What Are Predictive Analytics for HR?
Right now, many companies are sitting on troves of data that, when analyzed properly, can not only prove useful to current business operations, but can also provide valuable insight about the future. However, with the total number of available data points sometimes reaching in the millions, it can be overwhelming and time consuming—if not impossible—for individuals to manually sift through all of this information.
For help with the mining process, organizations have turned to predictive analytics—technical tools that use algorithms to produce plausible projections about the future, based on what’s already happening. In the business world, analytics are often used to assist with finances, such as helping to shape budgets, generate inventory, and cut down on unnecessary spending.
Predictive analytics have also become increasingly popular in human resources, as a way to help leaders make smarter, more informed decisions about talent. Moreover, innovations such as prescriptive analytics have taken the technology even farther to include suggested actions for managers, based upon specific details the analytics uncover.
UltiPro®, by Ultimate Software, is a unified HR, payroll, and talent management solution with built-in predictive analytics designed to provide a complete view of an organization’s workforce—today and tomorrow. UltiPro offers a range of predictive tools for managing talent, such as:
- The UltiPro Retention Predictor™ to forecast an employee’s likelihood of becoming a flight risk;
- The UltiPro High Performer Indicator™ to identify a company’s top-performing talent;
- The UltiPro High Performer Predictor™ to help pinpoint individuals showing the most promise within an organization;
- The UltiPro Engagement Measure™ to identify an employee’s engagement level relative to others in the organization.
Using these powerful analytics, business leaders and HR professionals can now combine their knowledge, skills, and experience with advanced technology in order to develop and retain talent, gain a competitive advantage, and positively impact the bottom line.
Discover more by visiting Ultimate Software’s Solution Features page or by viewing our video on the power of predictive analytics in UltiPro.
HR’s Secret Weapon: The Power of Big Data
Learn how to leverage predictive analytics, which harness the power of Big Data, in order to take a more strategic approach to managing your people and your overall business.
Download Predictive Analytics for HR Whitepaper
Demystifying Predictive Analytics: Understanding How Big Data and HR Come Together
In this complimentary, on-demand webcast, two experts look past the buzz and discuss best practices for using predictive analytics to achieve meaningful results.
Watch Predictive Analytics for HR Webcast