In the Human Resources (HR) field, decision-making is changing. Previously the decision was guided by instinct and intuition. But modern HR specialists use data and algorithms to direct business solutions.
As the companies are ready to reopen and resume work, they will have to deal with a new challenge that is managing a blended workforce with onsite employees, remote employees, contractors. According to the 2020 Human Capital Trends report by Deloitte, the power of enterprise lies between technologies creates to humanize the world of work.
Once the focus of applying technological tools such as analytics to HR was very low. But now this is changing as HR starts to use Predictive Analytics, People Analytics tools which is a branch of advanced Analytics. This helps businesses to extract information from data sets to discover patterns, make the right decision, and forecast trends to anticipate the future. It helps to examine data related to performance measurement, employee behavior, employee mobility, workforce planning, recruitment, and retention. In the movie named “Moneyball,” Oakland Athletic General Manager Billy Beane used predictive analytics to evaluate the potential of the baseball roster with the help of predictive. Beane’s amazing story shows the importance of predictive analytics (PA) and its business advantage. PA rates effectiveness, efficiency, and outcomes enabling the HR to take an appropriate decision.
Due to the ongoing pandemic, predictive analytics has become extremely relevant in organization business strategy. In this scenario, many candidates lost their jobs and are applying for the same job, shortlisting of them become difficult without predictive analytics.PA can also help Human Resource leaders measure the level of motivation of a candidate during the application process. By applying advanced analytics, enterprises can begin to look at KPIs where we can break it down categories like full-time or part-time or gig-workers, and analyze problem statements, whether it is a lack of training programs. Some of the applications PA in a blended workforce are listed below.
Hiring the Right Talent: One of the biggest problems faced by enterprises is hiring the right person. By using PA businesses can identify talented persons.
Employee Retention and Engagement: PA is used to predict an employee’s duration based on the resume, market, and an organization’s internal parameters, this can reduce the cost taken during the retention and training of new employees.
Learning and Development: Training programs implemented well then can result in improved retention rates. Other than customizing training content, companies can use PA to provide individual recommendations for their employees in the form of promotions, feedback.
The combination of analytics and AI provide better-blended workforce planning and management. PA can help analyze patterns for time management from email or calendar data, which can help to manage a scattered workforce. Artificial analytics can analyze video interviews which will decide employee interest and honesty.