Companies are waking up to an untapped source of business growth: vast amounts of new data on work and the workforce that can unlock the potential of their people. This data – now available through a range of digital innovations – is both a goldmine and a minefield.
Oxford Economics worked with Accenture to field a survey of 1,400 C-level respondents in 13 countries and across 12 industries in November 2018. The topic was the use of data companies derive their from employees.
On one hand, internal data of this sort can lead to employees who are more motivated, engaged and highly productive. On the other, the potential for misuse of data can mean individual rights are ignored, employment is wrongfully terminated, and employees’ skills are underutilized.
If businesses don’t use this data responsibly, they risk losing the trust of their employees and, as a result, more than 6% of future revenue growth. But if they adopt responsible strategies, the trust dividend would be worth more than a 6% increase in future revenue growth. Ultimately, up to 12.5% of revenue growth is at stake.
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