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Why Predictive Analytics Is A Must-Have For Human Resources

Why Predictive Analytics Is A Must-Have For Human Resources

The majority of Human Resources departments are far behind when it comes to harnessing the wealth of available data. This is mostly because the hiring process traditionally relies on a human’s personal opinion of a prospective employee rather than impartial data. While it can’t be denied that a person’s ‘gut feel’ is a very valuable tool in the hiring process, it also runs the risk of hiring the wrong candidate based on a hiring manager’s bias. These hiring decisions can lead to shockingly high yet easily avoidable hiring costs, as well as a dent in employee productivity and efficiency.

As more organizations rely on data and predictive analytics, their processes change focus and depend less on reports and more on identifying patterns that lead to successful talent management. Predictive analytics considers several crucial factors, such as skill sets, job description and experience and uses them with machine-learning algorithms that provide valuable insights regarding a potential employee’s compatibility with the organization, and other factors that aren’t usually considered without the help of predictive analytics.

Here are the benefits you should expect to see when your organization implements predictive analytics:

Improve Productivity & Retention Rates

Using internal data as well as information found on social media platforms, your organization can identify the crucial topics that are important in understanding how employees feel toward new organizational policies, changes & group dynamics. With this insight, it is infinitely easier to improve upon policies and develop new ones that benefit productivity and retention rates, adding to overall growth of the organization.

Identify Workforce Trends

With predictive analytics, your organization will be able to forecast the market and create algorithms from most workforce trends, such as productivity rates, average wages, unemployment rates and others. These algorithms are useful when preparing for recruitment periods.

Advanced Profiling and Segmentation of Candidates

Predictive analytics takes valuable information from the vast amount of available data online and produces profiles of potential employees. These profiles are progressively refined as more data is gathered and provides necessary information to help Human Resources departments determine the candidates that will fit best with the organization.

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