for organizations to foster if managers want to get the best on their most valuable assets, the people working for and with them. In the future, we will also see more tie-ups between larger organizations and smaller startups, providing ready to access innovation and talent on demand, while also taking ideas and skills from a broader pool.

If companies wish to stay ahead of their competitors, these changes listed in the PwC survey have to be taken seriously. As mentioned above, we at EITSC are taking entrepreneurship / intrapreneurship training seriously and are focusing on the question whether millennials and centennials at work are a blessing, a burden, or both… Programs for both topics are being offered in early 2019.

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