The Accenture Blog on Insurance delivers leading insights about opportunities and challenges in the insurance industry.
Businesses are waking up to a rich new source of growth: vast amounts of data on work and the workforce that have the power to unlock the true potential of their people. This new data can unleash higher levels of business performance—including greater agility, productivity and innovation—and can improve the lives of employees. Almost eight in every ten business leaders we surveyed said using workforce data will help them grow their existing business.
But collecting data (via new technologies such as wearables, online activity and workplace applications) is risky. Misuse of data could compromise privacy or individual rights, prompt incorrect decisions or a misapplication of skills and, ultimately, drive a very consequential loss of employee trust in the organization.
Our research reveals that 62 percent of businesses are using new technologies and sources of workforce data extensively. But only 30 percent of business leaders are very confident that their organization is using the data in a highly responsible way. While employees have concerns, however, they are overwhelmingly in favor of the practice, if the data is collected responsibly and benefits them.
The cost of decoding organisational DNA irresponsibly is high, as are the rewards of getting it right: the difference in growth rates between losing and earning employee trust through the use of workforce data is as much as 12.5 percent, or U.S. $3.1 trillion globally.
3 Minute Video
Eva Sage-Gavin talks trust, data and the digital workforce
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How decoding organizational DNA can unlock value in the digital workplace.