Improving HR with Predictive Analytics
Detailed insight and knowledge can be a big trump card in the modern corporate world. Uncovering hidden patterns, market trends, candidate preferences and other useful business intelligence based on actual data can be undoubtedly beneficial. That is where predictive analytics comes in. Predictive analytics is the process of examining large sets of available data (big data) that will bring information to light allowing to make predictions for the future. Primarily the goal is to assist companies in making more informed business decisions.
During the 2016 World Talent Forum, IntraWorlds had the opportunity to interview the Chief of Operations for PricewaterhouseCoopers in United States, Roger Wilkes. At PwC predictive analytics already takes an essential role, assisting with everything from improving decision-making and strategy development processes to determining the needs of the clients. In the following video Roger sets the scene and gives us an introduction into predictive analytics:
Predictive analytics also creates new opportunities that are beneficial for all HR core processes. With the information collected, a business can devise statistical models that measure, and anticipate probabilities, while predicting forthcoming behaviors and trends in many HR areas. Moreover, predictive analytics can leverage and realize optimal benefits from HR data by connecting the data source to a strategic business outcome. To give you a taste of how predictive analytics can influence and benefit HR decision making, here are some examples of the most relevant areas for predictive analytics in HR:
- Employee Loyalty Analysis/ Attrition Risk Management
- Employee Sentiment Analysis
- Employee Fraud Risk Management
- Predicting HR Capacity and Recruitment Needs
- Predicting Talent Acquisition Pipeline
- Candidate and Employee Profiling
Predictive analytics also plays an important role with IntraWorlds’ solutions. For example, our solutions assist clients to not only successfully build talent pools but also predict candidate pipelines based on data from past candidates. Thus talent acquisition leaders can better plan their investment needs and focus additionally on fueling the candidate pool to provide a solid candidate pipeline for upcoming recruitment needs.
All things considered it’s clear that predictive analytics provides HR and the entire organization with additional fundamental insights. However, as highlighted in our recent blog post, “The Digitization of HR & Trust“, analytics must respect data privacy and data security as well.
We would like to thank Roger Wilkes for his participation in the videos and for sharing his perspective on predictive analytics with us.