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“Balanced scorecard” is a process for establishing a “strategy-focused organization,” which sets measurable targets for each operational process and support unit. It breaks business strategy into four levels of goals—financial, customer, process, and people. The Bersin Talent Management Framework fits into this process.
A "behavior" is the way in which someone expresses general character, state of mind, or a response to a situation or other people. Typically, there are a number of behaviors that comprise a single competency.
“Bench strength” refers to the capabilities and readiness of potential successors to move into key professional and leadership positions. The term comes from baseball, for which it refers to a team's lineup of highly skilled players who can step in when a player is hurt or replaced.
"Benefits and wellness services" manage company-provided extras, other than financial elements, for employees. These services focus particularly on employee health insurance, disability, and leave.
The term "Big Data" refers to the use of advanced analytics tools and programs to look at vast amounts of employee, customer, and transaction data.
In the case of HR or L&D, organizations have huge amounts of people-related data (e.g., skills, performance ratings, age, tenure, safety record, sales performance, educational background, manager, prior roles, etc.), which can be used to better understand the organization's current composition, performance, and risk. In the case of IT, the term refers to the analysis of databases so large that they do not fit into traditional database technologies.
There are hundreds of new tools, consultants, and techniques for analyzing Big Data. Our research shows that organizations go through four stages of evolution as they build Big Data in HR strategies:
This four-stage maturity model explains how organizations evolve from highly scalable reporting systems to advanced analytics, risk mitigation, and models.
Our research shows that every company has the opportunity to use Big Data in their people strategies. For example, a financial services organization analyzed high performers in its sales organization and then used those factors (called "dimensions") to screen candidates, raising first-year sales performance by more than 20 percent.
By using analytics tools and techniques, organizations can now start to develop a "people model" for their teams, as well as understand precisely how these people-related factors relate to business results. They can also use this data to assess organizational risk, leadership pipeline, engagement factors, and impending workforce gaps in the future.
For more information on this topic, please see these reports: