What is predictive analytics? Predictive analytics is information resulting from the systematic analysis of data or statistics. In hiring, predictive analytics gains insight into a candidate using quantitative methods from specific data to predict top talent. Instead of analyzing what caused a bad hire, predictive analytics allows a hiring manager to analyze how to incorporate the right talent into their organization. Let's stop asking, “what happened?” and start asking, “what is next?”
To put it simply, with predictive analytics candidate recommendations can be created using the same method Amazon uses to offer product suggestions and advertisements to individuals. So, how can this translate into hiring?
Most people are skeptical of using big data when it comes to hiring. It's hard to understand how a person’s cultural fit, work ethic and personality traits be measured and analyzed. Can this type of method be trusted? Definitely.
GE and Accenture research shows that the highest performing businesses are five times more likely than their low-performing competitors to view analytics as core to the business. Analyzing and interpreting big data has proven to create more efficient, informed and successful decision making in all areas of an organization. In fact, “Ninety-three percent of respondents feel that newer entrants are leveraging Big Data analytics as a key differentiation strategy.” If analytics is core to a business' success its a good idea to incorporate those methods when hiring.
HR professionals today have a significant amount of pressure put on their shoulders to hire top talent in a short period of time. Recruiters and hiring managers can’t seem to work fast enough to meet those demands. In answer to this challenge, HireVue created HireVue Insights which provides predictive analytics to create specific candidate recommendations and help support recruiters and hiring managers in the decision making process so they can hire quickly and effectively.
With big data popping up all over the place, every organization needs to consider how they will benefit from predictive analytics in every department. Be a game-changer in your organization. Let's focusing on, “what’s next?” instead of “what happened?”
If you’d like to learn more about predictive analytics check out our webinar, How to Use Data to Predict Your Future Rockstars.