Predictive Analytics & Human Resources

Impact Retention Utilizing Technology

With unemployment sinking to lows not seen for years, what can an organization do to increase retention and better their workforce outcomes?  For decades organizations have relied on spreadsheets and static reporting from their HRIS systems indicating what has happened in the past.  We were then forced to discern this information and decide on a plan of action moving forward.  Frustrating to say the least!

The historical method of looking backwards at turnover and making plans on how to address the issue during the next quarter is what I refer to as “Static Report Management”.  It is prudent to review what has happened in the past so that we do not repeat our mistakes moving forward, but what if we make decisions based on static reporting which do not tell the entire story?

With the technology available today why do some organizations choose to live in the past?  Although each organization is different, everyone wants to be as informed as possible and base decisions on metrics which offer the best chance for success.  Artificial Intelligence, predictive analytics, and real time data analysis offers a promising decision-making process based on what is happening today, not what happened last month, last quarter, or last year.

Think about it!  Would an organization’s financial team focus solely on the past, or are they looking at current cash flows, cost accounting, inventory control, etc. provided by a software solution?  Most every department is currently utilizing today’s technology to help them make more informed decisions.  Why is it that many Human Resource departments have not yet embraced emerging technologies to help them make more informed decisions regarding both their core and contingent workforce populations?

I believe there are several factors:

  • The downsizing of HR
  • Awareness
  • Time to Implement
  • Cost

Companies such as www.TrenData.com who capture information from HRIS and human resource legacy systems and provide predictive analytics for core employee groups can better inform HR professionals and allow them to take corrective action at the time the issues are occurring.  The cost is minimal, but the value proposition is huge!  Companies such as www.iwttech.com  provide predictive analytics for contingent workforce populations and allow HR professionals the visibility and insight to make day to day decisions which are more productive and meaningful to the organization.

Again, the technology uses predictive analytics to accomplish positive outcomes.  As an example, by understanding why and where turnover is occurring within the contingent workforce population, corrective action can be taken to reduce turnover and better engage employees.  Making more informed decisions while delivering a rapid ROI – what could be better?

Engaging in platforms such as TrenData and Clarity VMS can have a dramatic effect on efficiency, cost, and productivity! So, what is everyone waiting for?  Dive in, do your due diligence, and utilize today’s technology advancements to be a proactive HR professional rather than a reactive one!

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Original Post: https://blog.iwttech.com/predictive-analytics-human-resources