‘Long Data’ to Drive Workforce Analytics, Says Mercer
NEW YORK--(BUSINESS WIRE)-- Organizations across the globe are searching for ways to capture the power of Big Data to unlock workforce insights. Unfortunately, many organizations get lost in the fog of big data analysis. The latest release of Mercer Analytics addresses this challenge by leveraging the power of Long Data to unlock insights into an organizations most valuable asset its talent.
Long Data, a term coined by mathematician and network scientist Samuel Arbesman, is described as data sets that have massive historical sweep.* In terms of workforce analytics, Big Data provides deep analysis typically focused on a point in time, while Long Data provides insights from stories that have unfolded over time. Thoughtful analysis of Long Data therefore allows organizations to identify, segment and analyze data as part of an ongoing process to drive meaningful results. It can also mitigate the risks associated with perpetually making reactive or point-in-time decisions.
We see human capital management, including the ability to link performance management data with historical compensation practices, as being completely redefined by the proper use of long data and the insights it can provide, said Orlando Ashford, President of Mercers Talent business. At any given point, most employee performance ratings match a classic bell curve, which is not by itself very revealing. However, with the proper segmenting of employee populations and their performance over time, trends and barriers can reveal themselves quite dramatically.
To assist organizations in unlocking the vast potential of long data, Mercer has developed Mercer Analytics 3.0 and a new Performance Management module. This latest release of Mercers industry leading analytics offering combines the power of Mercers intellectual capital and organizations performance management and compensation data to identify and drive a culture of sustained high performance over time. This new way of viewing data longitudinally can fundamentally change the traditional annual performance review process. Data analysis, presented in a simple, intuitive format, highlights key areas of focus and serves as a catalyst for targeted, root cause analysis. It provides organizations with answers to strategically critical questions, such as:
- Do we reward our employees who consistently receive high performance ratings through greater pay increases, promotions and career opportunities?
- How can we make better decisions regarding our salary and short- and long-term incentive budget allocation based on employee performance?
- Do we effectively manage our employees who consistently receive low performance ratings?
Mercer Analytics 3.0 and the Performance Management module are a real game changer in the evolution of the workforce analytics marketplace, said Brian J. Kelly, Global Workforce Analytics & Planning Practice Leader at Mercer. Since the initial launch of Mercer Analytics in early 2012, our clients have been able to harness the power of Big Data to drive their workforce analytics and planning programs. With Mercer Analytics 3.0, they now have the ability to leverage Long Data in order to accelerate some of their most difficult analyses and drive a high performance culture over time.
To learn more about the power of Long Data as well as the full suite of Mercer Analytics 3.0 features, functions and add-on options, please visit www.mercer.com/merceranalytics.
*Source: Stop Hyping Big Data and Start Paying Attention to Long Data by Samuel Arbesman, Wired magazine, January 29, 2013, http://www.wired.com/opinion/2013/01/forget-big-data-think-long-data/
Mercer is a global consulting leader in talent, health, retirement and investments. Mercer helps clients around the world advance the health, wealth and performance of their most vital asset their people. Mercers 20,000 employees are based in more than 40 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital. With 53,000 employees worldwide and annual revenue exceeding $11 billion, Marsh & McLennan Companies (MMC) is also the parent company of Marsh, a global leader in insurance broking and risk management; Guy Carpenter , a global leader in providing risk and reinsurance intermediary services; and Oliver Wyman , a global leader in management consulting. For more information, visit www.mercer.com. Follow Mercer on Twitter @MercerInsights.
Bruce Lee, +1-212-345-0553
Source: MercerCopyright Business Wire 2013