A Guide To Boosting Talent Management With Advanced Analytics

Posted by PegasusKnowledge on February 25th, 2021

With advanced workforce analytics by your side, you can steer your company in the right direction by nurturing its most valuable resource - its employees. Along with making the recruiting process easier, these solutions may just prove to be a gamechanger as far as talent management is concerned. In this article, we will talk about the benefits of leveraging advanced analytics services to manage your existing talent. Here are just two of the pros for you:

Reduces your company’s attrition rate

No discussion about talent management can be complete without a mention of the high attrition rates of thousands of mid-level companies around the world. This issue hasn’t received much attention in the HR world even though its repercussions are extremely costly. In fact, it has been projected that scouting and recruiting new employees costs as much as 50% of the yearly package that comes with an entry-level position.

Now, imagine if too many employees are leaving at the same time. The expenses could pile up over time and cause a significant dent in the bottom line of the company. But the problem does not end right there. It might also end up losing its star employees to its competitors if it is unable to address the main issues affecting its retention rates.

Thankfully, with the help of advanced analytics solutions or people’s analytics, identification of the key areas leading to employee dissatisfaction and disengagement is possible at the click of a button by using existing data such as employment history, feedback forms, and gauging their productivity levels.

Streamlines succession planning

Suddenly vacated supervisory and managerial positions can be a nightmare for any organization because the absence of an authority figure can send project timelines into a tizzy. To ensure that your business remains insulated from these big changes, it is absolutely essential to train and nurture your high-performing employees in preparation for these roles. This includes bringing in the right training programs, identifying the winning traits of successful managers, and helping them cultivate the same over time.

With PKSI’s advanced analytics services that make the most of machine learning strategies and artificial intelligence, all this and more is possible. You can leverage its tools to pick out skill gaps in your departments, recognize the ideal training programs that your best employees may need over the years, and predict future workforce needs of your organization.

These are just a few of the benefits! While advanced analytics solutions are popularly deployed to evaluate employee performance, they can do so much more, along with giving you actionable, data-based insights on how you can ensure employee engagement in your organization. Its set of tools break down pages and pages of data — something that’s manually impossible — to help you to see the bigger picture and safeguard your business against major overhauls. If used right, this can make your HR department more effective, enhance your business operations and also lead to happier, more productive employees.

Author’s Bio: The writer is an HR professional and this article talks about the benefits of adopting advanced analytics tools in talent management.