Four for Friday: Examples of Predictive HR Analytics in Action
Every Friday, The DDR shines a light on the best data-centric articles and resources from across the internet, social media, and industry influencers.
What does it take to build a business case for HR analytics? Recruiters can go about this in many ways, but it often requires understanding your current performance and being able to project an ROI based on a particular investment. Most companies right now are in the learning phase of leveraging HR analytics, and this is where seeing examples and use cases are crucial—coupled with benchmark data, use cases are the foundation for projecting returns and gaining buy-in for investments.
In this week’s Four for Friday, we look into this topic more in depth and also share a few articles from around the recruiting industry.
1. Predictive Analytics for Hiring at Wells Fargo (Predictive Analytics Times)
We talk a lot about using analytics to guide future decisions, but what if you could use analytics to predict the outcome of future decisions. This is the basis for predictive analytics, using statistical modeling with a number of variables to proactively improve performance. This article dives into how Wells Fargo & Co. teamed up with a solutions provider, using psychometric and biometric data to become more predictive in its recruiting and talent acquisition efforts.
2. Measure Your Team’s Intellectual Diversity (Harvard Business Review)
It’s long been said that diverse teams are more powerful than homogenous ones. The idea is that people with different backgrounds and thinking styles can—together—generate a broader and alternative perspective, which is key to driving innovation. While this article is about the general dynamics of diverse teams and how to measure diversity, it’s important that recruiters are taking into account diversity data in their hiring decisions.
3. 5 Characteristics Of The Analytics Hero (Forbes)
If you’re on the path to using data analytics to support your recruiting efforts or you’re trying to identify strong performers in your team, this article from Forbes provides some good points to focus on. Piyanka Jain offers five characteristics of “the person everybody pings when they have critical questions about their products or customers that will shape key business decisions.” They include:
- Strong analytics aptitude
- Hungry for information
- Hypotheses driven
- Motivated by impact
- Structured problem solver
We hear a lot about what analytics will do, but it’s always nice to hear about some actual use cases for analytics. Ian Cook, Director of Product Management at Visier, did a Q&A with HRZone this week, discussing the most common and valuable use cases for data analytics in the modern HR department, how departments could be staffed by data scientists in the future, and how HR directors can better build the business case for analytics software.
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