By Sophia Tseng on Jan 15, 2013
Human Resources is back in the spotlight. According to industry benchmarks, the cost of replacing an employee can equate to 1.5-4x an employee’s salary, and given ever shrinking budgets, improving employee retention is viewed as a major way to reduce costs on the bottom line. In fact, according to a recent study by the Society of Human Resource Management, the three biggest challenges facing HR executives over the next 10 years are retaining and rewarding the best employees (59%), developing the next generation of corporate leaders (52%), and creating a corporate culture that attracts the best employees to organizations (36%).
Fortunately, data abounds which can help organizations make the best decisions necessary to solve these challenges. Unfortunately, much of the information and the resulting insights which can come from it are outside the reach of traditional business analytics systems, in external websites, social media, text from human resource transactions kept in legacy systems, and documents in content management systems. With this ever-growing complexity, HR executives can gain competitive advantage through richer intelligence, if they are able to draw new and innovative insight with a tool which provides previously untapped actionable information—Oracle Endeca Information Discovery.
Oracle Endeca Information Discovery helps human resource organizations to improve the relationship between companies and their employees, get to the real root causes behind issues, and create new best practices through a better understanding of the workforce by solving the problems associated with analyzing unstructured data. Oracle Endeca Information Discovery creates transformative opportunities for the business, and enables IT to cost-effectively support them in:
- Understanding the voice and sentiment of the workforce. By providing the ability to use natural-language queries to derive insights from information from all sources, Oracle Endeca Information Discovery provides insight into the effectiveness of strategic and tactical HR decisions such as career changes, organizational realignment, compensation adjustments, training and a host of other significant HR events.
- Identifying the root causes behind events and exceptions. By combining structured and unstructured data about the workforce from internal and external sources, HR organizations are empowered to determine the reasons why things happen and respond to findings without direct IT involvement, saving time and cost.
- Supercharging existing business analytics investments. With the unscripted exploration of workforce data and full-featured search, navigation & interactive analytics, HR organizations can leverage, improve, and extend existing investments in workforce analytics and HCM applications.