Article: 4 ways predictive analytics can reboot your people practices

Talent Management

4 ways predictive analytics can reboot your people practices

Use predictive data to make informed talent decisions
4 ways predictive analytics can reboot your people practices

As HR leaders work with the business to re-calibrate their traditional people practices to create a direct business impact, the business case for analytics and digital tools is firmly in place. According to one study, 45 percent of leaders said they're outpacing competitors by using predictive analytics to make business decisions. A study on the Human Capital Trends by Deloitte reports a 100% increase year on year in the companies that are capable of developing people models.

But what is predictive analytics?

Predictive analytics allows one to forecast what’s likely to happen under different scenarios, as well as what drives outcomes. Predictive analytics involves leveraging data to inform future decisions using analytics is that does not merely slice HR data and present them using data visualization tools, it also ensures that there is a diagnosis. And analytics cause and effect are linked to real business outcomes.

Here are the four reasons why you need predictive HR data to re-calibrate your people practices:

•    Enable HR to re-focus their job on consulting:

Predictive HR data makes a big difference.  Other areas of the business have used analytical predictions as a tool to drive desired results for a while. It is now time for HR to harness the benefits of knowing where to source talent, who to hire, how to train, and how to develop the right employees. A data-driven approach can help HR teams free up time usually spent on routine HR tasks and re-focus their time to consult line-of-business organizations on acquiring and retaining the talent needed to accomplish team objectives.

•    Accelerate employee performance and engagement :

Acquiring predictive analytical skills can help HR become an initiator for building and utilizing highly engaged employees. Fact-based predictive analytics moves HR professionals from giving basic, often subjective advice to providing individual prescriptive insight to increase employee performance and reduce turnover. Having science-driven data not only helps teams meet business goals but establishes HR leaders as valued and trusted advisors.

•    Develop and deliver agile talent strategies:

Keeping the human element in mind is second nature to HR leaders. HR analytics can help HR take managing talent to the next level by laying a solid foundation to develop and deliver agile talent strategies. With behavioral data insight, HR can help members of all departments better understand their role within the organization’s wider business context and their unique development needs to achieve career aspirations. This new approach to talent provides a deep, people-knowledge platform to help HR leaders shift from referee to coach and be an essential consultant for all things talent-related. Meaningful data and predictive analysis help HR teams advise better, employees perform better, and managers lead better to create a win-win-win workplace.

•    Improve credibility to people processes:

An HR leader can make time to carefully consider predictive talent analytics (integrated with both core and talent HR functionality) to help HR gain a new level of credibility as a major contributor to reboot HR and quickly respond to talent needs.

The 21st-century workplace requires HR executives to ‘think outside the box’ and reimagine their role in an efficient and tech-savvy manner to stay in front of increasing expectations and responsibilities. To keep pace with the rapid shifts in the market, HR needs to acquire a transformative approach. Effectively sharing talent and behavior-driven data will help departments to shape modern, people-first strategy to address unique organizational talent needs to ensure a more productive workforce and business success.

 

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Topics: Talent Management, HR Technology, #IntegratedHR

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