Even as a majority of companies recognise capabilities which are important for their future success, many are failing to take the action needed to build them into their organisations, according to a report.
This gap will put them at risk in the future when it comes to attracting, developing and retaining the talent they need to succeed, according to PwC's 'Future of Work' report. The report is based on a survey of 1,246 business and HR leaders from 79 countries, including in India.
"Technology and trends such as rising life expectancy, social and environmental pressures and the gig economy are transforming the world of work. Companies that understand and act on these workforce changes now will be the ones that thrive in the future," PwC UK joint global leader, people and organisation, Carol Stubbings said.
These actions include using data analytics to make workforce decisions and creating a compelling work experience for employees, it added. The survey found that companies are struggling to use data and advanced analytics to make better decisions about the workforce.
Although more than 60 per cent of respondents said using data analytics in workforce decisions is important, only 27 per cent actually use it, it said.
In addition, the report revealed that only 38 per cent use data analytics to predict and monitor skills gaps in the workforce, while just 31 per cent use sophisticated workforce planning and predictive analytics and only 28 per cent use data analytics to help limit bias in hiring and to craft incentives tailored to individuals.
"Indian leaders today understand the importance of data analytics. However, there is a marked gap between realising the importance and taking the right, adequate steps in building the organisation systems and processes that enable insights based decision making consistently. We need to address this gap and look at using advanced analytics in enhancing employee experience, to be future ready," PwC India Leader People and Organisation, Chaitali Mukherjee added.
(With inputs from agencies.)