New technologies such as artificial intelligence, automation, and digital mobility are causing the nature of work to evolve. These changes present new opportunities for businesses that can rebalance their workforce, focus on collaboration between people and technology, and harness human skills and talent such as creativity, ethics, and digital skills. Now more than ever, human resources recruiters are tasked with finding the right person to fit a company’s needs. As Big Data continues to be a driving force behind business intelligence and decision making, advanced analytics is changing the way HR departments operate.
Advanced analytics uses predictive modeling, statistical methods, machine learning, and process automation techniques to analyze data and business information. It leverages data science to project future trends and predict the likelihood of potential events. Advanced analytics offers more capabilities than traditional business intelligence tools, allowing for improved strategic decision making.
The discipline of advanced analytics is based on predictive modeling and prescriptive analytics. Advanced analytics techniques include predictive analytics based on historical data, the use of statistical modeling and machine learning, clustering unstructured data, calculation tools for visualizations, statistical features, and machine learning algorithms that give accurate predictions.
Turn data analytics into people analytics.
Recruiters can put data analytics into effective use and create a new set of people analytics. Instead of hiring a person for a project based on personality or instinct, recruiters can use analytics to ensure incoming talent aligns with business operations.
One of the best practices in talent management today is to use a new system such as HRIS software. A Human Resource Information System (HRIS) provides core HR functions that optimize business operations. The right HRIS serves as a central database for all HR processes.
When researching HRIS options, seek out HR software that supports recruiting and onboarding processes, manages employee information, securely stores company documents, integrates with an existing payroll system, and automates performance reviews and real-time feedback to focus on talent management on performance development and promotion plans. The best way to staff the right talent is to utilize an effective HRIS system.
Evaluate performance.
Advanced analytics play an important role in evaluating performance. Acknowledging and rewarding top performers is important; however, it’s also important to keep other performance trends and factors in mind. One team member may be more willing to spend extra time mentoring recruits or focus on nurturing existing relationships as much as driving new leads. While numbers measure sales and results, having the ability to evaluate performance is essential to not overlooking team members who positively contribute to the business in other ways.
Increase employee retention.
Performance-based analytics is an important factor in increasing employee retention. Sometimes top-performing employees leave without clear reasons, leaving talent management scrambling to find a new person to fill the role. Analytics provide valuable insights and detect patterns in HR management to show where there is room for improvement. Rather than allowing employees to become dissatisfied with the company and leave, data analytics can help you make the necessary changes to improve employee retention.
Determine raises and promotions.
Part of retaining satisfied employees is ensuring they are compensated fairly. Employees often become motivated with pay raises and promotions, as these are signs that their work and efforts are valued. Data analytics is a smart way to determine appropriate pay raises and promotions within the workforce. This ensures valued employees receive the recognition and compensation they deserve and not get lost in the mix. The more successfully that raises and promotions are implemented, the more that employee loyalty and performance improves.
Implementing advanced analytics in business operations is the best way to remain innovative and gain a competitive advantage. Predictive analytics and statistical modeling help businesses and talent management teams improve decision making and stay relevant in ever-changing markets.
