Predictive Analytics
Wondering what the weather will be like tomorrow, or even a week from now? Simply turn on the Weather Channel or look up the forecast online. Wouldn’t it be great to have access to a similar forecast when it comes to talent management? Adopting metrics and predictive analytics can do that for you! Continue reading to learn more about the best tool for talent management.
Gary
Predictive Analytics is a Talent Management Crystal Ball
Sprint does it. Cisco does it too. Google has been doing it for so long that they have created software to do it better. What are they doing? They are using metrics and predictive analytics as an integral part of their talent management program.
Metrics and analytics are not only for the finance and executive teams to track profits and expenditures. Measuring employee output, performance and other key areas is the best way to predict and prevent turnover. Less turnover means less downtime, more productivity and increased profit.
Good metrics directly leads to predictive analytics. Predictive analytics come when historical metrics data is compared to current metrics to reveal trends. These numbers give an organization the ability to reflect on the past, but also predict the future based on that historical data. This can be a game-changer in regards to program planning, development and implementation. Predictive analytics will also allow for better strategic planning in all areas.
Google is at the forefront of predictive analytics. They have created a way to forecast an employee’s likeliness to leave based on seven factors. These factors were created using standardized means of measuring employee productivity and other key milestones across the entire company.
Over time predictive analytics can become actionable predictive analytics. The difference between actionable predictive analytics and standard predictive analytics is that the actionable type adds a cost element and recommended action. An example is “We predict a 75% increase in turnover, which will reduce profit by 20% in the next six months. It is recommended to implement a retention program for the top 10% of performers. These team members have a 90% success rate and cost $5000 to train”.
Metrics, standard predictive analytics and actionable analytics are the most powerful tool for talent management. Data can impact an organization in many ways including:
- Track improvement opportunities
- Assess current and past procedures and/or programs
- Decrease errors such as “bad”hires and delayed terminations
- Identify hidden issues
- Increase employee retention
Analytics is one of the biggest keys to employee retention. It allows an organization forecast the weather in terms of talent. Next time we will discuss strategies for increasing talent engagement and satisfaction.
Have you lost a great candidate recently to a counter-offer? Maybe you lost them to a competing offer? The competition for exceptional talent is at a fever pitch right now. If your interview funnel has been less than satisfactory and your pool of qualified talent is drying up, I invite you to a complimentary consultation on how to attract great talent on a consistent basis AND how to procure them so you don’t lose them to competing offers. Reply to this email to set up your complimentary consultation. I promise that in our call together you will leave with 2 or 3 ideas that will greatly impact your ability to find, attract, and procure the top 10-15% of the candidate pool on a consistent basis.
Gary Vice is sought out by leaders in Software and Services who recognize the need to attract the industry’s best talent. Through Strategic Recruiting Partners’ extensive network of relationships and their “deep dive” qualification process, they are able to identify and secure individuals who represent the top tier of Sales, Sales Management, Pre Sales Engineering, Marketing and Professional Services. To discover how this process can benefit your organization, simply reply to this email or call Gary at 469.402.4008.