Why Mastering Predictive HR Analytics is Crucial for Businesses

Quantzig analyzes the role of HR analytics in enhancing human resource management in its recent article

LONDON--(BUSINESS WIRE)--Quantzig, a leader in delivering scalable analytics solutions and data science services, today announced the completion of its recent article that illustrates how predictive HR analytics can enhance human resource management.

The ongoing seismic shifts in the HR landscape have made it crucial to embrace a data-driven culture to acquire and retain top talent. However, aligning corporate goals with your HR strategy is not an easy task in today’s complex business milieu. To help tackle the challenges in the field of human resource management, Quantzig conducted a deep-dive analysis of the problems facing HR teams. This helped them to converge technologies such as machine learning, artificial intelligence, predictive analytics, and natural language processing to help clients act on insights and streamline workforce planning processes.

Key highlights-

• Insights on the factors that make predictive HR analytics an imperative in the IT sector
• Learn how HR teams within the IT sector can use predictive HR analytics to drive outcomes

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The advancements in HR technologies have brought to light the importance of predictive HR analytics in enhancing human resource management, which was once considered to be an isolated business function. Notably, ‘human resource’ is not just a core business function but a meaningful contributor to an organization’s growth.

Quantzig’s deep domain expertise in the field of analytics has helped them understand the uniqueness of businesses, especially when it comes to human resource management. Based on its expertise, Quantzig has developed a comprehensive suite of predictive HR analytics solutions with customizable HR analytics dashboards and easy to use interfaces. By leveraging our predictive HR analytics solutions, HR executives within the IT sector are likely to spend less time and resources in making assumptions and can instead rely on insights to take actions that drive operational excellence.

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“Having realized a manhunt to acquire top talent would not suffice in today’s world, organizations are leveraging HR technologies that apply predictive HR analytics to gauge factors like employee performance, churn rate, and other similar metrics,” says an HR analytics expert at Quantzig.

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Case in Point: How Quantzig helped an organic chemicals manufacturer to drive savings through reduced attrition

Attracting and retaining personnel for blue-collar production jobs turned out to be a challenge for a leading manufacturer of certified organic chemicals with manufacturing units spread across Canada. To tackle the growing demand for organic chemicals, the company sought to recruit over 300 employees for the target role. To do so, they had to employ new candidates based on the expected headcount and replacement hire predictions. While incremental headcount was crucial to support their future projections, replacement hires comprised a huge chunk of the desired role based on the attrition rate, which was about 28% at that time.

A detailed analysis revealed that the cost of replacement was equivalent to the cost of attrition, providing a high impact opportunity to leverage HR analytics to demonstrate significant business value. Quantzig helped them analyze data sets to examine the hire date, exit date, pay changes, and other compensations. Leveraging the insights and contextual perspectives from meetings with multiple focus groups and employee interactions also helped develop and implement multiple predictive models.

Based on our past experiences of executing HR analytics projects for companies within the IT sector, we understand the challenges commonly faced by businesses. Hence, we have put together a comprehensive portfolio of predictive HR analytics solutions to help key decision-makers in the IT industry to make data-backed decisions. Book a FREE Demo to gain limited-period complimentary access to our proprietary HR analytics platforms.

Additional Resources:

1. Why HR Analytics is More Important Than You Think

2. Top Trends Gaining Prominence in HR Analytics

About Quantzig

Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal