Predictive analytics, a subset of HR analytics, is considered a game-changer in the industry, as it can significantly improve the employer-employee interactions before the onset of problems.
Three years back, only 32% of employers were ready to build a predictive analytics management model but now we have already seen that figure rise to 69% and beyond, with companies actively taking steps to improve the way they view people data. Predictive analytics based on people data gives leaders in the organization the insight to be able to make evidence-based decisions from previous data.
Predictive analysis can help organizations tackle the deepest of employee issues, thereby helping the organization itself. For example, a high-tech company, with more than 50000 employees, believed from initial inputs that many of the employees have children with autism disorders, causing them additional stress. After approximately 16 months, the client reviewed the masked utilization data from their benefit platform. The data revealed that the issue was more profound and widespread than presumed. Almost tenfold of the believed number of staff faced challenges associated with youth anxiety, something that never came up in usual HR processes. The data helped understand the situation of these stressed employees better and the HR department was able to create focused dialogues and initiatives around it.
Predictive analysis benefits are hard to ignore. It can forecast looming risks to the business such as poor performance and link the issues to a specific factor, such as management or training.
Based on a large amount of available employee data on skills, education, and background experience, predictive analytics can easily help assess the long-term value and readiness of an employee.
Moving on to improving employee attrition and retention rates, by combining attrition risk cause with performance data, PA can accurately assess future productivity, keep a check on churn rates, and focus on enhancing loyalty and employee benefits programs.
Predictive analytics can also help forecast future staffing needs, by keeping objectives and available resources in check. It assists recruiting teams by getting control of the volumes, knowing exactly when demand will surge and how to fill the gap.
One of the most helpful benefits of Predictive Analysis comes in the form of sentiment analysis where employee sentiments/feelings at the job are evaluated in real-time over a time-period to help predict outcomes. By tracking an employee’s opinion on different topics, following his or her data on social media, and mapping their performance graph, one can analyze a worker’s motivation levels, desire to stay put, and oneness with enterprise objectives.
- Posted Date: 24-MAR-2020