How Prescriptive Analytics is Changing Australian Companies
You read it in all the business blogs and articles: big data is the wave of the future. Workforce insights are streaming into your HR dashboard every day, and you need a comprehensive analytics program to turn all those numbers into something sensible you can use to make decisions and power growth. Big data alone isn’t enough to provide insights into your team’s untapped skills.
Workforce Analytics: Four Stages of Data
Understanding the HR metrics within your company involves four stages of data analysis:
- Descriptive analytics provide a detailed report of past performance
- Diagnostic analytics look for the “why” behind performance changes
- Predictive analytics use the past to create future projections
- Prescriptive analytics take data from predictions and turn it into actionable recommendations
These four types of predictive analytics for HR make it possible to transform sometimes disparate data into steps you can take right now to make your company operate more effectively.
Is Your HR Analytics Plan Working?
Only four percent of organisations report using prescriptive analytics to guide HR decisions. Part of the reason for this is the lack of a cohesive HR dashboard offering the appropriate insights. Daily data is simply too overwhelming to analyse, interpret and apply without the proper software solution integrated into existing HR management systems.
With no way to turn data into a cohesive plan, it’s next to impossible to gather insights into the talent possessed by your workforce. You could have every resource you need to send your business soaring into a brighter future but not know it because you don’t have the tools to create the right “prescriptions” for success.
Using HR Metrics for Better Performance
The recruitment and training software company Cornerstone identifies four fresh skills sets businesses should be looking for in their teams:
- Behaviour experts understand the mindset driving the company
- Change agents excel at leadership, management, strategy and forming smart collaborations
- Data architects transform information into plans to meet company goals
- Workforce scientists are experts at interpreting and visualising data to improve performance
The right HR analytics solution tracks and identifies employees within your company who possess these unique and important traits. Finding high performers in each area and setting up training to hone their skills creates a stronger workforce with the ability to drive your company toward greater success.
Leveraging Workforce Insights
Many companies lack a strong plan for using HR metrics to improve workforce performance. Don’t let your business fall behind by ignoring the importance of predictive analytics for HR. Implementing a powerful HR dashboard like Cornerstone Analytics condenses the incessant stream of employee data into cohesive reports you can use to identify key employees, recognise important skill sets and implement additional training.
When you make workforce analytics a central part of your HR strategy, it’s easy to see which employees are growing and what skill gaps need to be addressed. From there, Cornerstone Analytics can help you develop a smart plan for the future growth of your company.