A Perfect Union: Talent Management and Predictive Analytics
I recently had the pleasure of speaking with Human Capital Institute on the HCI Podcast. The focus for our discussion was: The Future of Predictive Analytics in Talent Management. It’s interesting to think about the future of this union- yet it would seem that we are getting ahead of ourselves to be so forward-thinking. One of the things I hope came across in this podcast was that the adoption of predictive analytics, big data and the like doesn’t need to be complicated.
In recent weeks, I have discussed the perils of trying to keep up with every trend in business. The key to unlocking the potential of this perfect union between predictive analytics and talent management is starting with what you have – regardless of where you think you need to be on the data continuum. There’s no script anyone can write for how HR should be utilizing data. Every organization has to decide why the data they are collecting is important and how the answers they receive will help them improve something or reach an outcome.
It is my belief that talent management is one of the more useful places to start to use analytics. How many more times can your times can you meet to decide what referral sources garner your recruitment team the best candidates? This is a common discussion among recruitment teams that could be easily answered if you can get everyone to focus in on the data surrounding referral sources. If you know what’s working and what is not you can begin to document trends. When you start documenting trends, you can start being more predictive in modeling and forecasting your recruitment efforts against the data you have for referral sources. The same is true for using analytics for retention, development and succession planning.
Here’s a tip:
It doesn’t matter where you start looking within your talent management practices. Choose an area. Decide what you want to measure and then examine it consistently to discover trends. Those trends will help illuminate blindspots and areas of untapped opportunity. Once you know what those areas are, you start to take action. Additionally, your goal is to use the trends you find to forecast and model for the future – instead of operating and/or planning just-in-time.
Predictive Analytics isn’t about taking one giant leap or step. It is about the cascading of knowledge you derive from your data around talent management to make better decisions. Becoming data-driven requires an open mind, consistency, and action.
Listen to my podcast with HCI below to hear what else I had to say about this perfect union of predictive analytics and talent management.