The banking crisis of 2008 saw 7 million people lose their jobs and £9.7 trillion in value wiped from the global markets.
Adam Hale, CEO of high growth HR technology startup, Fairsail, believes that businesses were looking the wrong way as the crisis set in.
Hale explains that huge investments in CRM (customer relationship management) tools and marketing were made in an attempt to boost revenues, but organizations’ most salient strategic asset, their people, were left in the cold.
It wasn’t until a different kind of crisis emerged, a growing skills gap that saw reports suggesting 40% of businesses were having trouble with a lack of skills, that business leaders finally realized it was time to shift the focus.
There is one caveat. Despite the desire to cast more light on employees and gain better workforce visibility, the majority of businesses are simply unable to do so.
Hale believes it comes down to the fact that, “many organizations are using HR systems from 2007-2010, which are typically very manual and spread sheet based.”
“They are legacy systems, and don’t provide the level of visibility and access that executives need in businesses today.”
This is where Fairsail wants to fill the void.
Its HR system provides mid-sized, multinational companies with better workforce visibility.
It provides the foundation to make better staffing decisions, helping business leaders understand characteristics like what makes a great employee, or the factors that may lead to a high rate of turnover, thus allowing leaders to alter their retention strategies accordingly.
HR departments increasingly need to be able to provide critical insight and yet the majority are unable to do so. The need for better workforce analytics and HR systems has now become a necessity in business transformation.
By delivering the right insights at the right time, HR departments will better be able to align themselves with the overall strategy of their respective businesses.
For more on the importance of workforce visibility, see the video above.