How Does Predictive Analytics Give You the Competitive Edge?
Utilizing Predictive Analytics For Attracting and Retaining Top Talent
The challenge is not only to attract the best talent – it’s to keep them on board with your company for a long time. In fact, this is often the top concern for executives who see great rewards when they are on target. Can predictive analytics be the key to providing the foundation that leads to attracting and retaining the best talent?
The Predictive Advantage
If you want to reduce the possibility of error in your hiring process, embracing predictive analytics is key. Predictive analytics utilizes historical data to better determine what will actually happen next. We’re familiar with it on Google as we work toward better search results, but it might not be as apparent in the hiring process for many people.
However, most job candidates have enough historical data, including biometric data, that can be things such as an applicant’s work history, various accomplishments through their careers and their average tenure in each position or with each employer that can be important information to consider when hiring.
By utilizing predictive analytics, employers are able to put together teams that are more diverse in their skillsets and their attitudes, which can create what is called a “high performer” environment. In fact, according to a report by McKinsey, this environment where high performers are collected is almost 400% more productive than in traditional environments.
Why the Human Touch Isn’t Perfect
We can never lose the human element aspect of hiring. However, there are often subconsciously deceptive efforts at play that can mottle what might appear to be a transparent hiring process. Applicants do their best to please, which leads to putting forth attitudes that may not be reflected in their real-life work practices.
In the specific situation where an employer wants to do more than rely on a resume and interview to hire new team members, they can administer a cognitive and behavioral assessment, which is what the predictive index process utilizes.
It’s a scientifically proven process that organizations have used for decades to better match their current teams with people who will be high performers. It determines a number of things, not to mention if the candidate will fit in with the company culture. And it’s something that helps management identify potential leaders who can be groomed for higher positions, which puts the people who use the predictive index process in a better position to establish and reach their goals for future growth.
At PI Consulting Group, we’re the experts who can help you gain all the advantages of predictive analytics. Contact us today and let’s talk about how our solutions will work for you.