Job Seekers Demand Mental Health Benefits: Do Yours Hit the Mark?

As the candidates continue to hold the cards in the hiring market, they can afford to be picky about where they work. One thing they’re being sticklers about? Mental Health Benefits.

If you’ve been alert for the past few years, no part of this is surprising. From a pandemic, contentious presidential election, rising inflation, and now a war in Eastern Europe, the deck is stacked against our ideal mental health. Increased stress and burnout has turned into anxiety and depression.

In many cases, employers are making changes and offering more mental health benefits. But for those who haven’t yet, the question is often: Where do we start?

More on People Analytics: Kickstart recruiting efforts with this tool.

Why We Address Mental Health in the Workplace

Mental Health benefits can help employees improve their stress and coping skills while also decreasing their risk of physical illness. Along with having a generally healthier life, employees experience improved productivity. Research shows that nearly 86% of employees treated for depression report improved work performance. In some studies, it’s been shown to reduce the number of days absent as well.

Additionally, when you address and support the mental health of your staff, they’re more likely to stick around. In a 2022 survey, more than 28% of participants said they had left a job in the last two years due to the impact on their mental health. That same report shows that 55% of workers have experienced significant stress in the past year, while 38% report showing symptoms of depression. A similar number of people say lack of motivation (37%) and anxiety (36%) are making work more difficult.

Many in the recruiting space suggest those numbers are just the tip of the iceberg in just how many people are afflicted. It’s evident by the sheer volume of candidates seeking employment with companies boasting mental health benefits.

Give your internal teams the break they need: Turn to Recruitment Process Outsourcing.

Candidates Want Mental Health Support

With the market leaning heavily in favor of the candidate, hiring managers across every industry are working to figure out exactly what top talent wants. The answers range from more compensation to remote work opportunities, but a staggering number of job seekers are demanding mental health benefits as well. What does that look like in today’s work landscape?

What employees want from their employers:

  • Better work-life balance- 47%
  • More time off- 42%
  • Greater schedule flexibility- 41%
  • Workplace discussions about mental health- 37%
  • Training on topics like stress management- 35%

It’s short-sighted to assume this trend in mental health was only in response to Covid-19. Evidence shows deficits in mental health were already underway before Covid, and it’s likely they’ll continue for long after. But regardless of when it began, it’s evident that companies who address mental health will thrive.

And, your investment in mental health services won’t go to waste. Researchers find 86% of employees struggling with mental health will utilize benefits when they’re provided.

Read More: The world has evolved- so should your Employee Value Proposition (EVP).

Additional Ways Your Company Can Support Mental Health

There are plenty of ways to acknowledge a health work-life balance and encourage positive mental health. Each company is different and may require some planning to implement change, but here are a list of benefits widely available to job candidates today:

  • Access to counseling/helplines
  • Educational resources
  • Culture of mental health awareness
  • Group health plan updates
  • “Mental health days” or additional time off
  • Events/training for mental health awareness and management
  • Providing colleague connection opportunities
  • Virtual yoga/meditation sessions
  • Scheduled ‘quiet time’

In this day and age, the only wrong way to address mental health is to not address it at all. Organizations who make the effort to improve the well-being of their employees will be highly sought after by fresh talent, and improve retention of their current employees.

PREDICTIVEHR is an industry leader in addressing candidate concerns and partnering with organizations to help attract and retain top talent. For more insight on mental health benefits and other attractive employee benefits, visit PREDICTIVEHR.com

Retain Hourly Employees and Kick the Great Resignation to the Curb

Whether due to the pandemic, the “Great Resignation”, or inflation, industries across the nation are scrambling to improve hourly employee retention. The unemployment rate is reasonably low and still, there’s a struggle to connect hourly workers with the industries that need them. In October 2021, there were 800,000 fewer fast food workers than in February 2020. So where have all the hourly employees gone?

There are a number of reasons for the decline in hourly workers, but the most common one is that they simply can’t find work that meets their needs. With the advent of the gig economy, many workers are looking for ways to supplement their income or make a full-time living outside of the traditional workforce. Additionally, the pandemic has forced many people out of work and into new industries. The result is a decline in the number of hourly workers available to fill positions.

Vanishing Hourly Workers

You’d be hard-pressed to find an organization that’s not hiring for multiple hourly positions from fast-food, hospitality, retail, and everything in between. Some made the switch to another industry they felt was more in-demand and therefore offered higher pay. Others made changes for more dependable scheduling or better opportunity.

Whatever the reason, nearly 1 in 3 hourly workers have started a new job since the pandemic began in 2020. This is 9% higher than the national average. The hospitality industry has been one of the hardest hit by the pandemic, with many hotels and restaurants shutting their doors for good. This has led to a decline in the number of hourly workers available to fill positions.

The High Price of Low Retention

To further complicate matters, the more employees that left… well, the more employees left. When one employee leaves and there aren’t candidates ready and waiting to take their place, the existing staff absorbs the duties and, therefore the stress of that open position. This added pressure to cover the void increased reports of burnout and is likely to result in increased resignations.

The high cost of employee turnover is nothing new, but it’s especially true for hourly employees. The average hourly worker costs an organization $3,500 when they leave. For some context, that’s about 2-3 months’ salary for a full-time minimum wage employee in most states.

On the other hand, even seemingly satisfied employees aren’t guaranteed to stay. A recent study found that 62% of employees report being satisfied with their employer, but 43% of those satisfied would still be open to new opportunities should they arise.

This decline in hourly workers has had a ripple effect across the economy. As businesses struggle to find enough workers to fill positions, they’re forced to offer higher wages and better benefits. This leads to inflation, as businesses pass on the higher costs to consumers. Additionally, the decline in hourly workers has led to an increase in the use of automation.

Benefits for a Modern Workforce

To put it plainly, the current system for pay and benefits is no longer serving the majority of the workforce. That shouldn’t come as a surprise to most. As the rest of the world has evolved and changed, the workforce is now struggling to catch up. As employers work to retain their staff, they are rapidly searching for ways to give support and provide value to their employees, lest they lose top talent to those who are.

Employers need to find ways to offer more than just a paycheck if they want to keep their employees around. In order to retain staff and improve employee retention, businesses need to focus on offering:

  • Competitive pay and benefits
  • Flexible schedules
  • Career development opportunities
  • A positive work/life balance

Here are additional unique benefits to consider:

Acknowledge their hard work with a gift.  With inflation on the rise and many still bouncing back from the pandemic, it’s no surprise that compensation is at the top of many candidates’ priority lists. Whether an official raise or a one-off bonus as a token of appreciation, you’re acknowledging their struggle and gifting them with the most important means to that end: income.

Provide control instead of insisting on flexibility. While more of the salaried workforce fights for flexibility, many hourly employees are requesting more of a set schedule! On-call shifts or just the uneasiness of never knowing your schedule until the day of makes it difficult for employees to relax and enjoy self-care even on their days off.

Retail and fast-food workers are flocking to positions as delivery drivers and the like due to the power to choose their own hours. Allowing some of that control to their schedule shows you value their time and makes them more likely to stick around. As an added bonus, they’ll minimize the effects of burnout in the long run.

Think outside the box. This may require some research on your part. Find out what it is your employees actually want and then implement creative ways to deliver. Catch your employees before they have one foot out the door and you can not only keep them, you’ll create a brand advocate that will increase your entire staff’s morale.

Inflation on the rise but you can’t offer a raise? Increase your employee discount.

Losing employees to jobs with immediate payouts? Change frequency of pay.

Staff shortages forcing long hours? Open an hour later or close an hour earlier.

Talent leaving for further growth opportunities? Evaluate your career pathing and empower those on a short list to a management position.

Get creative with other forms of benefits. If a raise isn’t in the cards, get resourceful and investigate other ways you can give your employees what they need. Whether it’s free food on their break or access to companywide discounts, there are plenty of little things you can do to show your appreciation without breaking the bank.

The bottom line is that retaining your employees is going to take some acknowledgment of what is causing them to leave in the first place. That’s where PREDICTIVEHR comes in. Using predictive analytics backed by real AI technology, we can pinpoint exactly why and when you’re losing top talent and make changes to prevent it. There are no cookie-cutter solution packages here. We tailor our services to each and every client because we understand that no two businesses are the same. If you’re interested in learning more about how we can help your business, schedule a call with one of our experts today.

PREDICTIVEHR uses predictive modeling to identify gaps between the current state, business objectives, and ideal state. We create strategies to mitigate those gaps and help you prioritize them.

Put an end to the great resignation in your enterprise. We also offer a centralized platform for all your HR data. This system digitizes and automates HR processes so you can focus on what’s important: your people. Schedule a demo today to see how we can help you take your HR from good to great! Get started with PREDICTIVEHR today.

4 Ways Predictive Analytics Increases Employee Retention

An employee leaves: You hire and onboard their replacements, spend months on training only for them to leave again in a year (40% do), and start the process all over again. Employee turnover is incredibly costly for employers. Retaining your top talent by improving employee retention has been proven as a cost-saving measure.

Unfortunately, it isn’t always clear where to start. How can you identify where your efforts will have the most impact? How can you anticipate when someone will leave and, more importantly, what makes them want to stay? How do you keep employees from leaving?

Predictive Analytics can address all of the above.

PREDICTIVEHR’s Predictive Analytics using true AI allows you to identify pain points within your team and point out indications that an employee is likely to leave their position. While every employee is different and their reasons for leaving can vary, Predictive Analytics can help reveal those factors, flag employees for intervention, and implement effective solutions to develop stronger employee connections.

Our industry experts can help you answer the question everyone is asking:

“How do I keep employees from leaving?”

Collect the Data

A good starting point is to address ‘big picture’ trends. The Work Institute’s 2020 Retention Report states 40% of employees who leave a business do so within their first year. That’s a really good piece of information that should motivate you to create a quality onboarding process for your new hires. But we’ll also dive much deeper.

Keep in mind, you already have a plethora of information on your own employees. You’d be amazed at how much data you already have on their likelihood to stay or go. This doesn’t usually require an interrogation. Predictive Analytics begins dissecting information like:

  • Used sick time and vacation days
  • The current length of employment
  • Changes to their home life
  • Their average commute time
  • Previous promotion and compensation timelines
  • Server log-in times
  • Continuing education efforts
  • Evaluation of work/life balance

PREDICTIVEHR shares more insight on what your data can do for you: Unraveling Your Data.

Rate Criteria Contributing to Turnover

This is the analysis point which isn’t a one-time process. Predictive Analytics uses AI to identify the most significant contributors to employee turnover. By simply inputting the data you’ve already obtained on your employees, the model mines the data, identifies your specific risk factors, and produces a risk score for each employee.

Some of the expected contributors could be unsurprising. Such identifiers like pay, performance review scores, and work relationships are usually the most obvious. But predictive analytics can also weigh these factors. On their own, these considerations may not be a significant risk. However, when combining factors of a certain weight, the risk can become glaringly obvious.

Predictive modeling also uncovers factors contributing to an employee’s longevity within a company. We’ll help you identify exactly what makes your employees stay with your company or leave it, rather than providing broad generalizations of an entire industry or market.

These insights can be applied to every employee to increase your success in retention, as well as to new hires as they’re onboarded. This step is ongoing and can help in constantly improving your organization.

Flag High-Risk Employees

Now that each employee has their risk score, we’re going to flag those considered to be a high risk for resignation. These are usually employees exhibiting multiple highly weighted risk factors, as there’s usually not a single stressor contributing to turnover.

Going forward, while you adjust and input employee information, once a risk score rises above a designated threshold, your model will also flag those employees for monitoring.

What flagging means in this situation is a visualization of that employee. This ensures your team has access to the information necessary to move forward, in an actionable format. Our dashboard view is customizable depending on your needs and easily shared with relevant members of your organization.

Read More: 3 Key Considerations for Successful Use of Data & People Analytics

Implementation of Interventions

Once you’re able to identify those employees who pose a risk of resignation, you’re able to move forward with intentional retention efforts.

Depending on the employee’s highest risk factors, this could be simple. Sometimes a conversation with a manager or a discussion of growth opportunities in the company is all it takes to lower that high-risk score. Other times, the answer might be to shorten the timeline on the employees’ next promotion or salary increase. Perhaps the data points to a larger conversation around the structure or culture in your company.

These conversations can work to uncover true opportunities to motivate change. The bottom line is that you have the objective data to uncover where to start and what to address.

What’s more, our data-driven approach also allows you to track the success of your interventions over time, which will continue to improve the way you address such opportunities.

Ultimately, it takes action on your part to resolve many of the root causes of employee turnover. But predictive analytics works to identify the causes and equip your team with the insights necessary to make profound changes.

To protect your top talent from turnover, contact PREDICTIVEHR today.

PREDICTIVEHR Releases Powerful Outsourced Data Warehouse and Reporting Platform Feature for Finance and HR Professionals, Development Lab

March, 2022 (Boston, MA)

Today, PREDICTIVEHR is excited to announce the launch of our latest innovation, Development Lab. This new feature allows organizations to easily customize reporting and combine HR data with other datasets – financial, productivity, or otherwise – to create powerful, actionable analytics without major investment in technology or workforce.

This new feature will allow Finance and HR professionals to build reports quickly and easily, transforming how they extract data and share reports.

Development Lab offers tactical and operational value that can be achieved by customizing HR reporting for a specific organization and the potentially transformational value of analytics produced by combining HR data with other datasets (financial, productivity data in particular). The feature offers the above value without the typically-accompanying huge costs of technology and skilled labor.

“We’ve updated our offering to include a clean normalized data model to combat this, enabling users to upload their own custom data sets and combine them with aggregated, normalized data. Users will also enjoy functionalities like scripting personalized queries and extracting data from our Development Lab.”

Jamie Troiano, CEO of PREDICTIVEHR had this to say about the launch of Development Lab:

“We’re excited to offer our clients a powerful new reporting feature that will make extracting data and sharing reports faster and easier than ever before. With Development Lab, users will have everything they need to make informed decisions about their workforce.”

With a normalized data model, you can create your own reports on your own terms. Development Lab allows you to:

  • Combine HR data with other operational data such as Finance, Operations, Facilities, Sales, and more!
  • Combine your data sets with PREDICTIVEHR’s data model
  • Script your own queries
  • Extract data and write out your Development Lab
  • Use or adapt the best in industry reports and dashboards PREDICTIVEHR provides
  • Publish your own reports in your own portal
  • Share your customized reports with business leaders
  • Access to expert support for any items you need aid with

 

PREDICTIVEHR Development Lab is available today to all existing and new clients. To learn more about PREDICTIVEHR’s latest release, or to schedule a demo with one of their senior consultants, click here.

“It can be tough to get reliable data when you need it most. And even if you do have the data, it can be hard to know how to use it. With Development Lab, we offer a complete HR Analytics platform including a data warehouse, reporting tool, and publishing portal, all hosted in our secure cloud environment. We do the hard work of gathering and aggregating data for you, allowing your Talent Analysts to do what they do best,” said Charles Occhino, Head of Technology at PREDICTIVEHR.

In today’s hiring market, it’s becoming increasingly important to use technology and a data-driven approach to prevent the risk of falling behind competitors. Too much data can be overwhelming, we provide only the data you need in an easy to interpret format. Development Lab is designed to make building actionable reports easier by surfacing the information users require to make informed decisions about their business. Don’t rely on your gut. Rely on Development Lab.

PREDICTIVEHR is a business intelligence solutions platform, designed to empower HR professionals to make faster, better, more informed decisions for the modern workforce. Comprising two services, and one technology platform, our solutions offer entry points for all companies and practitioners, creating bespoke solutions unmatched by competitors. PREDICTIVEHR Solutions Platform provides the processes, people, and platform you need to succeed.

For more information visit, https://www.predictivehr.com/analytics-development-lab/

Can Predictive HR Analytics Really Help With Employee Retention?

Employee retention tells a lot about a company. A high retention rate shows employees are engaged, motivated, and enjoy their jobs. When employees give good reviews on websites like Glassdoor, it shows candidates your open roles are worth fighting for. The company also benefits from higher productivity, better quality work, and lower cost in turnover. So, what would you say if we told you predictive HR analytics could help you increase your retention rate?

What kind of approach would you take in a workplace with low morale?

What is a simple way to assess which employees are likely to leave the company in the next six months without doing too much digging?

What if you had a quick and easy way to assess which employees are likely to leave the company in the next six months?

You have just gotten into predictive analytics, but like many, you don’t have the time or technology to take your data-driven approach any further.

Predictive HR analytics has been around for many years now, although it was limited to just attrition until recently. Although some companies have been able to get better insight into “attrition” through a combination of data science and organizational behavior studies, predictive analytics has provided a plethora of options for organizations. Flipping the attrition numbers on their heads allowed innovative leaders who want engaged employees to start understanding how to keep them.

Insights drawn from predictive analytics can help guide any company looking to make their current employees happier or more productive. It can also be used to help make it easier for employers to hire the best people possible, cutting down on wasted time and money due to bad hires.

What are some of the analytics available? Leaders need to know how metrics such as mental health, stress levels, and engagement could affect your retention rates. The better you understand your employees, the better you can help them.

At the Risk of Human Error

Often, businesses complete a company-wide satisfaction survey to try and gauge engagement. However, the results of these surveys rely heavily on participants’ honesty. While they’re still employed by said company, it’s safe to say participants are telling management what they want to hear. This data set can be thought of as compromised and employees may not give any more information than what’s explicitly asked. Further, there is a 16% decrease in retention rates for employees who aren’t comfortable giving upward feedback.

Employee Behavior Analytics

Predictive HR analytics helps us determine why certain behaviors happen by looking at more extensive data sets. For example, if the majority of an office’s employees take their lunch break at 1:00 pm but HR wants to implement an 11:30-12:30 mandatory break, you would be able to infer that the proposed lunchtime policy is not conducive to employee satisfaction.

You can also take a more comprehensive look and see which factors best predict job satisfaction and retention rates. The obvious answer is to structure the proposed lunch break around when most of your employees prefer to take lunch. While this is a simple example, this process has multiple use cases.  You can use behavioral data to:

  • Alter your employees’ commute
  • More accurately, reconfigure benefits packages
  • Create more productive time in the day
  • Learn which policies are harmful
  • View when employees typically leave/ask for a raise
  • And much more.

Employees have value drivers that impact whether or not they want to stay within an organization. When you analyze those more closely, you can manipulate that data to offer up predictive analytics.

A Closer Look At Sentiment And Value Drivers

As you can see in the example above, if your company policy requires employees to take a lunch break at 11:30 am, you are likely losing out on a significant chunk of the day’s productivity. Having a clear idea of how much value is lost by this policy allows you to determine which benefits outweigh the time loss.

It’s clear that factors other than lunch play a major role in employee retention if employees leave their jobs at 5 pm, regardless of whether they take a lunch break. The real value of predictive HR analytics lies in that you can now run through a list of variables, including work-life balance, compensation, and others, to determine which benefits your employees value the most.

By identifying these value drivers, you can determine what changes would have the highest potential for increased employee satisfaction. In this way, predictive analytics can identify problems and help managers get to the root of what’s driving people away from the business.

Addressing Underlying Retention Issues

In addition to predicting employee retention rates, if done correctly, predictive analytics can help address underlying issues within your company before they become problems. The key is removing employee hesitancy from your survey process and stripping it down to pure data. What do employees do? How do they behave? What issues are cropping up that don’t line up with policy?

Leverage Your Pre-existing Demographic Data

PREDICTIVEHR’s People Analytics will provide you with insights to optimize your workforce. You will be able to find out which employees are considering leaving at any point during their tenure and which employees are likely to feel disengaged the following year. Our software will provide you with actionable suggestions on better engaging these employees and improving their morale based on the data we collect.

Your company can utilize people analytics too. By integrating disparate Human Resources technologies with PREDICTIVEHR’s analytics software, you’ll skip the busy work of collecting, normalizing, and cleaning data.

Our easy-to-use collaborative software will pull this information straight from the original sources and provide you with correlations in both your turnover and retention. Our powerhouse software will become your single source of truth.

Most companies have a fair amount of data on their employees, including their roles and years worked for it, age, income, marital status, maternal leave, number of sick days taken, and performance reviews. With the help of this data, it’s easy for the software to identify correlations in turnover.

Actionable Insights

PREDICTIVEHR can provide companies with actionable insights that increase engagement and decrease attrition using big data analytics. They recommend that organizations monitor key roles for turnover rates and implement programs that cater directly to their employees’ needs.

Monitoring these key employees will allow the organization to identify whether they are satisfied or not and then provide them with programs that can restore their engagement if they are dissatisfied. PREDICTIVEHR bases the success of these programs on the collected data as well as information from employees themselves.

When organizations utilize predictive analytics and use the insights gathered from the data, they will influence employee behavior more effectively. Through PREDICTIVEHR, they can learn which employees are considering leaving and be proactive about making them satisfied with the working conditions. Organizations using predictive analytics to the fullest extent have seen tremendous results from their employees who felt more motivated and more connected to the organization’s objectives.

For instance, are employees who live within a five-mile radius from the office apt to stay with the company longer than those who live farther away? Are employees who have more flexible work schedules more likely to stay with the company than those who have fixed hours in the office? When properly analyzed, the correlations between demographics will give you valuable insights.

Perhaps employees with dependents on their health insurance take more paid time off than those without dependents. Consider flexible work, personal time, or work from home opportunities to allow them the option to make up hours after appointments, child sporting events, or when daytime care falls through. If employees stay at a company three years longer when they get an end-of-the-year bonus, consider allocating money into the budget to retain these knowledgeable, worthwhile employees.

Typically, these patterns are only detectable by a software application, but once defined, the software can scan the whole database of employees and make predictions on the likelihood of that employee leaving. Providing real-time, interactive lenses allows companies to move away from stale, point-in-time spreadsheets.

Using Predictive HR Analytics to Increase Employee Engagement and Employee Retention

Whether you choose to use a human analyst or predictive AI, the next step is the same. Before getting started on a plan of action, give your management team the tools and support to understand the data’s insights. Explain to each individual how the information was conceived and what it means for their department or sector.

Then, gather for a strategic planning meeting where each person will outline the low-hanging fruit as well as the essential projects that are a must for their sector. Use the data-driven insights to develop an action plan.

Whether you’re using AI or have an outsourced team to help you make strategic decisions, your team should know you’re not making changes just to throw a wrench in everyone’s day. This transparency will let them know actions are being taken and that the company values employee retention.

PREDICTIVEHR analytics can play a significant role in improving employee engagement and employee retention. Take control of your company by leveraging the data you have. With emotions removed from the equation, factual data can be analyzed to see trends. Use the delivered insights to improve engagement, retention, and, in turn, business. Discover how PREDICTIVEHR’s people analytics software will identify valuable business insights for your company when you book a free demo.

How to Kickstart Your Recruiting with People Analytics Software

The use of people analytics software can greatly improve your hiring process. However, understanding the meaning behind the numbers, and setting realistic goals, is essential for your success.

The importance and difficulties of talent acquisition are nothing new, but the obstacles have only gotten bigger since the beginning of the COVID-19 pandemic. Now, the hiring market and the field of employee retention are becoming truly tumultuous. People are changing careers and leaving their current positions for various other reasons. And companies are having to react by really buckling down on their talent acquisition strategy.

But how do you refine your strategy? Do you go read some new books? Maybe you attend a conference or two. Those methods may drive marginal results, but the real game-changer is introducing insightful data into your TA process.

If you focus on the underlying analytics that feeds into your talent acquisition process, you’ll have the ability to meet your recruiting demands faster and with more measurable results, ensure you’re hiring for the perfect fit, and create flexible solutions.

Hire with Speed and Efficiency

The average hiring process in the US takes approximately 23 days. That’s no short amount of time at all, and it can increase based on the number of positions you need to fill and the difficulty of filling those positions with the right people. So how do you make that process really smooth? You’ve got to know exactly what you’re looking for. 

Many companies know that they have a whole to fill and go into the hiring process looking to either be wowed or find someone similar to the person they lost. These companies don’t have a deep enough understanding of that position. 

If you have a robust analytics process behind that role, you’ll know exactly what the former employee was strong/weak at, and you’ll be able to utilize those insights in your recruitment process. 

You need to anticipate the skills you’re going to need in that new hire. Don’t just hire for what the position was. In order to be efficient, you’ll have to also hire for what the position will be. How do you know what it’ll be? Look at the analytics. Look at the holes. Look at the strengths. Look at where the position and your company as a whole can grow. That’s how you make effective hires that provide value for a long time. 

Find the Perfect Fit 

Finding the right person for the right role isn’t easy at all. There are times where you hire great new employees and they’re just in the wrong role. Maybe they would’ve been better off in a different position, but they wowed you in the interview process so now they’re in your company. 

They may be less valuable in their current role than they would have been if you put them in the right place. How do you avoid this problem? You’ve got to do your work beforehand. 

With the right analytics platform behind you, you can make sure you’re creating a great fit between the position and the candidate. You need to conduct application and employability assessments in order to really get a sense of the candidate’s goals and aspirations. You also can do pre-employment aptitude tests to find out if the talent you want to bring in is ready to hit the ground running. 

Discover Flexible Solutions 

In order to find the talent acquisition solutions that will create value for your business today and tomorrow, you need to really know where your business is going. You need to have proper workforce planning and that requires comprehensive analytics on the back end. 

Your business isn’t simple and neither are its problems. That’s why you need to utilize analytics to really understand the issues and find solutions that are customizable and scalable. Do you need to hire for a special product? Do you need to fill in a difficult position or maybe even scale your hiring volume up or down quickly? 

Problems are not one size fits all and your solutions shouldn’t be either. Traditional talent acquisition strategies can be too rigid, but a strategy informed by analytics can allow you to constantly iterate and succeed. 

Talent acquisition is going to be one of the most competitive points of interest for companies going forward. The companies that adapt to a more modern hiring market and allow data and technology to inform their talent acquisition strategies will find the best talent and retain it long term. 

You want to be in that number, but you’ve got to invest now. Proper investment in talent acquisition will let you hire faster and with more efficiency, find the right talent and place it where it needs to go, and find customizable solutions to unforeseen problems. 

That’s what an evolved talent acquisition strategy is all about, and a modernized strategy is what companies are going to be trying to implement going forward. Get ahead of the game and start cornering the talent market. 

For more information on reforming your data and analytics, please visit predictivehr.com! 

Why System Interoperability is So Important

“HR professionals often see their largest job challenges as sourcing talent, improving performance management, defining compensation, and providing training programs and other HR systems.”

-Dave Ulrich, Professor at The University of Michigan

96% of senior HR professionals believe AI can greatly enhance talent acquisition and retention.

Here are five main trends impacting HR Technology today. We explore these to illustrate how vital system interoperability truly is. With new technologies impacting Human Capital Systems every day, it’s crucial to understand how they speak to each other.

Smarter recruitment through AI. This evolving technology is one of the most influential trends in human capital systems. According to Deloitte’s Human Capital Trends 2018 report, while AI has been around for decades, it’s only recently that businesses have been able to implement it at scale.

Efficient and sophisticated compliance. New regulations continue to require updated compliance policies. These changes include GDPR in Europe and the California Consumer Privacy Act (CCPA) in the US, which took effect on January 1, 2020.

Big data awareness. To extract value from big data analytics, organizations need to fully understand their workforce profile and engagement drivers.

Improved performance management through analytics. HR Leaders are bridging the gap between Human Capital Management and Big Data to provide real-time insights into workforce analytics.

Better analytics for boosting diversity and inclusion. D&I is one of the most critical topics among HR professionals, especially as diversity and inclusion initiatives are more closely associated with core business outcomes.

As we can see, there is a wide range of trends impacting HR technology today. All this induces integration challenges organizations must address to meet their business objectives.

HR systems help organizations reap many benefits by integrating them. Using a single source of truth can streamline HR operations, improve employee records, and provide real-time views of employees.

How Does HR Software Interoperability Work?

In short? Through interoperability, disparate finance, people, and productivity systems can “talk” to one another and increase productivity. Integrating disparate systems allows you to:

  • Streamline the flow of information between departments
  • Easily capture critical data from a variety of sources
  • Be flexible and responsive to changing trends and needs

Why Is ​​HR Software Interoperability Important?

It’s helpful to start by examining what can happen when systems don’t communicate with one another.

First, we have wasted spend. An unintegrated point solution, for example, could sit idle for years before anyone notices.

In addition, many different systems and solutions are used regularly, causing confusion and backlogs. One survey reported six in 10 workers waste up to an hour a day navigating between apps, and that 68% switch apps as many as 10 times an hour.

To alleviate these challenges, consolidate software use in day-to-day work by connecting disparate applications or streamlining different workflows within a single platform.

What Is Driving the Trend Toward Interoperability in HR?

In recent years, the digital transformation experienced by enterprises, including an ever-increasing number of mobile devices and applications, has created a new type of data center environment that requires greater flexibility than ever before.

With the advancement of technology, there are more systems to integrate and more information coming at us faster than ever before. For our workflow to work effectively, we must ensure that no data falls through the cracks, all stakeholders receive the right service, and we have automated alerts that let us know when we need to pay attention without spending the whole day tediously combing through databases.

Every Human Resource business system has a purpose. When these systems are combined, organizations can maximize the value of their talent management systems through enhanced integration.

Every System is Like Its Own Country

Every business system has a purpose. When these systems are combined, organizations can maximize their value through enhanced integration.

Human Resource based systems, e.g., ERP, SAP, Oracle E, have different architectural setups, similar to individual countries with their own unique languages, customs, and religions.

These systems use different data formats, so transferring data between them is a challenge for IT users. Automation simplifies the computer-to-computer data exchange process and prevents the formation of automation silos among organizations.

Companies with many employees need to get that information into their critical systems. HR teams will have to resurrect data errors and redo several tasks otherwise. Data connectivity platforms can make the entire process faster and less labor-intensive.

By improving data connectivity, organizations can reuse their existing data dumps to build accurate reports and improve the entire data retention process. HR teams can monitor employee performance, as well as how a particular resource influences that outcome.

Organizations with a complex mixture of hybrid applications can gain a competitive edge by integrating HRMS. Information silos break down, interoperability is improved, data accuracy is improved, systems are turbocharged, and processes align with the organization’s goals.

The Seamless Integration Path Selection Process

Interoperability – the seamless integration of systems, data, and platforms – plays a vital role in today’s infrastructure. Enterprise systems and data integration that helps your organization operate and meet its goals and missions require secure, easy-to-use, and cost-effective integration.

Finding a solution that matches your team’s needs is the key to a successful implementation. It might be enough to simply integrate the tools employees currently use as much as possible. In contrast, if you’re starting from scratch or reorganizing current processes, you might be better off considering a more comprehensive approach.

If you’re going to adopt any new tools in the future, ensure they’re compatible with your current processes. HR and IT have never been more closely connected – nor more crucial to each other.

For more information on creating cohesive business systems, please visit predictivehr.com!

3 Ways People Analytics Software is Essential to the Future of Work

The future of work is based on data. Companies that make effective use of people analytics software to organize and interpret their data will get ahead of their competition.

We’ve seen work (and the world at large) change drastically in the past two years. COVID-19 has caused numerous shifts throughout each workplace and the hiring market. Not only will companies be differentiated by their response to the pandemic, but businesses will need to use these uncontrollable circumstances to prepare for the future of work.

That future is coming much faster now than we believed two years ago, and businesses had better be ready if they want to succeed. 

To prepare for this future, companies need to have clean, clear, actionable data that gives them real insights into their employees and business practices. 92% of employees now want to work from home at least one day a week. 

Do you have the systems in place to track productivity and performance effectively? Currently, up to 20% of staff turnover occurs within the first 45 days. Do your HR systems properly track voluntary and involuntary turnover rates so you can implement strategies to bring them down? 

Suppose your HR Analytics isn’t in order. In that case, you can’t possibly prepare for the future of work that will see a massive emphasis on workplace planning, difficulties in employee retention and talent acquisition, and a focus on onboarding and increasing employee skills. 

Workplace Planning Will Always Be Important 

Unforeseen change breeds a lot of emotions, but one of the clearest is regret. Many businesses are looking back at their pre-COVID systems with the clear eyes of hindsight. What could they have done to prepare for a global pandemic? How could they have fortified businesses better? 

One way to prepare for future circumstances is to invest more in workforce planning. To know where you’re going, you’ve got to see where you’ve been. Centralized, clear data will allow you to understand the way your business operates today and predict how it will operate tomorrow, in various scenarios.  

With proper HR analytics, you can predict future attrition rates and forecast retention spikes. You can also assess and improve performance. As we all progress into the future of work and employees look for more flexibility and movement in their careers, you’ll need to plan around that movement and ensure that your internal operations continue trending towards productivity. 

Employee Retention and Talent Acquisition Won’t Get Easier 

Due to COVID-19, we’ve seen most of the hiring process move online, and the future of work will see that trend continue. 70% of respondents to a LinkedIn survey said that a hiring process that combines virtual and in-person techniques will become increasingly standard. 

The hybrid process saves time and resources while still allowing employers to introduce the in-person element whenever possible or necessary. 

Accommodating this change in talent acquisition will require companies and recruiters to expand their skill sets and introduce more flexibility into their processes. They’ll need HR analytics to catalog the efficiency of their hiring process.

How long is your time to hire? Are you receiving feedback on your candidate experience? Are your sourcing and hiring processes optimized? 

Furthermore, amid the Great Resignation, your business may be fighting the talent battle on two fronts. Not only do you need to hire well, but you need to retain your best employees amidst a wave of career changes. You accurately assess employee performance, identify your top performers, and do what it takes to keep them satisfied with optimized HR analytics. 

Onboarding & Training Need to be Efficient 

If you need HR Analytics to plan for the future of work, retain your best employees, and acquire great talent, you need to have your onboarding and training programs in order. 

Going forward, job seekers and prospective employees will be looking for training and continuing development opportunities as a differentiator for employers. 66% of business leaders agree that strategic education programs attract new talent. 

These programs are essential to ensuring your business’ continued success by allowing your employees to continue their growth and optimizing your talent acquisition. You need good HR analytics to collect the data from these programs and feed them into your systems. 

The same process goes for your onboarding. Without HR analytics, it’s challenging to analyze the holes in your current onboarding process and use that information to refine it going forward. 

Every moment it takes your new employees to get up to speed is a moment where they are creating less value. Efficiency in your onboarding & training is a necessary investment in human capital, and it requires a proportionate investment in HR analytics. 

Investment in HR Analytics Best Practices

HR Analytics is foundational to a thriving business today and will be even more so in the future. A robust HR analytics structure allows you to analyze your systems and operations, centralize the data, and make it easy to understand. 

Collating your data sets and taking insights from them that influence your workforce planning, retention, acquisition, and onboarding will allow your organization to excel in a future of work that will emphasize flexibility and understanding human capital to compete in an increasingly tight talent market. 

Proper investment in the data cornerstones of your business will allow you to fortify your company against the unforeseen circumstances that may arise going forward. If you correctly understand your employees, their performance, and their needs, you’ll be one step ahead in the future of work. 

For more thought leadership on HR Analytics and how to invest in data insights for your business, visit PREDICTIVEHR.com where you can find best practices on HCM Consulting and predictive business analytics. 

 

What Can a People Analytics Platform Do for You?

Did you know that more than 50% of companies report difficulty integrating workforce data from both HR and non-HR systems? With the widespread adoption of HR systems, organizations require a sophisticated solution to enhance data collection, aggregation, normalization and cleansing from disparate workforce planning systems, talent management platforms, and compensation and payroll programs to name a few. By utilizing predictive AI to clean and drill down into an increasing pool of data points, executives can glean insights on today’s data and use those insights within a predictive framework to make insightful people decisions for tomorrow.

PredictiveHR Integrity offers pre-built Executive Lenses. The CHRO Executive Lenses leverages the power of Artificial Intelligence so each member of your executive team can see the data and actionable insights that matter most for executives to be successful in their role. Our platform gives you the power of knowledge at your fingertips to provide the guidance you need to make meaningful business decisions that most impact your business.

Utilizing Predictive AI for Data Normalization

Technology that allows HR professionals to not only aggregate but integrate workforce data can greatly provide companies clear visibility into their workforce, reveal business and performance opportunities, and provide proper data management. Yet, most organizations are still stuck on the notion of managing their employee data from multiple systems within their company. If data is scattered or misclassified, there are several issues that can occur:

  1. Unorganized Data – Pulling data from several systems can become messy when you’re searching for the information you need.
  2. Communication Discrepancies – Gathering and reporting on analytics can easily lead to misinformation and communication, leading to inaccurate or inefficient decision-making.
  3. Slow Collection and Sorting Processes – HR teams are stuck going through each separate system in hopes of finding the information they need to make impactful decisions. Yet, they end up wasting valuable time and money.
  4. Being Misclassified from a Payroll and Department Perspective – Operating from separate systems allows for mislabeling to happen easily. By normalizing workforce data, HR managers can extract and report on data from one centralized platform.

Powered by PredictiveHR’s AI engine, Integrity™ harnesses the power of your data by aggregating, cleansing, and normalizing your employee data all in one spot. With all the information you need right at your fingertips, PredictiveHR’s platform is your single source of truth to support your business decisions. Now, your HR teams will stop wasting time sorting through numbers and get to issues that truly matter and impact your company faster. About 39% of companies don’t have a strategy in place to manage data, don’t let disparate systems be another obstacle to get through.

[Read: 3 Key Considerations for Successful Use of Data & People Analytics]

Uniting data into one place provides users reliable access to their employee data from a single dashboard to highlight their workforce issues. The CHRO Executive Lens allows you to:

  • Headcount – Have a high-level view of your workforce costs, productivity and retention to plan your next move.
  • Retention – Ramp and flex your costs based on sales and headcount.
  • Talent Acquisition – Have comprehensive deep dive into your talent of today and tomorrow.
  • Performance – Predict how the efficacy of your learning and development will impact your employee performance for years to come.
  • Productivity – Win the war for talent with insights into your source and cost of hire and how it compares.

Predictive AI is just the start of what analytics can do for you and your company. Insight into all aspects of your workforce data will open up endless opportunities and support decisions your team wouldn’t have been able to make before.

Digging Into the Data

A workforce analytics software that’s automated, scalable, and reliable can provide full visibility into your entire talent population. The CHRO Executive Lens supplies executives and HR managers the data and industry-leading insights they need, instantly. By optimizing and normalizing every function of your data sets, each Lens delivers easy-to-understand dashboards, that are automatically updated, all the time.

In addition to our comprehensive solution, we go above and beyond to serve as your trusted advisors. We’ll provide you proactive insights before it’s time to make a decision and help you develop strategies to optimize your HR systems, improve performance, reduce turnover, and manage talent.

 

By utilizing PHR we were able to optimize our current Core HR systems, receive Recruiting Support, as well as, implement the People Analytics Platform for real-time reporting and data analysis.

– Heather Hartford, Chief People Officer, Acquia

 

The CHRO Executive Lens is entirely customizable to help you identify your most significant pain points and challenges by predicting upcoming issues, providing actionable insights and leverage strengths you wouldn’t have otherwise found. Each operational role is equipped with their own Lens to find the information they need. When it comes time to make a decision, you’ll have the factual statistics you need to support and empower HR, that’s 100% backed by PredictiveHR’s team of HR experts.

What can we provide for you?

  • Technology Optimization
  • System Aggregation
  • Data-Based Decision Support
  • Data and Analytics Optimization
  • At-a-Glance Predictive Analytics and Reporting

PredictiveHR is here to support, empower, and elevate your team every step of the way. With the solutions and services at hand, you’ll have the right resource to keep your organization on track.

Book a demo to see how we’ll help you!

Key Takeaways from HR Tech 2019

HR Tech is over and gone, and we’re still recuperating. As we digest the new information and product announcements, we want to take a moment to reflect on the highlights of the week. While our team was spreading the importance of complete views into employee data, many amazing speakers were giving their take on HR Tech, people analytics, and data aggregation.

Check out our takeaways from #HRTechConf 2019!

Vendor Gaps

The HR Tech sales cycle is long. We all know it, but most are afraid to talk about it. Multiple speakers spoke on this process and how it can hurt people who we’re trying to sell too. When a sales cycle is too long, tech can change in the time it takes to get to a sale leading your client to a never-ending game of catchup.

While HR Tech is looking at AI and machine learning, the buyer could still be looking in their cloud and Google Sheets for answers; we already know how to get. Buyers are overwhelmed with the possibilities in front of them and often don’t have someone guiding them once the tech is in place. But there is a solution! Providing services for clients throughout the sales process and once AI and machine learning are in place makes the game of catchup faster and easier.

Too Much Separation Between Experiences

Once a candidate goes through the interview process, where do they go next? Most HR and recruiting experts are going to say they move into the employee experience phase. Well, that thought process just may have switched for many HR leaders while they were in Vegas.

We learned there’s too much separation between different stages in the employee and candidate experience. And, the only people in the company who notice those stages are YOU! All an employee notices is a seamless transition from one to the next. Make sure your employees are smoothly transitioning and staying engaged through every change to keep the process transparent.

Evolving HR Tech Strategy

Like with any technology, HR tech is continuously changing. As we’ve mentioned before, the constant change can be hard for new buyers to get their heads around. Luckily, most people already have some version of HR tech in their organization. The next step for these folks is to have them update their tech to stay with the times.

Along with updating tech in the organization, users should be aware of which system is working and which ones aren’t even turned on. With a seemingly never-ending list of HR tech, it’s easy to forget about the little pieces operating at a company. Having a team behind you to help monitor and guide those pieces makes updating and evolving that much easier.

The Power of Data

At the Women in HR Tech Summit, we heard from three amazing executives about the power of data. The significant finds are pretty apparent in that HR leaders are drowning in data. With disparate systems everywhere, it’s easy for data to get lost in the mix and employees to slip into an unengaged coma.

Having the numbers is only the first step in making smart decisions in an organization. The next step is pulling insights from the data that help you reach company goals. This is only possible if you bring the disparate systems together and draw conclusions that work best with your company’s culture. Drawing insights from specific lenses that bring your systems together and make treading through data more manageable.

Josh Bersin

The talk of the town was Josh Bersin’s’ 70-minute breakout sessions about point solutions for HR data. HR leaders today are too focused on an end-to-end solution for HR data that they’re losing key pieces to help make decisions for the future. Having point solutions or a lens to look into specific parts of a company provides HR leaders access to their current landscapes while giving insight into the future.

Large companies are the ones struggling with this concept most. It’s easy to think an end-to-end solution is the fastest and easiest way to conclude, but when you have too much data, that’s not the case.

Investing in People Analytics

People analytics is becoming more common in the workplace and becoming something employers need to have to have a positive company culture. Without tools to deliver employee metrics, HR leaders don’t have the insights they need to make necessary changes in the office.

People analytics is changing the game with insights delivered directly to users. Excel spreadsheets and Google Sheets can’t keep up with the demands most HR leaders are facing when it comes to making important decisions. But, it’s not all about the tech people analytics brings to the table. Without the proper services and support behind the tech, HR leaders still face the issue of navigating a world of insights and decisions.

HR Tech brought a lot of new and exciting ideas to the table this year! The main takeaway being people analytics and HR technology is here, and it’s here to stay. Make sure your team not only has the tech it needs to make the right decisions but someone to support them through every decision and insight.

PREDICTIVEHR has a team of HR experts you need to empower your HR through people analytics. Find out more!