How Predictive Analytics can up the game for HR?
Every department has some form of analytics to it. Marketing, logistics, finance and manufacturing all have their specific set of tool or methods for analytics. Though human resource professionals in certain organisations do utilise some form of workforce analytics, they are often non-data based. Whereas workforce analytics ought to be more insightful driven by optimum knowledge transfer and appropriate skillsets. Nevertheless, businesses these days crave for data to support key decisions made by their HR department and this is where predictive analytics comes into picture.
Yes, predictive analytics based on employee data and statistics is turning out to be more appealing and insightful allowing HR personnel to foresee employee turnover and retention breakeven points well ahead of time. This is extremely handy when it comes to locating talents that would be sticking with the company say three-fours down the line.
In fact, predictive data analytics would help HR people to determine trends and devise strategies for effective employee retention as well as recruitment.
Predictive analytics is becoming an increasingly buzzing trend for human resources. Traditional HR analysis practices used to focus on turnover and the cost per recruitment, but today, there are software and solutions available in the market that offer in-depth analytics to help businesses identify potential or underlying talent concerns well ahead of time and guide HR folks to engage and recruit the right way.
The enormous volume of data that one can collect from Internet makes predictive analytics a reliable and easy practice compared to traditional or legacy methods. For instance, tracking an employee’s behaviour on some job related social media network is sign he/she might be looking out for new opportunities.
Business leaders and HR managers can develop algorithms and trends of unemployment, employee turnover and other workforce related problems with the help of predictive analytics using a robust HRMS software. Most importantly, it would help human resource and recruitment experts to become more proactive when recruiting candidates.
Simply put, if done appropriately, predictive analytics will help HRs to understand how to develop strong employee relations and engagement at the speed of light.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Pocket HCM.