Predictive Analytics has now become a buzzword in the industry. As far as HR tech is concerned, Predictive Analytics is no more given a light note. Ever since it has a noticeable impact in corporate employee benefits, almost every organization, irrespective of its size and stature, has started considering this new drift on a serious note. Several researches and surveys have proved the fact that every company tends to spend around 35-40% on employee benefits. So, it’s always quite sensible to get it done in the perfect manner, as the financial stance of the company is reliant on the same.
Meet the exact demands of the employees- An HR management is always rich with innumerable valuable data. At the same time, does it really make sense to make mere assumptions on employee needs? The answer would definitely be a big ‘No’! This is where Predictive Analytics plays its role. By adopting the technology, the employers can easily gauge the exact demands of the employees and steer the wheel across the right path. This way, the employers are believed to provide their employees with the essential benefits, thus enriching their personal as well as professional lives.
Retain the great talents- Simultaneously, talent acquisition is one of the main assets of every venture. Hiring and retaining great talents should always be one of the prime mottos of every organization. Thus, companies that are wise enough to drive more excellence and success have certainly taken recourse to Predictive Analytics. Nowadays, there are only quite a few handpicked ventures that are still into using spreadsheets to manage data; where almost 90% of the established companies have considered Predictive Analytics as a game changer! While it ensures that your marketing campaigns are exclusively aimed at the right customers, it also helps you detect the customers at risk, thereby aiding you in taking the right course of action before it’s too late.
Get proper insight into employee behavior- The benefits offered to the employees vary from business to business. And, according to the surveys conducted by various HR departments, the data of employee workforce are often not integrated. Sometimes, Standard Benefit Utilization reports give certain information about the number of employees logging into a beneficial platform. But, they still don’t give proper insight into the exact reason for an employee to opt for a benefit. To get a perfect idea about an employee’s behavior, genuine analytics is required; and nothing can be better than Predictive Analytics in this regard.
Moreover, in an age when there is a cutthroat competition everywhere, as a business owner, you should always keep your eyes and mind open towards every minute detail that would provide you with the much-required insights as in how to rise above your competitors. By taking recourse to Predictive Analytics, while you can highlight your unique selling points, you can also enhance leads to a significant extent.
However, according to the experts, when it comes to employee benefits, Predictive Analytics is still in an emerging phase. As a business owner, you should invest the same time and effort in retaining the employees you already have as you do while trying to hire new talents.
To conclude, the application of this new emergent technology is not limited to a single stricture. There are many organizations that use Predictive Analytics to defend several illegal activities as well. For an instance, while the tax officers find it perfect to identify glitches in tax returns, the credit card companies use this to detect the fake and fraudulent transactions.