Predictive Modeling is the Foundation of Strategic HR Management
Modern strategic human resource management will increasingly depend on the use of data science and predictive analytics. These tools do much more than increase company profits; they are also instrumental when it comes to employee morale, loyalty and a healthy company culture.
Using predictive modeling can enhance the hiring process, make internal promotions and position changes more intuitive and can even reduce employee burnout.
Use Predictive Modeling as the Foundation for Strategic Human Resource Management
Keep in mind that predictive modeling isn’t the intimidating beast it often appears to be, especially for human resource professionals, whose strengths typically lie in people rather than numbers and analytics. Your team can implement small, user-friendly predictive models to get started – addressing pertinent and relevant challenges facing your company.
Here are some tips and ideas for using predictive modeling to get your HR department moving in the right direction.
Learn more. The first step is to learn more about how data science is used, how predictive models are created and the process necessary to begin implementing predictive models in real life. You can become in-house data science wizards, or at least very comfortable with the predictive modeling, by attending online classes, webinars and tutorials, like the ones offered by Rapid Insight.
Purchase the right software. Once your HR team is more comfortable with the basic ins-and-outs of how data science and predictive analytics can be used to enhance outcomes, the right software will get your company headed in a positive direction. You’ll be able to create models that are specific to the company and personnel’s needs and wants, and the software is designed such that your team will be able to learn and grow their predictive analytic acumen through experience.
If at first you don’t succeed…Keep in mind that using predictive modeling for strategic human resource management requires a learning curve. HCM specialist, Sue Lam, writes that your data and models will be constantly in flux. Therefore, “predictive analytics should be considered as a journey of continuous improvement rather than a steady state.”
Is your HR management team ready to get started?
We invite you to contact us at Rapid Insight to learn more about user-friendly predictive modeling programs and software.
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