Are you familiar with predictive analytics and how they can be used in HR, hiring, and employee management? Predictive analytics is a type of data analysis that can make predictions based on historical information. It uses technology, like machine learning and data analysis, such as statistical modeling, to forecast future outcomes to help companies make essential decisions for their businesses. So how can this benefit you in your HR Role? Let’s take a closer look.
Save Money for Your Company
Predictive analytics can save your company money by using existing data to prevent you from overbuying or overpaying for goods and services. And predictive analytics can also help companies save money in their hiring process. Predicting spikes in staffing needs as well as planning for attrition and replacement needs can help you create a strategic hiring plan.
Manage the Hiring Process
Experts have discovered the metrics that can determine more of the essential information about hiring. They looked at the reasons leading up to an employee leaving a job as well as how much employees are engaged with their work. Knowing this information can help generate a better hiring process and employee experience.
Reach the Right Candidates for Your Open Positions
Analytics also helps employers track where the best candidates are sourced for available jobs. The data can look where a company spends it’s advertising budget to get a good response and determine the best avenues for targeting. It can also provide more details about alternative sources for finding candidates to increase hiring diversity.
Focus on Retention Rather than Replacement
However, the single best use of predictive analytics is to reduce turnover and affect the replacement rate for increased retention. As you look at the predictors of what causes people to leave the job, you can focus on improving those circumstances and enhancing the experience of the team on the job.
Could working with a staffing partner help you make better decisions for the future of your company?
Anserteam Workforce Solutions represents North America’s very best staffing agencies aligned together to deliver world-class workforce management solutions. We offer end-to-end talent services that can be customized for any size business, utilizing our Managed Services Provider (MSP) model and Vendor Management Solutions (VMS) technology. Is your organization seeking a WBENC-certified diversity partner to provide measurable results and substantial cost savings? Contact us today.