| | AUGUST 201919CIOReviewLEVERAGING ALTERNATIVE DATA TO IMPROVE RESOURCE PLANNINGWhy is it that a decision maker's "gut instincts" are so often cited in success? What's in his or her "gut" that overpowers everything else? We say that intuition comes from the gut in the same way that love comes from the heart ­ that's where it physically hits us. What is it really, though? It's pattern recognition and the ability to act. Resource Planning with Alternative DataWe have the tools and data to improve resource planning. These newly created tools are replacing guesswork and intuition with hard data. Using aggregated, anonymized data, specifically the pay-stub data of more than 30 million US workers whose pay is processed by ADP®, the People Flow income migration tool opens new doors for strategic planning. HR practitioners have the ability not just to use their own company's data to aid in their decision making, but an analysis of the broader economy.Using income at employer and employee levels, alternative data helps users understand the pay expectations, talent concentration and flight risk of employees down to the neighborhood block level. Without revealing any personalized information, we can understand where employees are located, the type of jobs they perform, the industries they work in, how much they earn and how their pay has changed within a given timeframe.Want to know how much an accountant is paid in South Dakota or in San Francisco? Want to understand from where lawyers from Northeast Washington D.C. are commuting to work? Want to understand if your regional manager is a flight risk due to their compensation package relative to their neighbors? You can do that. And more.That's not looking at trends, though. If you want to get the most out of the data, start using data-driven insights to reveal changes that will strategically influence decision-making before they materialize. By Misha Ghosh, DVP & General Manager, ADP Ventures Misha Ghosh
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