It goes without saying that people are vital to the success of any company. There’s no doubt that any business which can attract the right competencies, manage talent effectively, utilize capacity efficiently, and retain employees is setting itself up for long-term success. HR departments are generating more data than ever before but at the same time they often struggle to turn their data into valuable insights. Based on the work I do with companies all over the globe I have identified some of the most important analytics managers can use to better understated the people-related side of their business.
Employee churn analytics
Hiring employees, training them and then integrating them into the business costs time and money. Employee churn analytics is the process of assessing your staff turnover rates in an attempt to predict the future and reduce employee churn. Historical employee churn can be identified through traditional KPIs such as the employee satisfaction index, employee engagement level and staff advocacy score. Surveys and exit interviews are also useful tools. Always remember that some employee churn can be desirable. It is important to identify a healthy level of churn and develop system to pinpoint the ‘regrettable’ churn. We have high end algorithms and solutions that can help you predict, manage and avoid regrettable churn.
Competency acquisition analytics
Talent matters, and the acquisition and management of talent is often a critical factor in business growth. Competency acquisition analytics is the process of assessing how well or otherwise your business acquires the desired competencies. We’ll help you to analytically identifying the core competencies your business requires now and in the future, then assess the current levels of these competencies within your business and identify any gaps. You can then monitor how effective you are at developing these competencies in-house or spotting and recruiting candidates with those competencies. Social media analytics along with the internal data can do wonders for you in this area.
Predicting behavioural issues and impact on business
Hidden data using advanced machine learning and AI algorithms and tools can actually predict any behavioural issues which otherwise go unnoticed and later make huge impact on business and reputation. This works as an outlier however the companies which focus on it generally prove to be market leaders in any domain. We help identifying such gaps/ challenges and addressing them.
Capacity affects revenue. Capacity analytics seeks to establish how operationally efficient people are in a business, e.g. are people spending too much time on admin and not enough on more profitable work, or are individuals stretched far too thin? It also allows businesses to establish of how much capacity they have to grow? Our predictive and machine learning algorithms can answer hundreds of such questions and then narrow down the most important factors to get a razor sharp focus on capacity analytics to help business grow with maximum efficiency.
We have delivered great value in this area by saving hundreds of thousand dollars for companies by predicting offer renege. A very interesting and important area in HR analytics which utilizes the machine learning and AI side of data science can help any company to streamline the hiring process without the risk of renege.