The Business APAC HR Tech Exclusives of 2019 March 2019 | Page 19
O
rganizations nowadays need to be foretelling
and get information and insight from data
that empowers them to identify patterns and
trends to compete. Prediction also helps to gain
knowledge about the behaviour of employees so that
the employee can take proper action to provide
required outcome. Companies dedicatedly prefer
predictive analysis for business management, finance
& risk, client relationship management, sales,
production, etc.
How Predictive Analytics augments the growth of a
company?
Predictive analytics uses many techniques like data
mining, statistics, modelling, machine learning, and
artificial intelligence to analyse existing data to make
future predictions about events, behaviour, trends etc.
Similarly, it brings together the management,
information and technology, and modelling business
process to make prediction about future. The
predictive analytics comprises of various steps like
Project Defining, Data Collection, Data Analysis,
Statistics, Modelling, Deployment, and Model
Monitoring.
HR practices have gone through lot of changes over
the last decade and the use of big data along with
analytics has become vital features for HR
professionals to start the makeover of the out-dated
HR practices. The present advanced HR processes
include variety of functions such as enlisting &
resourcing, employee performance analysis, payroll,
time management, etc. Predictive analytics in Human
Resource is all about evaluating current human
resource data to get perception of patterns and make
forecasts about the future. It is considered a striking
change for the industry as it can seriously improve the
interaction between employer and employee.
Moreover it can take untreated data and excerpt
actionable insights that can be applied to daily
developments and processes. Top companies
constantly make progress only by understanding
importance of HR data analytics and consequently
making decisions using this data.
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Significant Metrics Offered to Get High Outcomes
Predictive analytics provides metrics of most
important things in business that affect efficiency,
effectiveness, and outcomes.
Using predictive analytics, a well-calibrated and
focused pipeline can be created where past hiring
records, current standards, and future delivery
benchmarks are actioned and monitored. As a result,
teams can easily understand where they’re going
wrong, assess future pathways, and achieve
standardization. While gauging effectiveness, HR
predictive analytics assists in intermittent assessment
of the quality of hires, in terms of cultural fit,
productivity, output, and future leadership potential
because big number of hires mean nothing if they
doesn’t marry to quality and expected results.
Furthermore, it is important to check employee’s
efforts and contribution to the company’s product or
service. Many companies fail to gauge the exact
hardworking employee’s which results in poor
reputation and unwillingness of employees to work
with dedication. HR predictive analytics helps to
evaluate all of these. It shows how an employee’s day-
on-day efforts impact current organizational goals and
influence long-term targets of the company.
Further, HR professionals use data analytics to
upgrade strategic planning, enhanced decision
making, In addition, it empowers the employee to get
smarter, more engaging, and efficient development in
the organization. It can also renovate core human
capital management (HCM) processes such as
employee sentiment monitoring, talent acquisition,
attrition management, capacity planning, performance
mapping, up-skilling, and outplacement.
Additionally, this new analytics trend brings in some
fine uses which are helpful in enhancing growth of the
firm.
1. Recruit right people for the right position
To get success one need to have great employees by
side that’s why predictive analytics is used to identify
Mar. 2019