The HR department in any organization is responsible for a bunch of vital functions. They handle talent acquisition, performance tracking, up-skilling, productivity mapping, and even talent retaining. So, how can you upgrade/modify your existing HR strategy in order to make the operations more effective, efficient, and seamless?
Well, predictive analytics can transform your HR strategy and bring many positive changes in your organization. In fact, it can offer the following advantages to your firm, such as lower employee churn, higher hiring efficiency, productivity, and more. Interesting enough?
So, are you now excited to reveal — how to transform your HR Strategy with the use of Predictive Analytics? If yes, then you have landed in the right place.
Here we will reveal how you can harness the notable benefits of predictive analytics and transform your existing human resources strategy. Here are 6 interesting ways to do it.
1. Talent Acquisition — Hire the Right Candidates
The pool of skilled, passionate employees plays a significant role when it comes to the growth and success of any business. Isn’t it? That’s why talent acquisition (i.e. hiring the right people) is one of the most important responsibilities of the HR department. And, it’s not about finding and hiring the most experienced, the most qualified, or the most talented people. Rather, the HR strategy should focus on finding a right candidate on the basis of his/her technical, functional, behavioral, language, and cognition skills. These skills can also be identified with the help of a predictive online skill assessments platform.
But, how to find an ideal applicant on the basis of these aforementioned parameters? Well, Predictive HR Analytics will help you hire a suitable candidate that will complete your workforce (in its true sense). Leveraging advanced technologies, predictive analytics will extract critical insights from a pile of CVs and resumes. Note, it uses state-of-the-art hiring algorithms in order to predict the qualities and attributes of candidates that will perform successfully and productively on the job.
In this way, predictive analytics will transform your existing HR strategy by analyzing the following data, such as candidate demographics and background data, structured interview data, psychometric data, performance data, assessment data, training data, and onboarding evaluation data etc.
2. Boost Productivity, Fine-tune Performance, and Upskill the Workforce
Once an ideal candidate is assessed, hired, and on-boarded, HR personnel should now focus on fine-tuning his/her performance and boosting productivity. With the appropriate usage of analytics, they should be able to track an employee’s progress, performance, triumphs, and slips.
Based on the outcome, HR department may now need to up-skill the employees. By applying predictive HR analytics, human resources department should be able to offer a helpful, contextual, and relevant training solution to the workforce. Please note, advanced predictive analytics software uses scientific methods to determine training gaps and assess training effectiveness (prior to recommending a training solution to the employees).
3. Evaluating the Right Talent for the Promotions
During every annual appraisal, the HR department needs to identify
and manage the HIPO (High Potential) employees that are eligible for promotions. This process can now be made more transparent and efficient with the use of predictive HR analytics. Do you want to know — how it will be possible? Well, analytics will scientifically evaluate your HIPO talent for skill, attitude, experience, knowledge, and the willingness to take new roles and responsibilities. Therefore, there will be relatively lesser chances of promoting an incapable, incompetent employee to the higher leadership role.
4. Predictive Analytics in Shared Services
Applying predictive analytics in HR shared services will help an organization to streamline its business processes, predict future strategies, and identifying new ways to cut unwanted costs. Obviously, this is an innovative way to transform your existing HR strategy with the use of analytics.
5. Foster More Employee Engagement Through Predictive HR Analytics
Applying Predictive HR Analytics to foster more employee engagement is a great way to transform your existing HR strategy. Not only it will tweak the current workforce practices, but also it will even change the way managers communicate & engage with a workforce.
6. Retain the Top-Tier Talent
If your existing HR strategy fails to retain the top-tier talent, then it’s the right time to transform it with the use of Predictive HR Analytics. As an employer, you have probably invested sizable resources in order to identify, onboard, and train your employees. However, a high attrition rate can negatively impact your brand. To avoid this problem, use predictive analytics and unearth possible attrition before it actually happens. Predictive HR analytics will help you determine and address potential problems, issues, and concerns before they become totally unmanageable.
In these six ways, you can transform your HR Strategy with the use of Predictive HR Analytics. Is there any such way in which predictive analytics can help you innovate with the way you take your people decisions?
Share with us in the comments.