Hey! HR managers out there…sick and tired of hunting, gathering, and selecting the right talent for your organization? Predictive Analytics can help you with the information so that you can stay way ahead of the game.
As of 1 January 2020, the population of India was estimated to be 1 billion people with almost 900 million persons between the age of 15 and 64 years and out of which 703 million adults can read and write. This figure is the representation of the potential workforce available in India alone. How to select the right talent out of this huge crowd? – to ease the burden, Workforce Analytics and Predictive Analytics can be of greater help.
Workforce Analytics – is an approach used in analyzing and to measure the behaviours of people to improve business performance. This is done by analyzing people data with software and other statistical models to make better workforce decisions.
Predictive Analytics – is the use of data, Machine Learning (ML) algorithms and other statistical matrices to predict or identify the likelihood of future outcomes based on past data. Reactive and predictive matrices are important tools that can be used in talent management.
Crafting an Analytics Strategy
Talent for the Role
To carve the best strategy tailor-fit for your organization, it is necessary to understand all the factors in identifying the talent for the role. The talent required can be for the sales role, production, maintenance, or customer support. Hence primarily, to identify the critical talent for the role, it is essential to analyze these factors:
- Is the new hire important to attain the success of your business strategy?
- How much will be hiring a replacement for the role cost you?
- Is the workforce available for that role?
- Are the required skills set replaceable?
Once the right candidate is selected for the role. It is wise to predict his future behaviour and invest in him for future senior critical roles.
- Based on his talent and diversity index, predict suitable senior critical positions
- Estimate internal replacement vs external replacement for the role
- Assess the employees of high potential, high stagnancy risk and retention risk for critical posts
- Identify and be ready with replacements for the successor of the critical posts
- Provide training programs, survey feedback and other related things
- Follow up their productivity, engagement, and revenue impact.
The combination of these self-service tools and the analytical algorithms in the HR space will surely help HR functions reinvent themselves in the days to come.