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. Is our company implementing HR analytics?
We live in a universe where everyone is continuously 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 change their operations over the next three years fundamentally. 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. Is our company implementing HR analytics?
The answer is absolute yes! And you know them too. Multinationals like Facebook, Amazon Credit Suisse, Google, and LinkedIn are all doing it. Credit Suisse saves up to a hundred million dollars annually by increasing the retention rate after creating a more data-driven HR function. Big data, significant 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 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 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 steady.
There aren't enough people who possess these skills to take on data-driven jobs. 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 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.
How About companies? Are they ready for this transformation?
A significant new trend is started something we call digital HR. Companies now realize that the way candidates apply for jobs, the way we set goals, the way we capture feedback, how we communicate, and how we decide who to move into what position can be digitized and informed with new digital platforms.
More than 50% of internet traffic comes from mobile devices, yet fewer than 20% of HR applications are running on portable computers or mobile phones.
So we have a massive amount of work to do to build the digital HR infrastructure that companies need today.
We see this as a huge, fast-growing trend that's going to change the way HR organizations work and where they spend their time. And by the way, one of the most critical elements of digital HR is design thinking. Understanding what people do during the day at work and creating journeys and user experiences through digital light. The digital world that we live that support HR functions like time and attendance, payroll, performance management, goal-setting, and all the things we do in HR. If the HR experience isn't digital and secure and available where you need it, you may not do it at all, or you'll do it poorly. So the quality of data and the quality of information and decisions made for it for HR and people practices will dramatically improve.
We at Qpage bridge this gap for you by combining AI and automation in recruitment. Qpage is one of the best ats for startups with a wide variety of handful features. Online assessment, automated shortlisting, resume parsing, AI candidate matching, and many other useful digital tools will help HR executives do more in their day to day jobs.