Predicting Employee Performance Requires Collecting Systematic Data and Predictive Analytics
Posted by John Marshall on July. 14, 2015
All organizations want to hire the best people and retain those great employees over time, developing them into top performers. Predictive analytics is the key to achieving these goals in a way that consistently maximizes ROI.
Predictive analytics involves using data patterns to predict future outcomes; companies can then use this insight to refine their talent management processes – from recruitment to coaching – to get the best results.
But it starts with systematic data collection.
Why Is Systematic Data Collection So Important?
It’s simple. If you become systematic, you become predictive.
Your company may be doing okay, or even very well, running talent management initiatives based on your leadership’s intuition and experience. However, when you begin to systematically collect data on your processes, you become a consciously competent organization.
Data collection supplements your intuitive perspective with objective data, which can support or challenge your current ideas about how talent management is working in your organization. You’ll have more visibility on what’s happening at every level of your system.
If you rigorously collect systematic data at each stage, you can accurately measure ROI and begin to see the patterns emerging. Those patterns will form the predictive analytics you’ll use to improve every level of your system going forward.
How Systematic Data Helps Predict Performance throughout the Hiring Process
Some candidates have the potential to become top performers in your organization, while others do not. To ensure your hiring process focuses on the right factors, you need to collect systematic data, assess trends, and put the data’s predictive power into action.
Do you know your best sources of recruitment? Are certain recruiting methods generating more successful candidates than others?
Gathering data about your recruiting sources is the first step to honing your strategies in on what works. Once you have enough recruiting data, you will be able to predict which sources your best candidates come from, and invest your time, energy, and money into those sources that yield the best return.
A good screening system will not only help you remove unfit candidates from the get-go, but it will provide data on the value of your various recruiting sources.
In today’s hiring environment, it can be difficult to tell from a resume, a cover letter, or someone’s social media profile whether they’re a good match for the job –particularly if you don’t know the right factors to focus on.
Historically, what factors have been present for candidates who go on to become valuable within your organization? You will only be able to answer this if you collect data during the screening process. The answers may surprise you.
For example, we have found that a candidate’s specific program of study is not as important as whether they actually completed their education or not. Finishing schooling (whether it is high school, an undergraduate degree, or graduate school) indicates an achiever with the ability to stick to the goal at hand.
Once you know which factors to look for, the data becomes predictive and helps you make smart hiring decisions.
Now that you have recruited from the best pools and screened out the least qualified candidates based on predictive analytics, you must choose a specific candidate to hire.
Use psychometric profiles to collect data and help with selection. When you have enough data to become predictive, you will understand which types of people are attracted to, well-suited, and well-matched to your corporate culture and the roles you’re looking to fill. You will find a certain type of person, with certain characteristics, who thrives in your organization.
Predicting the employees who will thrive at your company brings a multitude of benefits. Those employees will perform better, respond well to your distinct methods of training and coaching, and will likely stay at your organization longer.
Every Organization Can Benefit from Predictive Analytics
With predictive analytics, you can integrate your system from recruiting to retention. Only with systematic data and objective predictive insights can you ensure you’re focusing all of your talent management efforts in the right places.
>> With over 35 years of research and historical data about the characteristics of top performers, SMG can provide the tools and insights your organization needs to integrate predictive analytics into your talent management approach. Contact us now!
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