Businesses, in the current day and age, are paying increasing attention to the financial health of their companies. However, a crucial parameter that underlines the value of this impact is the human resource and the ability to attract and retain talent in the longer term. As per MIT’s recent poll (‘Toxic culture is driving the great resignation’), carried out in January 2022, it is revealed that close to 40% of employees surveyed are contemplating leaving their job. Attrition of employees results in a direct loss to a company’s financial health, with secondary sources indicating the cost of substituting a full-time employee, amounting to an average of 50% of the annual salary of the employee. Indirect costs can add to this in terms of lost production, additional training, and contingency plans to be put in place. It is in this sense that people analytics or HR analytics can emerge as a major game changer for businesses and HR teams, in particular, to quantify and spot early signals that were previously based on intuition only, thereby acting proactively in managing and putting remedial measures in place. With voluminous data gathered around skillsets, background, education and experience, predictive analytics can assess employee readiness to ensure a right fit- approach in hiring and manpower planning. Predictive staffing has emerged as one area where applying the right checks and carrying out optimum resource planning can help monitor possibilities of decline or uptick in demand. Such predictive modeling of staffing and recruitment processes can help achieve better control over recruitment volume with the reduced workload on talent management teams due to accurate forecasting.
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Employee attrition and loyalty measurement is another aspect where predictive analytics has its role cut out. By devising intricate models that can combine risk causes with performance data, enterprises can assess productivity, reduce employee churn and strategize loyalty and benefit programs. Businesses can also analyze demographics to prioritize performance plans and synchronize benefit packages with the right performance outcomes. By leveraging data on other parameters such as commute time, performance issues, role changes and productivity, predictive analytics can save companies from the turnover costs associated with resignations, terminations and panic hiring.
Talent forecasting can detect patterns and developments to determine the likelihood of something happening (bad or good), which can direct HR leaders to assess the risks and take appropriate steps to mitigate them. Applying predictive analytics to an employee dataset can enable evidence-based predictions to be made in the nick of time and proactive decision-making to be incorporated as an instinctive characteristic of HR teams. Predictive people analytics will go a long way in shaping the future of HR business functions within an organizational strategy team.
Emotion analytics can also benefit HR leaders and businesses to precisely conduct sentiment analysis by tracking opinions on different topics, mapping secondary data (from social media platforms such as LinkedIn, Twitter, etc.) with performance graphs, analyzing a worker’s motivation quotient, desire to stay on with the company, and oneness with enterprise objectives.
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