Companies in the Philippines collect huge amounts of data when screening a potential applicant even at the very start of the hiring process. Once hired, expectations or objectives setting must be done between the direct supervisor and employee. From here, an employee’s performance is collected and measured by KPI (Key Performance Indicator)
These two data collection practices are the most common in a corporate Philippine setting, however, based on a research published by Accenture (No. 61 on Fortune’s 2019 list of the 100 Best Companies to Work For), business leaders agree that data on work and their workforce have the power to unlock the true potential of their people. Almost eight out of ten business leaders they surveyed said using workforce data will help them grow their existing business. Eventhough 92% of employees are open to the collection of data on them and their work in exchange for an improvement in their productivity, their wellbeing or other benefits, only a handful of companies in the Philippines consider these data collection practices to unlock the full human potential of their employees. – Gladys Santiago-Zafra, CHRP® – Consultant, Philippines
The article below written by Christopher Tkaczyk published on 28 February 2019 in
Great Place to Work US website.
Accenture (No. 61 on Fortune’s 2019 list of the 100 Best Companies to Work For) has just published a new research report The Trust Imperative: Decoding Organizational DNA, in which it says that businesses are waking up to a new source of business growth—the ability to unlock the potential of their people by using new technologies to secure vast amounts of data on work and the workforce.
This new data can help them create and scale new business opportunities. But Accenture says that just because companies can use this data does not mean they always should. “Ethical and data issues stand in the way,” according to Accenture. “If businesses fail to act responsibly, they will lose the trust of their employees and, as a result, suffer a loss of revenue growth. But if business leaders act responsibly, they can elevate both trust and financial performance.” As much as 12.5 percent of future revenue growth ($US 3.1 trillion) is at stake as a result.
This aligns with the research conducted by Great Place to Work, which found that among Fortune’s 100 Best Companies to Work For in 2019, an average of 87 percent of employees say they trust their employer, when measuring them on credibility, respect, fairness, pride, and camaraderie. Furthermore, companies appearing on the 100 Best Companies list also see more than 3 times the quarterly stock performance of their less-inclusive peers.
Among the key findings from Accenture: While more than six in 10 C-level executives (62 percent) said that their organizations are using new technologies to collect data on their people and their work to gain more actionable insights — from the quality of work and the way people collaborate to their safety and well-being — fewer than one-third (30 percent) are very confident that they are using the data responsibly. The report is based on qualitative and quantitative research, including global surveys of 1,400 C-level executives and 10,000 workers across 13 industries.
According to Ellyn Shook, Accenture’s chief leadership and human resources officer, “At a time when companies are using newly available workforce data to drive greater value, responsible leadership is the key to building employee trust. Trust is the ultimate currency—it’s the path to innovation and fuels growth by unlocking people’s potential.”
Read Accenture’s full report here. To learn more about ways that your organization can measure employee experience, as well as learn how to have your company be certified as a great place to work, visit greatplacetowork.com.ph/solutions/.Gladys
Christopher Tkaczyk is the chief content officer at Great Place to Work, overseeing thought leadership, research reports, company profiles, and articles for the company’s website and is the host of Better, a new podcast series from Great Place to Work launching this spring. A career journalist, he joined Great Place to Work after serving as the senior news editor at Travel + Leisure. Previously, he spent 16 years at Fortune, overseeing its annual 100 Best Companies to Work For ranking and worked with Great Place to Work to develop its series of other Best Workplaces lists, including the 100 Best Workplaces for Millennials, 100 Best Workplaces for Women, and 100 Best Workplaces for Diversity. While at Fortune, he specialized in careers, workplace culture, luxury, and travel. His work has also appeared in The Advocate, Out, Time, InStyle, People, Food & Wine, and Essence.