Predictive analysis has now become the mainstream function of HR teams in various organizations. In this blog we will discuss about the areas where predictive analysis can help you to manage your workforce in better perspective. We will also discuss how predictive analysis in HR can improve your complete hierarchy.
Nowadays, predictive analysis has moved out of the tech circles into the mainstream verticals. Companies are mow working in more robust manner and applying the analysis in the simpler forms.
According to the data provided by oracle in 2018, HR uses analytical 12% more than any other domain even surpassing the finance sector where analytics is being guided at several decisions. HR was also found to be better and simpler than other counterparts.
How predictive analysis is transforming the HR functions
Predictive analysis has all the potential benefit in the five key areas of human resources. Let’s take a look at the areas of implementation and use cases demonstrating the effective use.
Hiring the right workforce
Great employees are the most important part of any successful business. Some companies don’t measure greatness in talented, experienced and most qualified candidate, but who is culturally fit in the organization. The traditional aspects of the background check and outlining strategies has gained the helping hand in the organization and analytics. Advanced technologies are making the tasks easier by analyzing the critical insights according to the historical data. In recruitment part, HR predictive analysis is the game changer and it is one of the finest courses in the module of HR training.
Tuning up the performance and boost productivity
One of the biggest advantages of the predictive analysis is the boosting productivity. Once the employee is on boarded, it is up to the HR to define him the set of responsibilities. Using analytics, managers can completely focus on performance of the employees.
Upskill the workforce
The Mexico government implemented the predictive analysis model for their workforce planning with the goal of locating the skill gaps in oil and gas occupations and to remove them. With the help of macroeconomic variables which correlate the demand and supply of skilled labor in the industry.
Employs the deeper engagement
Here the strength of analytics comes into the limelight. Employee satisfaction is the palpable but one of the most important and hard to measure variable. There are solutions that crunch the disparate figures and non calculative data which helps the HR department to work on it and find the solution so that it can be taken care of in the best way possible. Most of the companies nowadays are creating the happiness index through which they are analyzing the responses and surveys from the employee’s end.
Retain the top-tier employees
The top tier employees are also known as the top tier talents because of their contributions to the companies. The good retention programs of the companies are critical and a senior executive of US based contact center said that his average cost of per attrition is around USD 3,000 and in the bottom line, the average increases to the four fold. Employers invest a good amount of money in the grooming of the employees and high attrition rate impact the employer in the negative way. Predictive analysis analyzes the data from the past and expose the possible attrition in the best possible way.
What you will get
- Ease of sorting the desirable profile of candidates in recruitment department
- Maintaining the performance record of the employees
- Marking out the requirements of the operations team regarding their workforce requirements
- Listing employees according to their data and contributions