Well these are the most thought of questions that comes to ones mind when you think of a fortune teller. As much as we are intrigued to know what our future holds, the main idea behind this is to work towards making the best out of it.
Likewise businesses highly depend on forecasting the future in order to make rational decisions towards the success of it. Unfortunately these decisions are made with the use of a few reports and a whole load of gut feeling. This is quite risky as ones predictions may not always be feasible according to the given scenario.
So what if organisations had a fortune teller to provide you with a snapshot of the future? This is not about recruiting an individual who specialises in looking at a crystal ball to give to you an insight.
Collecting years of data and combining it with advanced algorithms, the tech world provides you with your fortune teller known as Predictive Analytics. This is the next generation tool for your organisation with blended technologies of artificial intelligence, machine learning and the right mix and match of a series of statistical algorithms.
Predictive analytics is a life saver for any part of an organisation. But when it comes to HR, it plays a significant role towards making decisions regarding the key asset of any organisations, its employees. Making decisions on behalf of individuals can be a dounting task and HR needs to take a high amount of liability towards it. Hence a right decision is the long awaited fortune for any HR deparment.
So what does this fortune teller provide you?
From recruitment to training and evalution to offboarding, predictive analytics can facilitate various functions of HR. Given below are the most common readings that any of these fortune tellers can provide you with.
- Turnover predictions
It helps one to identify the constraints around employee turnover rates to avoid liability of critical talent loss. One may ask how, but the answer is simple. Comparing years of data history, you are informed what to expect in the upcoming years along with the reasons impacting your employee turnover. Know the impact on turnover based on satisfaction ratios, compensation impacts and even the risk of leadership roles leaving your organisation.
- Absenteeism predictions
Absenteeism fluctuations may drastically impact the overall productivity.Luckily you are provided with a heads up on this aswell. It provides you a glimpse of the most frequent and least absent employees. Quite often these information are made available on team basis or employee demographics, and can even help to capture the percentage of man-hours lost. An advance analytical tool can even help you compare your predicted data with actual circumstances.
- Attendance predictions
Discovering and understanding retention risks while effectively planning the future workforce requirements can sound merely impossible. Giving you a reading of what your potential attendance rate for the upcoming days, weeks or even months is what your fortune teller can provide you with. With the use of models and prevailing trends within an organisation, HR is made aware of the potential loss of man-hours and once again made able to compare the predicted along with actual scenario.
In order to stay ahead of competition many organisations have various tips and tricks available at their finger tips, but what a smart organisation needs is a fortune teller under the name Predictive Analytics.