Predictive Analytics – Ultimate Software's Blog http://blog.ultimatesoftware.com Thoughts on Putting People First in the Workplace Tue, 18 Jul 2017 10:00:57 +0000 en-US hourly 1 https://wordpress.org/?v=4.8 12 Days of HCM – #2 HCM Analytics http://blog.ultimatesoftware.com/12-days-of-hcm-analytics/ http://blog.ultimatesoftware.com/12-days-of-hcm-analytics/#respond Tue, 08 Dec 2015 14:14:16 +0000 http://blog.ultimatesoftware.com/?p=402 The Future of HCM Analytics Analytics aren’t just for statisticians anymore. There’s growing buzz for analytics in HCM. Yet, many HR leaders remain hesitant to embrace them; some citing reservations with Big Data. But research continues to show organizations benefit from using HCM analytics—to help attract, develop, and retain talent, for example—including a new study […]

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The Future of HCM Analytics

Analytics aren’t just for statisticians anymore. There’s growing buzz for analytics in HCM. Yet, many HR leaders remain hesitant to embrace them; some citing reservations with Big Data.

But research continues to show organizations benefit from using HCM analytics—to help attract, develop, and retain talent, for example—including a new study from the National Bureau of Economic Research. The idea isn’t to replace people with machines, but to combine their powers: knowledge without bias.

Ultimate’s been in the HCM analytics space for years, developing a range of predictive and prescriptive tools that help HR leaders make smarter, data-driven decisions about their people.

For HR leaders embracing analytics in 2016, we predict a more productive year.

#12DaysofHCM Predictive Analytics

A number of organizations have valuable data, though few act upon the information. HCM analytics are key to unlocking these troves.

 

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To follow our 12 Days of HCM series on social media, use the hashtag #12DaysofHCM.

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Hottest Trending Topics in HR http://blog.ultimatesoftware.com/hottest-trending-topics-in-hr/ http://blog.ultimatesoftware.com/hottest-trending-topics-in-hr/#respond Fri, 20 Feb 2015 15:41:15 +0000 http://blog.ultimatesoftware.com/?p=196 The start of the New Year means focusing on new goals and resolutions, so we’ve got our eye on the hottest trending topics in HR that will impact your organization in 2015. It’s never too soon to take action to get in front of the pack when it comes to engaging your people to positively impact […]

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The start of the New Year means focusing on new goals and resolutions, so we’ve got our eye on the hottest trending topics in HR that will impact your organization in 2015. It’s never too soon to take action to get in front of the pack when it comes to engaging your people to positively impact your organization’s outcomes. Start the year ahead of the curve by reading what our industry leaders, analysts and experts think you should be paying attention to this year.

Healthcare Reform

By now, we are all familiar with the sweeping changes to the U.S. healthcare system first signed into law in 2010, known as the Patient Protection and Affordable Care Act. Most of the provisions of the PPACA are already in effect as of January 2015, including:

  • The Health Insurance Marketplace
  • The individual insurance mandate
  • Transitional reinsurance fees
  • The employer “pay or play” mandate

A SHRM survey in 2013 showed that 75% of HR leaders expect the PPACA implementation to have a “major impact” on the workplace. The primary concern for corporations in 2015 is the “pay or play” mandate. This mandate hinges entirely on accurate, company-wide workforce reporting to monitoring employee eligibility status. The manual tracking of service hour history and schedules to determine full-time status (or equivalency) as well as monitoring insurance affordability levels can become a nightmare and even a small data entry error or discrepancy can result in costly fees. The ideal way to visualize all of the different factors that impact eligibility is with a comprehensive PPACA dashboard bringing all relevant data in a single view to support timely actions.

To stay prepared and avoid manual tracking and the possibility of data discrepancies:

  • Evaluate cloud-based people management solutions that can do the legwork
  • Consider a solution tailored to ease the burden of PPACA compliance by offering at-a-glance service hour history and projections for the year
  • Look for comprehensive offerings that include reporting tools specifically designed with the “pay or play” mandate in mind

Predictive Analytics

According to KPMG research, data analytics is the #1 most-cited area for HR technology investment in 2015. By moving from traditional BI reporting to proactive analytics powered by, statistical models, to suggested courses of action for users, you will be able to accurately project future workforce trends and predict your employee’s behavior with a high probability, and help managers make the best decisions for their teams. This will also allow you to demonstrate the maximum value of HR by providing actionable intelligence for future success.

To stay ahead of the curve, examine solutions that leverage predictive analytics for HR to:

  • Determine individual employees’ chances of staying with your company
  • Alert you to flight risks—employees who are likely to leave within six months, so that you can take proactive action to retain them or create succession plans
  • Identify the current top performers at your organization throughout the full workforce
  • Predict future top performers by identifying patterns that indicate high potential

Focus on the Candidate and Internal Candidate Experience

With the economy continuing to pick up and the new expectations of today’s job seekers, recruiting solutions are seeing a newfound importance placed on the candidate experience: the way job applicants are treated before being hired, interviewed, or even seriously considered for a position. Today’s labor force, and especially the growing millennial generation that comprises its majority, places a higher premium on the candidate experience, simplicity, and speed than at any time in the past.

By changing the focus in recruiting to candidate engagement and empowerment, you build the foundation for a lasting business relationship between employer and employee before a hire ever takes place and you will gain tangible benefits for your business.

Even for those who aren’t hired, the candidate experience can have a significant impact on brand identity and generate good will about your organization and culture. Furthermore, a negative candidate experience can have dramatic effects, with the advent of social media and mobile technologies, making it easier than ever for candidates to broadly share damaging your credibility as an employer!

Improving the application process can also result in a higher quality of hires. Studies show that 40-80% of candidates don’t ever finish the application process, and many times this is because of the application process itself. These partial applications are simply discarded and never make it across the hiring manager’s desk.

Look for recruiting technologies that leverage user experience features such as:

  • Automatic, persistent saving of all collected data
  • A bold, familiar, and friendly frontend that draws aesthetics from popular social platforms
  • Data-rich applicant options like pulling personal data from LinkedIn instead of relying on cumbersome manual entry
  • Real-time search results and filtering when candidates look for their ideal position, with more relevant results offered the more information is provided
  • “Gamified” elements that replace boring, static Web forms with enthusiastic prompts and a plain-English approach, much like the creation of a social media profile

2015 is shaping up to be an exciting and transformative year for people and organizations in all industries, and leveraging the latest in HR technology while staying on top of critical trends can make or break your success!

Ultimate Software has been providing comprehensive people management in the cloud for more than a decade. Discover how UltiPro® can help your organization stay ahead of the curve and future-proof in 2015 at www.ultimatesoftware.com.

 

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Big Data and Predicting Turnover http://blog.ultimatesoftware.com/big-data-and-predicting-turnover/ http://blog.ultimatesoftware.com/big-data-and-predicting-turnover/#respond Sun, 15 Apr 2012 10:13:21 +0000 http://blog.ultimatesoftware.com/?p=111 I learned a lot about data during this year’s Ultimate Software Connections conference. Which is totally cool with me; I’m not afraid of numbers. One specific term was “big data.” Now, I admit that I had heard the term but didn’t really have my arms around what it meant or what it means for business. […]

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I learned a lot about data during this year’s Ultimate Software Connections conference. Which is totally cool with me; I’m not afraid of numbers. One specific term was “big data.” Now, I admit that I had heard the term but didn’t really have my arms around what it meant or what it means for business.

Chris McLatcher, director of business intelligence and analytics for Ultimate Software, really gave a great overview of big data during his session, “What’s Coming in the Area of Reporting, Metrics, Analytics & Predictive Analysis.” In case you’re wondering, the term “big data” refers to groups of data so large that they become challenging to work with. But we do it anyway, because of the trend data that we can pull from it. If you’d like to learn more, here’s a video that can help.

 

Data has always been important to our organizations. Now that lots of it exists and more is generated every second, data is even more important. But not just getting the data. It’s equally key that we can read, process, and make decisions based upon it.

This is where predictive analytics takes over. We can use these techniques to leverage the data. Because what our organizations are able to do as a result of the data will help them achieve success. Having data just for the sake of data isn’t achieving success. Ultimate Software talked about one of the ways they are able to use big data for their clients. Think about this scenario:

Your company is getting ready for their annual strategy session. Part of that session is setting business goals for the next operational year. During the conversation, someone mentions that they are concerned about achieving the goals being discussed because of the current talent situation in the company. “There are lots of reports in the media about people looking for new jobs. If we lose a couple key players, we won’t have the bench strength to make these goals a reality.”

Wouldn’t it be great if you could put the senior leadership team’s fears to rest? The question is: what could possibly be said? Ultimate Software has been successfully testing the use of predictive analytics to not only determine how much turnover an organization might expect but the likelihood of an individual to leave the organization. This is pretty powerful stuff!

If businesses had more accurate data regarding potential turnover, there would be opportunities to potentially change the outcome. Again, what our companies can do with data becomes incredibly valuable and has the potential to impact the bottom line. It all comes down to knowing and understanding the business data we have available.

If you want to stay on top of business analytics and how they can help your organization, consider joining the UltiPro Business Intelligence SIG on LinkedIn. Chris also mentioned two books: Investing in People by Wayne F. Cascio and John W. Boudreau and HR Analytics Handbook by Laurie McBassi. Neither are reads for sipping a pina colada by the pool, but when you need them, they will be very useful.

There’s an old cliché about knowledge being power. In today’s world, having access to the data you need, at the moment you need it, will create powerful opportunities for your company.

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