Posted on March 1, 2020 by admin
With the advancement in the field of Internet and technology, a large percentage of adult population is online and as a result they post a considerable amount of their personal information and details over the Internet, predictive analytic is becoming exceedingly popular in the Human Resource industry. On the other hand, even though the application of the predictive analytics industry is growing at a rapid pace, it has become necessary or ubiquitous in the field, and will never fully replace the classical and traditional human resource professional.
Businesses and Predictive Analytics
Predictive analytics approach have historically been applied by businesses to study the historical data in order to forestall risk and opportunity. Analytics have long been applied by a number of different industries including marketing, financials and healthcare, considering the company’s sales objectives, credit scores and healthcare plans.
Predictive Analytics and Human Resource Industry
Businesses have been widely trusting predictive analytics, but just recently has the field of HR applied the approach to tracking the human response and interaction. Recruiters have started to familiarize themselves with the predictive analytics as a means to screen the job applicant’s potential to become professional experts. Recruiters perhaps cross-analyze an applicant’s professional portfolio with the personal details they have mentioned on the social media portals such as Twitter and Facebook. This approach enables the employers to understand their prospective workforce personalities and interests, and helps them find out the best candidate for a particular position.
Even though, professionals believe that technology should not and is never going to replace the HR professionals. Finding the best people is greatly dependent on the recruiter’s capability to immerse themselves and understand the applicants. Being familiarized with the people data is not the function of any algorithm, it is more of a hands-on approach.
What Makes Predictive Analytics a Big Opportunity?
Companies worldwide spend nearly 40 percent of their total revenues on the payroll. This tends to be the largest single expense category for a company. Companies that optimize the payroll spending can significantly improve their profitability. Moreover, even though predictive analytics have been used in marketing and supply chain extensively, businesses are not utilizing analytics broadly in the Human Resource industry as well. Thus, one of the greatest prospects for a company to influence predictive analytics is in a purpose where they apply most of their revenues, and that is the Human Resource domain.
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