Predictive analytics in HR – getting it right

For all the theoretical benefits of predictive analytics, it isn’t a magic wand that you can wave and make all your business problems go away. Like any tool, it needs to be used effectively to achieve its aims. So how can you deploy predictive analytics in a way that benefits you?

Making use of what you have

You already have lots of information available, the key is making use of it.

Look at the data you already hold: employee records, sales figures, performance measures, whatever you have in your dashboards and more. But don’t just look at the data you’re used to examining, think what else is available. Tapping into the great unused pool of recruitment data is just the start.

Consider what outside factors affect your business. Should you look at GDP, employment levels, currency exchange rates?

Think about what you want to know about your workforce. Is it when to expand, who to train, how to best retain your staff?

Try to take imaginative leaps in both the data that you can find and the figures that you compare. You may be surprised by what influences your staff, and where trends are going in the future, but better to be surprised by predictions now than by cold hard realities further down the line.

Read the full article here (link to Method3.com)

 

Links or other articles in this series:

Article 1: Predictive analytics – looking to the future in recruitment
Article 2: Predictive analytics in HR – looking at the big picture
Article 3: Predictive analytics in HR – smarter recruitment
Article 4: Predictive analytics in HR – training and development
Article 5: Predictive analytics in HR – retention
Article 6: Predictive analytics in HR – getting it right
Article 7: Predictive analytics in HR – barriers to deployment
Article 8: Predictive analytics in HR – the future