SAN FRANCISCO--(BUSINESS WIRE)--US employers hire more than 100 million hourly workers annually, and a new study of those workers by Evolv shows that attrition costs employers over $350 billion each year. The new Q2 2013 Workforce Report, released today by Evolv, offers operating executives the first comprehensive, data-driven analysis of the U.S. hourly labor force, which represents 60 percent of the total U.S. workforce. The Workforce Report reveals surprising new data insights that are revolutionizing employee selection, development and transition, and ultimately changing the way companies manage their hourly workforce.
Each organization is unique, but data reveals that most organizations experience similar challenges and follow similar inaccurate intuitions and assumptions when it comes to their workforce. A new report that compiles millions of behavioral and demographic data points from across the workforce challenges conventional thinking about effective and profitable workforce management.
“Predictive analytics and big data are transforming the way companies work,” said Max Simkoff, CEO and co-founder, Evolv. “We developed the research found in the Workforce Report to help today’s operating executives use data and analytics – not intuition and wishful thinking – to identify specific improvement areas within the employee lifecycle, predict outcomes, and ultimately become more profitable.”
Key Insights in the Workforce Report include:
- Ineffective management of the hourly workforce creates tremendous costs ($350B) – on par with some of the largest annual spending in the US economy, and much greater than annual Medicaid spending ($280B)
- HR data represents half of all enterprise data created today, and the amount of enterprise data doubles every year
Employers continue to ground their workforce practices in intuition
and commonly held assumptions that don’t hold true. Research reveals
- Previous experience does not predict future performance or tenure
- Job hoppers and the unemployed often make great workers
- Highly organized trainers aren’t as good as very communicative trainers
- Great supervisors positively impact employee tenure more than any other factor, even the employees themselves
Companies are investing tens of billions of dollars into Big Data to better predict future behavior. Evolv enables employers to look at their workforces through predictive analytics to select, develop and retain a more productive, positive and ultimately a more profitable workforce.
Every quarter, Evolv will publish an updated Workforce Report that shares new findings and insights that affect the hourly workforce, and that help companies better manage their workforces throughout the entire employee lifecycle. For the latest report, and to subscribe to updates, visit: http://www.evolvondemand.com/thinking/workforce-report
Evolv harnesses the power of big data predictive analytics and machine learning to uncover and correct the inefficiencies that undermine profitability of global workforces. Evolv’s SaaS-based analytics platform delivers actionable decision support throughout the employee lifecycle by identifying improvement areas and transforming core operational business processes to drive increased employee retention, productivity and engagement. For more information, visit: http://www.evolvondemand.com