Tue, Feb 19, 2013
Why is Predictive Analytics Important in Human Resources?
Posted by MonsterThinking
Big Data is a big deal these days, but many human resource professionals are still wondering what it has to do with them.
Everyone in HR should be asking themselves how they can create some value from the Big Data that they have now, so they can seize the opportunity to really compete and win with analytics, says Jean-Paul Isson, Monster Worldwide’s global vice president of business intelligence and predictive analytics, in this Monster Video.
“You need skills and technology to leverage the power of Big Data,” and that’s where predictive analytics come into play, explains Isson, who is also the co-author of “Win with Advanced Business Analytics: Creating Business Value from Your Data.”
Predictive analytics is about taking data from business operations and using it to predict future events that can help management better execute key moves such as acquiring new business or retaining existing customers that are at risk, says Isson. It’s useful to HR managers who are working to make sure they’re hiring talent that will stick with the company.
Predictive analytics “will help you to predict what will happen with current talent” as well — most importantly the A players.
“You can also use predictive analytics for your workforce planning,” says Isson. “Let’s say you’d like to open new offices somewhere with an employee population for a specific market and specific skills, predictive analytics will help to leverage all of the data avilable in human resources.”
This includes microeconomic data, such as the turnover rate, unemployment rate, GDP and growth. It also includes data on competitors who may be looking for the same types of talent.
“With predictive analytics, you will be able to be more proactive planning what you should do in the future,” Isson concludes.
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