Boost Recruitment & Retention Efforts With Predictive Analysis

In this uncertain economic climate, many organizations are struggling to maintain their current employees and ensure they are hiring candidates who they can retain long-term. This can be a challenging scenario that can cost companies time and money. Organizations should take the time to get acquainted with predictive analytics and the impact it can have on their hiring and turnover rates. 

Read on to learn more about predictive analytics and how it can help boost your retention and hire correctly from the start.

What Is Predictive Analysis?

While no organizations can see the future clearly, there are methods to help companies hedge their bets when hiring employees they hope to retain long-term. Predictive analysis refers to techniques that use data sets, statistical algorithms, and machine learning to try and identify the likelihood of future outcomes based on historical data. Essentially, it involves using existing data to predict what might happen in the future.

For example, a company might use predictive analytics to forecast future sales based on past sales trends or to identify which customers they are most likely to lose in the future so they can take steps to retain them. This same concept can then be applied to recruiting and retention efforts. Organizations can actually gather data on their current employees, candidates, and past hires to determine the best methods of improving their turnover rates and hiring efforts. 

Predictive analytics can give organizations a fantastic starting point for optimizing their hiring and retention strategies. Most companies will need to employ software to gather this information. There are plenty of software options to choose from, so they will need to take time to determine which software solution is most beneficial for their needs at a value that makes sense financially. 

In no particular order, here are some software solutions to consider for your predictive analytics needs:

• Alteryx Analytics Process Automation
• Tibco Data Science
• Altair Knowledge Works
• IBM Watson Studio
• RapidMiner Studio
• Data Bricks Unified Analytics Platform
• Anaconda Enterprise
• Data Robot Enterprise AI Platform
• Google Cloud AI Platform
• Microsoft’s Azure Machine Learning

How Can Predictive Analytics Improve Recruitment Efforts?

Predictive analytics can be a powerful tool for organizations looking to improve their recruitment efforts. By leveraging data and statistical algorithms, predictive analytics can help companies identify the most promising candidates, reduce time-to-hire, and ultimately make better hiring decisions.

One way that organizations can use predictive analytics in their recruitment efforts is to analyze data on past hires to help them to identify patterns and characteristics of successful candidates. 

For example, an organization might look at factors such as education, work experience, and skills to identify the most important predictors of success in a particular role. By using this information to create a hiring model, organizations can screen candidates more effectively and identify those who are most likely to succeed in the role. They can also compare candidates against already established top-performing employees. This way, employers can gather an idea as to the potential a candidate may have with the organization. It can also help determine whether the candidate fits the team and culture well. 

Organizations can also use predictive analytics to analyze data on candidate behavior and identify those who are most engaged and likely to accept a job offer. This can involve looking at factors such as how frequently a candidate visits a company's career site, how long they spend on job descriptions, and whether they click through to apply. Organizations can focus their recruitment efforts more effectively by identifying candidates who are engaged and likely to accept an offer.

Predictive analytics can also be used to improve the candidate experience by creating personalized recommendations and feedback for candidates. By leveraging data and statistical algorithms, organizations can identify the most promising candidates, reduce time-to-hire, and ultimately make better hiring decisions.

→ Boost recruitment efforts with BerniePortal's Applicant Tracking Feature. Click here now for a free demo!

How Can Predictive Analysis Boost Retention?

Predictive analytics can analyze data on employee behavior and engagement, helping organizations identify which employees are at risk of leaving. When employers gain access to this sort of data, they can take proactive and very intentional steps to retain them.

Predictive analytics is adept at gathering employee data to identify factors contributing to turnover. This intel provides employers with information on various factors, such as job satisfaction, work-life balance, and compensation, all of which contribute to an employee's decision to stay or leave. By using this information to create a predictive model, organizations can take the most impactful steps to address these factors and improve overall retention.

1:1s are a great way to improve the chances of an employee staying with the organization. A recent Gallup study found that employees who receive a weekly check-in are about half as likely to leave their employment as employees who do not receive a weekly check-in. These meetings will also help employers to track certain data points. An example would be marking specific agenda topics each week before the meeting and recording the data discussed following the meeting in a place where both employees and management have access. 

Predictive analytics can also help to identify which employees are most valuable to the organization, allowing organizations to focus on those individuals to help maintain stronger retention. These analytics look at job performance, skills, and experience to identify which employees are most critical to the organization's success. Organizations can reduce turnover rates by focusing retention efforts on these individuals.

Organizations can also seek to identify patterns in employee behavior indicative of disengagement or dissatisfaction. BerniePortal’s Performance Management Feature is a great example of this. Using this feature, employers can gather 360-degree feedback about employees. This would include factors such as attendance, participation in training programs, and performance metrics, which can be analyzed to identify which employees are disengaged or at risk of leaving. Organizations can improve employee retention rates and reduce general turnover by using this information to intervene early and address the root causes of disengagement or dissatisfaction.

Overall, there are numerous ways that organizations can use predictive analytics to boost retention rates. Whether through engagement, behavior, or success, there are ways that organizations can track the likelihood of an employee joining an organization and remaining there once hired. 

Organizations must maintain consistent and streamlined use of these analytics as well. It may take time and large sample sizes, but patience and a plan of action will help you create a tangible impact on retention and recruitment efforts. 

Additional Resources

You can also stay informed, educated, and up-to-date with all things HR by using BerniePortal’s comprehensive resources:

• BernieU—free online HR courses, approved for SHRM and HRCI recertification credit
• BerniePortal Blog—a one-stop-shop for HR industry news
• HR Glossary—featuring the most common HR terms, acronyms, and compliance
• HR Guides—essential pillars covering an extensive list of comprehensive HR topics
• HR Party of One—our popular YouTube series and podcast, covering emerging HR trends and enduring HR topics