Reinvent Human Capital Management Strategy using Reliable Predictive Intelligence
4 mins read
The importance of crisis management has never been greater. In today’s business world, dealing with unexpected catastrophes necessitates robust, enterprise-wide plans and solution stacks. On one side, there are natural crises such as the proliferation of COVID-19 mutations. Everything from consumer behavior to supply systems has been disturbed by the COVID-19 pandemic, and the economic repercussions are creating even more changes. On the other hand, there are human-caused problems including political tensions and cyber-attacks. With all this, most enterprises struggle to improve employee & customer satisfaction and elevate business growth.
However, some enterprises have led the world without even a spark of this pandemic hitting their business. They made it possible to predict tomorrow by understanding trends, outliers, predictions, and correlations. It is not through wild guessing but by systematically gathering data to create a robust data universe and evaluate the likely possibilities and scenarios. Every department in an organization, including HR, explores data and ‘ensures’ its stakeholders are ready to face the crisis and plan to minimize its after-effects. This is where the solutions like predictive analytics powered with a data universe can come into play.
Predicting your organization’s future
There are a number of crises that pose a threat to businesses. These days, it is all about finding the essential solution stacks to cope with a crisis gracefully. The past two years have shown the vital role of data analytics in building a sustainable, future-proof business. Similarly, the pandemic has also proved the power of solutions like predictive analytics that can anticipate future events and help the organization with capacity planning in advance. It has allowed functions like HR to revamp their HCM capabilities and monitor employee performance when such crises strike.
Although predictive analytics is a known method, it has become more prominent as it has helped several organizations harness the power of Big Data to prepare for a better tomorrow. It assists organizations in identifying trends for accurate planning and making reliable decisions. Using this analytical method, your organization can also predict upcoming events, explore untapped opportunities, and act quickly by foreseeing risks.
How does predictive Intelligence work?
Who doesn’t want to peep into the future? Everyone wants to know how their product or service will perform the next month. Or how to train their employees to improve their performance to meet future demands. These are the common questions every management wants to know before making any significant steps in their business. As analytics alone cannot help you enhance decision-making skills, infusing Intelligence is the only way to use data thoroughly to analyze the future and develop appropriate strategies accordingly.
When a company is going through its rough phase, predictive Intelligence helps understand the limitations and possibilities to take instant actions. Predictive technology used across the functions in an organization will allow targeted prevention activity to begin as soon as possible, moving from hindsight to foresight. It can update you with information on changing market trends, customer behavior, and product demands during a crisis for the company to react accordingly.
How does Predictive Intelligence help in building a people-centric organization?
When predictive Intelligence is infused into HR analytics, it helps HR professionals analyze past and present data to forecast future outcomes. It enables driving data-driven decisions to increase overall profit and nurture employee motivation, retention, engagement, and productivity.
Imagine you are getting automated insights into the rate at which employees leave the organization during a crisis. It would make your life as an HR easy. You can develop more personalized employee engagement initiatives and understand their requirements to retain them. This would help you build a motivated team in the long run for your organization. When such insights are available regularly and automatically, they will help you to prepare for the best. Lumenore’s ‘Do You Know’ module is such, for example. This AI-driven feature allows organizations to plan the business as it provides insights automatically and predicts risks through advanced data discovery. This would help prepare your team even before the crisis hits your company.
It goes if you count on the benefits you can reap with such advanced features.
- Increase Talent retention: Every crisis has a different face. It assists in analyzing employee behavior and understanding their requirements during an emergency. Necessary actions can be made in forehand to build loyal and trustworthy employees for the future.
- Improve Capacity Planning: Incorporating Predictive Intelligence helps allocate work and capacity utilization by evaluating the upcoming needs during the crisis. It provides insights into the market trends and requirements, which guide HR professionals in positioning their employees appropriately.
- Enhance Benefits Planning: During a crisis, it is imperative to balance the revenue of the organization and the compensations given to the employees. Forecast the trend, understand employees’ requirements, and provide them with a fair benefits package are the benefits you can reap from this feature.
- Workforce Engagement: In the initial days of lockdown, when employees were asked to work from home, many found it difficult to adjust to new working norms. As there were no official face-to-face interactions, many companies struggled to motivate their employees and boost productivity. However, understanding the situation and how it can change the working pattern can help HR professionals develop initiatives that can deliver personal experiences to them. For example, if you have working mothers as employees and they struggle at home with kids, providing them with flexible working norms will boost their productivity while working from home.
- Providing a big-picture: Your employees need to understand what is happening in and around them. This will help them utilize the resources accurately and prioritize their work according to the need of the situation.
In short, understanding your employees and their skill to build a future-proof organization is what precisely you can do with predictive analytics during a crisis. Once you know what the situation can convert to outside your organization, you can plan it internally to allocate your human resources appropriately. Moreover, as it is said, prevention is always better than cure.
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