The Top Predictive HR Models For People Analytics
Whether you want to retain your top talent or create a more engaging environment while managing your team remotely, harnessing predictive HR models based on people analytics can help streamline business operations and implement actionable changes.
As we discussed in our earlier post released this month, people analytics carries a lot of weight for HR teams and business leaders looking to process collected big data and implement it in a meaningful way.
One of the major trends identified by Bersin by Deloitte and other HR information leaders at the HRTech Conference last month was the evolving learning landscape for HR, which includes People Analytics.
Let’s focus on how the emerging trends in people analytics can help HR leaders yield the bottom line results they seek, all while making better recruiting, hiring, and management decisions based on the right data to help their business thrive.
Applying Predictive HR Models to People Strategy
According to AIHR, predictive models based on people analytics can help hHR departments “become a strategic partner that relies on proven and data-driven predictive HR models” (Source: AIHR.) Not only can these models help leaders identify potential blind spots, but predictive HR models based on raw data can assist management in implementing strategic change and prevent roadblocks to success.
With key enterprise-level companies such as Best Buy, Facebook, and Google employing the transformative potential of predictive analysis and people analytics, it’s high time other companies consider doing the same.
People analytics is becoming an essential facet of top-tier organizations. Whether you’re a medium-sized company or large-scale enterprise business, I suggest CEOs and People Strategy leaders explore the following top predictive HR models for people analytics:
1. Promote High-Value Employees
Internal growth and professional development within an organization is vital. Professionals who have been long-term team members have seen your company grow, and if they are actively engaged within their role, often boast qualities which propel positive results.
With predictive analysis of people analytics, existing leaders and managers can design a strategy for above-par succession planning and people strategy. Using data to consider the qualities and experiences necessary to successfully lead teams in your unique company.
2. Increase Engagement and Improve Employee Performance
Hiring and onboarding employees is only a drop in the ocean in terms of training high-value employees. It takes a dedication to maximizing performance through the use of people analytics.
Analyzing performance metrics allows leaders to identify areas where engagement may be dropping, or where existing employee processes are tedious or over-complicated.
By recognizing areas in work employee engagement is lacking, People Strategy and C-Suite executives can design a predictive HR model of a company culture that positively impacts employee engagement and workflow to streamline use of company time, and in turn, boost the bottom line.
Additionally, a predictive model based on employee engagement can also help executives consider the company’s people spend. Investigating and analyzing previously collected data from your company’s hiring habits shines a light onto how your existing performance practices impact your employee ROI.
Discover how to effectively align your People Strategy with your business goals. Download our complimentary Insights Article ‘Creating an HR Strategy That Delivers ROI’ now.
3. Invest in the Right Continuous Training
To positively impact employee engagement, it’s vital that organizations are investing company time and money in the right types of continuous training – AKA corporate training – for their employees, even after the hiring and onboarding process is complete.
According to a long-term study of 4300 workers from Middlesex University for Work Based Learning, 74% of respondents reported that due to a lack of professional development opportunities, they could not reach their full potential in the workplace.
Predictive models for opportunities for professional development allow management and leaders to invest in the development opportunities that high-value employees are seeking.
Taking the time to investigate where drop-offs are in productivity as a team leader is vital in identifying challenges that might otherwise go unsolved.
4. Recruit the Right Talent
Of course, none of the above can be accomplished even with the best predictive HR models without hiring best-in-class talent.
For ultimate success, it’s vital leaders hire the right professionals from the get-go. Reviewing historical data and hiring metrics allows recruitment leaders to identify the experiences, qualities, and skill set that often equal the right candidate for your organization.
Not only can a predictive model for hiring help leaders make better hiring decisions, but they can help the recruitment team locate the right recruits faster. Again, this can keep recruiters more motivated and engaged in their position, all while saving company time and streamlining the department’s workflow.
How Leaders Can Implement Predictive Models for People Analytics
At the end of the day, it’s up to CEOs and C-Suite leaders to identify the people analytics and predictive models that will best benefit their unique operations. With such a variety of analytics to measure for optimal results, what actionable steps can leaders take to successfully implement their ideal predictive models?
- Consider your pain points. Leaders can reflect on the HR-related areas their company seems to be struggling with. For example, if employee turnover is high, it’s vital that your company collects analytics on employee engagement.
- Design around analytics. By analyzing the data sets among your most pressing issues, HR professionals can make strategic changes to existing processes and strategies. Hiring a data or analytics professional can help teams make targeted decisions based on the collected data.
- Roll out your changes. Predictive HR models are just that – predictive – until implemented in your company. As you make these changes, it’s vital that you continue to measure people-based analytics to determine if changes will yield positive, long-lasting results.
Through the use of predictive models for people analytics, business leaders can make strategic, informed decisions about the future of their organization and how team members engage with the business at ever tier.
If you’re ready to make strategic changes using predictive models and people analytics, I invite you to contact my team and I at East Tenth Group today.