Among the challenges of Human Resource Management professionals is to manage organization’s talents, especially to ensure the right person assign to the right job at the right time, and analytical technologies can be used to identify potential talent by predicting their performance using past experience knowledge. This knowledge is buried in historical data collected and stored by HR departments, and such data provides fertile medium to uncover meaningful patterns and rules.
Many of the HR tasks involve a lot of managerial decisions, which are based on various factors such as human experience, knowledge, preference and judgment. These factors can cause inconsistent, inaccurate, inequality and unexpected decisions. As a result, especially in promoting individual growth and development, this situation can often make people sense injustice. Besides that, in future, this can influence the organization productivity.
The three key components of Talent Management are –
1) Talent Acquisition
2) Talent Development
3) Talent Retention
These 3 core talent management activities involves developing finding and existing talent; forecasting talent needs; attracting and retaining the right leadership talent; engaging talent; identifying existing talent; attracting and retaining the right leadership and key contributor; as well as developing right retention strategies and predicting future resignations. Questions answerable by analytics are:
- List the employees that have similar characteristics
- Group the top performers
- Predict the percentage accuracy in employee performance
- Predicting employee’s behavior and attitude
- Analyze forecast and model information to quantify human capital assets
- Predicting the performance progress throughout the performance period
- Identifying the best profile for different employees
- Associate the employee’s profile to the most appropriate program/job
- Predict resignation
- Associate employee attitude with performance.
HR analytics can help to dig problems and issues surrounding these requirements and using analytical workflow will guide the managers to answer questions and gain insights from information at hand, then make relevant decisions and take appropriate actions.