Long before big data became cool in technology conversations, a baseball team manager and a Harvard Economics graduate applied Big Data analytics to baseball to create sporting history. The concept was made popular by the movie, Moneyball, which recounts the compelling tale of the resurgence of the cash-strapped Oakland A’s which had just lost its star players to free agency. Billy Beane, the then General Manager for the A’s, and Paul DePodesta, the Assistant General Manager, began analyzing baseball statistics to value and purchase players, which led to the team winning 20 consecutive games between August and September 2002.
The Moneyball theory witnessed rapid adoption across the professional sporting community and laid the foundation of data-driven decision-making. In the world of business, the Moneyball theory has gone on to influence how organizations go about gathering business intelligence. Data-driven decision-making is now commonplace across key business functions including marketing, information technology, finance, and supply chain. Ironically as the one business function that has historically been the custodian of most organizational data, HR has been slow to adopt data-driven, objective decision-making.
Subscribe free now to get more technological updates! https://is.gd/NBPmt3
However, over the past few years, factors such as digital disruption, increased competition for talent, and changing workforce models have compelled HR leaders to embrace evidence-based decisions that can be linked to key business objectives. As HR’s role evolves to become a strategic business partner to the organization, the value of data and analytics cannot be understated.
The Rise of Predictive Analytics in HR
While data analysis in HR is not exactly a new concept, too often, HR focuses on what has already happened, and in doing so, loses out visibility into what will happen next. Specific insights on what to expect in the future is a tremendous competitive advantage for organizations, and HR can leverage this technology to transform the business impact of the function drastically. Before we go any further, let’s look at what predictive analytics means within the HR context and explore some of its important use cases.
What is Predictive Analytics in HR?
Predictive analytics in HR is defined as the application of data, statistical modeling, and machine learning methods to historical data to identify the likelihood of future outcomes. In other words, predictive analytics helps organizations predict future outcomes of an event. For example, if an HR team wants to determine the rate of attrition for the next two fiscal years, it can leverage predictive analytics to identify the future turnover rate based on historical patterns within existing data. Using these insights, HR can then proactively engage and retain employees and reduce turnover.
With affordable, easy-to-use software becoming available, HR teams now can turn historic workforce data into a competitive advantage. As the predictive analytics vendor ecosystem matures, organizations no longer need to rely on statisticians and mathematicians to use and understand how predictive HR analytics software functions. Predictive analytics software enables HR professionals to gather real-time insights into the efficiency of current HR processes and policies, how employees interact with their work and its business impact, future recruitment needs and the best course of action, and ultimately deliver an exceptional, personalized employee experience.
3 Examples of Predictive Analytics in HR
In response to the developments in predictive analytics technology, HR teams have begun leveraging it to drive continuous improvement and build a predictable talent pipeline. Here are a few innovative ways that organizations have successfully deployed predictive analytics in HR:
Cont. Reading… https://is.gd/RlC0yC
About Us
TechFunnel.com is an ambitious technology media web property dedicated to technology news, product reviews, and analyzing how technology affects business, finance, human resources, marketing, government, and everyday life. At TechFunnel.com, you will read the latest news and learn our opinion about product releases that are right for you. Watch videos about the latest trends in software, apps, games, AI, and virtual reality. Connect with a growing community of writers and editors who ask questions, seek answers, and innovate along the way in the realm of technology. In a medium that is meant to be effective and efficient, we strive to be both.
Bython Media Inc.
D.B.A. TechFunnel.com
8668 John Hickman Parkway
Suite 1004
Frisco, TX 75034
Phone: +1 (214) 295-7705
