People Analytics in the Era of Big Data

CHAPTER 4 Workforce Planning Analytics

Knowing is not enough; we must apply. Willing is not enough; we must do.

—Johann Wolfgang von Goethe

Your organization is only as good as its talent, so finding, hiring, and retaining the right people, with the right skills, at the right time is critical for any company’s success.

Operating in a globally connected arena, today’s talent marketplace is extremely competitive and challenging. The race to hire the best people is heating up, and companies are facing new workforce demographic challenges: The majority of baby boomers who are poised for retirement will be leaving an unprecedented amount of talent gaps in nearly every organization. Millennials, who by 2020 will account for more than 50 percent of the labor force, are not necessarily equipped with the knowledge, education, and expertise to take over in the succession plan. And the skills gap in science, technology, engineering, and mathematics (STEM) fields is becoming more acute and represents a serious hurdle for talent management leaders.

To achieve success in this recovering global economy and challenging workforce ecosystem, companies can’t afford to fly blind with their human resources. They must have a comprehensive understanding of their workforce segments and a clear vision of what they will need to achieve their business goals and objectives both now and in the future.

Leading companies are increasingly leveraging sophisticated methods to analyze employee and business ...