The latest development in the use of data and analytics is: Advanced HR Analytics. It is the application of new techniques and new thinking to talent management. It involves human resources and has a huge impact on an organization. Various organizations are already using it for following purposes:
· Increasing the engagement and productivity of their employees
· Reducing compensation expenditures
· Reducing retention bonuses by $20 million
· Reducing employee attrition by half
· Detecting previously unobserved behavioral patterns
The insights that these companies have gained from data analytics are highly useful. Risk is always involved where there is a human element. But, developing data analytics to drive better people decisions can help companies compete in a better way.
To know more, read the following article in March 2015 edition of McKinsey Quarterly by Bruce Fecheyr-Lippens, Bill Schaninger, and Karen Tanner:
http://www.mckinsey.com/insights/organization/power_to_the_new_people_analytics