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Mastering Paylocity Expense Reporting & Management

Managing expenses efficiently and accurately is crucial for any business. In today’s modern world, traditional manual expense management processes can be time-consuming, prone to errors, and costly. That’s why there’s Paylocity. In this article, we will explore the advantages of using Paylocity for expense management, highlighting how it can save time, money, and effort while mitigating risks and improving visibility into spending.

The Benefits of Using Paylocity for Expense Management

Optimizing your expense management with Paylocity opens the door for numerous improvements within your organization. 

How Paylocity Expense Management Can Help You Save Time and Money

Automation reduces time spent shuffling through piles of paper receipts. Paylocity makes it easy for employees to capture receipts digitally using their smartphones and attach them directly to their expense reports—saving time while also reducing the risk of losing or misplacing receipts.

Managers can then review these digital expense reports with ease. Paylocity’s expense management system streamlines this workflow by automating expense approvals—ensuring timely payments to employees while reducing administrative overhead. With all this automation, everyone can save valuable time and can focus on more critical tasks. 

Paylocity Features Can Help You Reduce Risk

An invaluable advantage is the software’s ability to ensure expenses adhere to company policies and regulatory requirements. With Paylocity, you have a centralized repository for storing expense data, including receipts and supporting documentation. This ensures all expenses are adequately documented and easily accessible whenever needed. The system also incorporates robust fraud detection measures and has robust features and functionalities to help businesses navigate the complex landscape of expense compliance.

Improve Visibility Into Your Spending With Proper Expense Management

With powerful reporting and analytics capabilities, Paylocity provides businesses with a comprehensive overview of their spending patterns. By gaining visibility into historical data, you can identify areas of overspending, make informed decisions about budget allocations, and implement cost-saving measures effectively.

The Four Benefits of Working With an Established Paylocity Partner

In order to get the most out of your Paylocity instance, and to ensure you’re reaping the benefits mentioned above, we recommend working with a Paylocity partner.

  • A consultation to assess your needs. With a partner, you can benefit from a comprehensive consultation to assess your specific expense management needs. 
  • A customized implementation plan. A true partner will then take your needs and build a unique roadmap tracking towards your goals. 
  • Training for your employees. With guaranteed proper training, your employees can effectively navigate the system, submit accurate expense reports, and leverage its features to streamline workflows.
  • Ongoing support. When you have a partner who’s in your corner you know you have access to a trusted guide who’ll address any questions, concerns, or technical issues that may arise during and after the implementation process. 

Get the Most Out of Paylocity with PREDICTIVEHR

To fully leverage the benefits of Paylocity’s expense management system and ensure a successful implementation, partnering with experts like PREDICTIVEHR can make all the difference. We specialize in Paylocity consulting and can guide your business through the entire process, from initial assessment to ongoing support.

Contact Us Today

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Paylocity Payroll Features: Streamline Your Payroll Process and Maximize Savings

When you streamline your payroll, you tap into a wealth of cost savings since there’s no need to spend excessive time and person-power on ensuring data is correct, coordinated, and compliant. Paylocity was built to make the payroll process easier and more efficient for HR teams and employees. See how the software can solve your HR problems.

Unraveling Paylocity: What Does Paylocity Do?

Paylocity is a leading cloud-based payroll and human capital management software that’s excellent at managing complex situations like different types of employees, multiple states, and challenging tax situations. It offers flexible solutions to help you tackle your biggest HR and payroll challenges so you can focus on the future.

Paylocity Payroll Features

What makes Paylocity so exciting is its numerous features within the system—making it an ideal fit regardless of your business or needs. 

Human Resources Essentials

Paylocity’s essential HR features encompass robust processing and comprehensive tools, facilitating seamless operations for businesses of all sizes.

  • Employee Benefits Coordination. Simplify the complex process of managing employee benefits with a centralized platform for enrollment, administration, and communication.
  • Organizational Efficiency and Administration. Leverage streamlined workflows, automated processes, and intuitive interfaces to enhance overall operational effectiveness and enable your HR departments to focus on strategic initiatives.
  • Financial Oversight and Control. Utilize a comprehensive suite of tools to monitor and manage finances, ensuring accuracy, compliance, and transparency in payroll, expenses, and reporting—contributing to robust financial management and decision-making.
  • Regulatory Adherence. Stay up-to-date with compliance solutions, navigate complex HR and payroll regulations, minimize risks, and maintain legal compliance in an ever-changing regulatory landscape.
  • Compensation Frameworks. Customizable and data-driven tools used for designing, analyzing, and optimizing employee compensation structures, ensuring fair and competitive pay practices 
  • Migration of Historical Data from Previous Systems. Seamlessly transfer accurate employee information, payroll records, and historical data, so you can continuously maintain and leverage insights from your existing HR systems. 

Workforce Planning and Management

Leverage Paylocity and empower your business with data-driven insights to enable strategic workforce optimization and efficient resource allocation.

  • Workload Projection and Roster Arrangement. Ensure efficient resource utilization and maintain workforce flexibility by anticipating staffing needs, optimizing work allocation, and creating effective schedules.
  • Timekeeping and Attendance Monitoring. Access to effective tools for tracking employee work hours, managing time-off requests, and ensuring compliance with attendance policies.
  • Leave of Absence and Skill Set Administration. Instant solutions for managing employee leaves, tracking skill sets, and facilitating seamless workforce transitions for effective talent management and organizational adaptability.
  • Workforce Data Analysis. Feel empowered with robust analytics tools that extract valuable insights from employee data, enabling informed decision-making, sourcing trends, and driving continuous improvement in HR strategies and operational efficiency.
  • Talent Succession Strategy. Get an assist in identifying, developing, and advancing key employees within your organization, ensuring a steady pipeline of skilled talent to fill critical roles and drive sustained growth.

Employee Benefits Admin

Streamline the management of employee benefits—from enrollment to administration—with a user-friendly platform that boosts communication, simplifies processes, and ensures compliance with evolving regulations.

  • Document Control. Manage and organize critical HR documents for simplified version control, and easy access, contributing to enhanced record-keeping and compliance in a centralized and secure platform.
  • Enrollment Strategy. Efficiently manage employee benefit enrollments through customizable workflows, intuitive interfaces, and comprehensive communication tools.
  • Records Handling. Leverage a systematic approach to securely storing, tracking, and accessing employee records to ensure data accuracy, regulatory compliance, and efficient record management throughout your employees’ lifecycles.
  • Compliance with Regulations. Paylocity’s robust compliance framework ensures businesses adhere to a multitude of HR and payroll regulations, mitigating risks, maintaining accuracy, and providing the necessary tools to navigate complex legal requirements with confidence.

Paylocity’s Mobile App

Take efficient HCM solutions on the go. With the Paylocity mobile payroll and HR app, you have solutions right at your fingertips, wherever you are. View paychecks, request time off, and stay in touch with coworkers—the app gives you the freedom to stay connected anywhere, anytime. Employees can also leverage the app, clock in and out, request time off, and view balances, as well as access important info like current and past checks, tax forms, schedules, and timesheets, at any time.

API Integrations

Paylocity’s developer-friendly APIs connect its software to any system, making it easy to access data from Paylocity within other systems or connect other services and providers. And Paylocity has loads of API integrations, so you can seamlessly integrate data no matter what. Some of the most common ones are Salesforce, QuickBooks, Oracle NetSuite, and Hubspot—but there are 300 more to choose from. Its system can be your central hub, maximizing accuracy, increasing automation and efficiency, and driving action across the organization.

The Organizational Benefits of Implementing Paylocity

Payroll and HR management can be time-consuming and error-prone when handled manually. Plus, the administrative burden of data and paperwork can make it challenging to stay current with regulations. By utilizing Paylocity’s solutions, HR teams can streamline processes, ensure compliance, and elevate the employee experience—enhancing overall efficiency and organizational effectiveness.

Implementing Paylocity with Ease: Partner with PREDICTIVEHR for Expert Support

When you tap into our Paylocity expertise we’ll work to ensure the implementation is done correctly and tailor the configuration to match your business needs. To ensure you’re up and running quickly and efficiently we offer onboarding assistance for a smooth launch. And once it’s all working as it should be, we can stick around for however long you need providing managed services to ensure everything runs smoothly. Discover other ways PREDICTIVEHR is the ideal partner in implementing and maintaining your instance.

Take Control of Your Payroll: Embrace the Power of Paylocity

Make payroll and HR management streamlined and more efficient with Paylocity. And make your partnership with Paylocity effortless with PREDICTIVEHR.

Contact Us Today

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Unleashing the Power of Paylocity API Integrations: Salesforce, QuickBooks, and Beyond

It’s time to boost your organization’s efficiency and optimize its operations. The good news? It’s easier than it sounds. With Paylocity API integrations, you can have employee data flow seamlessly between teams—ensuring accurate information is always in the right place. Discover how you can leverage this technology and how a partnership with PREDICTIVEHR can help protect your investment.

Why Paylocity API Integrations Matter

With data moving seamlessly throughout your organization, you can enhance efficiency and productivity in HR and payroll operations. Paylocity’s developer-friendly APIs connect its software to any system (like Salesforce and QuickBooks), making it easy to access data from Paylocity within other systems or connect other services and providers. Paylocity can be your central hub, maximizing accuracy, increasing automation and efficiency, and driving action across the organization.

What’s an API Integration?

In order to understand what an API integration is, let’s unpack APIs. API stands for application programming interface, and it’s essentially a messenger that allows different applications to talk to each other, share data, and perform actions. It carries all requests and responses to and from an application. 

An API integration is the process of connecting two or more applications via their APIs to perform a joint function. This process of connecting an external API to another application helps to extend its functionality or access external services.

How Paylocity API Integrations Work

Through Paylocity’s integrations, you can extend the platform’s capabilities by activating connections based on your needs. It’s then easy to manage all your active integrations right within Paylocity. Or you can build a custom integration with open developer-friendly APIs to connect Paylocity to any system. 

With these integrations, your HR team can automate processes across systems when actions or employee changes occur in Paylocity. Their webhooks push updates across your business in real-time when payroll is processed and when employees are hired, transferred, terminated, or other common changes occur.

Popular Paylocity API Integrations

1. Paylocity Salesforce Integration

This incredibly popular integration enables seamless data transfer between the two systems, ensuring accurate employee records and efficient sales processes. Rather than having employees log into each system separately to access the information they need, they can log into one interface for instant access to pay period data, time off balances, and pay stubs. Having accurate information across both systems means you can efficiently manage human resource operations in one place.

2. Paylocity QuickBooks Integration

Streamline payroll and accounting processes by eliminating manual data entry and reducing errors with this integral integration. Moving employee data, efficiently, between Paylocity and QuickBooks opens the door to automatic journal entries, expense tracking, and simplified tax calculations. Plus, with the seamless transfer of payroll data from Paylocity to QuickBooks, both your HR and accounting teams save time and avoid errors. 

Other Paylocity Integrations

There are over 300 systems you can integrate with Paylocity, so regardless of your business needs, there is an API integration built for it. Here are a few other popular integrations:

  • Oracle NetSuite 
  • Square
  • Slack
  • Okta
  • HubSpot

It’s easy to extend the Paylocity platform with seamless integrations to all your HR and business systems.

Reach Out to PREDICTIVEHR for Paylocity API Help

You want to make sure your Paylocity configurations will work for your goals. Leveraging PREDICTIVEHR’s expertise you unlock increased speed to implementation and deployment, access to customized dashboards across all workforce data, and tailored offerings to solve complex HR requirements including data extraction and implementation.

You even get a personal representative who’s in your corner advocating on your behalf to ensure there’s a clear transfer of knowledge so you can get the most out of your investment. When you partner with PREDICTIVEHR, you can rest assured that you’re getting the most from your Paylocity instance.

 

Contact Us Today & Discover How

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Top 10 Recruiter Techniques of 2022

In what many call the most unique labor market in their lifetime, the hunt for talent is at an all-time high. Talent Acquisition is turning over every rock, viewing every LinkedIn profile, and dusting off every method in the book to reach top talent. But what’s actually working in this environment?

A few are old standbys, and others are newer tricks of the trade. Whether tried and true or shiny and new, these are the top ten recruiter techniques we’ve seen garner results for our clients.

1. Focus on Company Culture

A traditional recruiting technique you won’t soon forget is investing in your own culture. Even before The Great Resignation, but especially after, candidates are seeking out employers who nurture the positive company culture they’re eager to be a part of.

If your company lacks a strong culture, or if you’re not honed in on the type of candidate seeking your culture, the time and resources spent attracting top talent won’t get you far.

While this isn’t typically considered a recruiter technique, having a clear and concise brand is pivotal to today’s candidate. If you’ve done what you can to strengthen your company culture, promote it throughout the candidate experience, so it’s at the forefront of a job seeker’s mind. If company culture hasn’t previously been a priority, consider ways to improve it today.

2. Don’t Skimp on Internal Mobility

The recruiting industry usually evokes images of attracting external candidates to new jobs, but perhaps the best way to ensure a quality fit for a role is to promote a quality candidate already within the company. Internal mobility is the upward movement of employees within your own organization.

Hiring from within your own brand seems counterproductive because it still leaves another open role to fill. However, in a global talent shortage, internal mobility is a valuable asset for companies.

When you hire from within, you’re guaranteed to fill that vacant position with someone who knows and values your company. ‍Additionally, it strengthens employee retention when they feel you’re committed to helping them achieve their goals of personal and professional growth. As for the position they left? Assuming their new position is a vertical move, they’ll be leaving behind a more entry-level position that most talent acquisition leaders find much easier to hire in this environment.

Encouraging talent development, succession planning, and internal mobility is a great way to show employees and candidates that there’s a future for them at the company. During a talent shortage, it’s also a great way to safeguard your future success. A robust talent management program is one of the top ways to attract top candidates and improve employee retention.

3. Strengthen the Interview Experience.

Many recruiters feel by now that they could conduct an interview in their sleep. It’s perhaps the most widely used recruitment technique but also the most poorly executed. While it seems like second nature, your interview tactics could cost you quality candidates.

The most damaging mistake is to read a generic list of questions to every candidate, which limits the understanding you have of each candidate while also creating an awful experience for your talent. The most damaging mistake to a candidate’s experience? Generic interview questions for every role.

If you haven’t, or even if you have, start by looking at your standard interview process. Do you come away from each discussion with a true sense of the person’s character? Are you asking informed questions tailored to each candidate that garners the results you need to make the decisions? Unless the answer is a resounding yes, it’s time to make some changes. Hiring managers would do well to think of this process more as a conversation and less as a formal interview. Use this opportunity to get to know the person you want to work with and allow them to get to know you and the organization.

4. Leverage Recruitment Process Outsourcing (RPO)

While being all things to each candidate is ideal, most organizations simply don’t have the resources to do so. Whether your organization is a small to mid-size company conducting in-house recruiting techniques, or you’re a larger company only temporarily lacking resources: RPOs can help.

RPOs are firms you can hire monthly or annually to manage your recruiting strategy.  Unlike traditional recruiting agencies, who typically only source candidates for your vacancy, RPOs work with you and your existing channels to find the best quality candidates.

They manage the complete recruitment strategy and process, including writing job descriptions, screening candidates, working with hiring managers to find the right fit, and improving your employer branding.

Leveraging Recruitment Process Outsourcing is a far more cost-effective means of recruiting talent than agencies because they don’t charge flat rates based on salary, and you control when you utilize the service, not a contract. Even better – even after ending your work with RPO services, you maintain continual access to all prospects you contact.

5. Deploy Data-Driven Insights

As organizations increase the usage of technology platforms to help streamline their hiring processes, data-driven recruitment drives more innovative strategies for sourcing and screening candidates. Recruiters leverage HR tech to securely manage candidate data, ad platforms, screening techniques, pipeline management, and onboarding so that they can focus on the human interactions your candidates need.

Predictive analytics can show insights into everything from which candidates are likely to thrive in your organization to which employees are likely to leave soon. Organizations would be remiss to miss out on this information.

Predictive analytics can show insights into everything from which candidates are likely to thrive in your organization to which employees are likely to leave soon. Organizations would be remiss to miss out on this information.

Leaders in the talent acquisition industry are using insights to consider how to adapt, improve, and streamline their recruitment strategy. Doing so is a top recruitment method to embrace for teams looking to adapt and thrive in the future.

6. Revisit Your Workforce Analytics

Artificial Intelligence is no longer the future – it’s the present. Using AI is how most recruiters have freed up their time to connect with candidates because AI shoulders the weight of the tedious tasks that used to consume their day.

Workforce analytics and artificial intelligence can quickly consider and prioritize candidates based on fit, eliminating the need for hours spent reviewing and sorting manually. It can also auto-schedule interviews, send pre-written messages to communicate interest or next steps, or even let candidates know they have not been selected for the position – all of which increase the potential for a positive candidate experience.

7. Revitalized Employer Branding

Not only is this a trending topic amidst the candidate-focused market with the popularity of review websites like Glassdoor and Indeed, your employer branding is on prime display, for better or for worse. Candidates are spending more time investigating potential employers and are sure to report back with their own experiences. As a result, your company’s reputation and brand are decided before they ever speak with someone in your company.

In revitalizing branding, talent acquisition teams are quickly working to position their organization as a great place to work. Such a claim is supported by customized career pages, employee profiles and testimonials, and an active social presence (for responding to those candidate experiences – for better or for worse). 

Managing your employer brand encourages a positive opinion of your company while also mitigating the impression of any negative opinions.

8. Consider A Comprehensive Platform

An Analytics Platform is quickly becoming a standard tool in any legitimate recruitment strategy, and for a good reason. The Analytics Development Lab by PREDICTIVEHR gives recruiters a monstrous amount of information on potential candidates, organized in a singular view for clarity.

The platform acts as the central funnel for your entire recruitment process, extracting data from your HCM, leveraging a patent-pending cleaning engine, and developing aggregated models for incredible insights into your hiring. As a result, you’ll identify high-quality candidates with ease and hire them that much sooner.

If you’re not utilizing such a platform yet, consider this your first priority in recruitment techniques.

9. Resuscitate Your Talent Pipeline

At this point, we know finding and attracting top talent will continue to be a priority for recruiting teams for the foreseeable future. As a response, talent acquisition teams are revisiting passive candidates and silver medal candidates from previous roles to fill future vacancies to revitalize their talent pipeline.

The methodology of revisiting these candidates allows you to maintain a pipeline of candidates you know are already interested in your company. If they aren’t a fit for one role, they may very well be a good fit for another when it becomes available. The aforementioned ATS platform is ideal for tracking and organizing these candidates in the meantime.

10. Social Media Sourcing

Not a new practice but an old technique that has become a lot more complex; social media is a powerful tool for sourcing and connecting with potential candidates. With the variety of platforms and a variety of tools within each one, there’s always something to gain from adding this resource to your arsenal.

Depending on your target audience or your company brand, one platform may be preferred to another. But to count out the unlikely platforms is to count out top talent. Even recruiting on Instagram and TikTok can provide excellent results.

Recruiting for the Future

These techniques all speak to the wave of creativity and innovation we’re seeing in the talent acquisition space. Right now, the companies that think outside the box to achieve their recruiting goals are the ones who come out on top.

Partner with PREDICTIVEHR and discover the best techniques for your unique hiring needs. Schedule your free demo today!

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Open Enrollment Season Begs for Communication Upgrade

Open enrollment season is upon us, and with it, the eternal struggle to understand health care plans and benefits. The open enrollment period for health insurance can be a confusing and stressful time for employees. With so many options and so much information to sift through, it’s no wonder that many people feel overwhelmed.

Many employees struggle with misunderstandings regarding their health insurance coverage and are, therefore, unsure of how to choose from plans offered by employers. More than half of employed Americans don’t feel they are getting the most out of the health insurance options available to them. Add to that, not knowing where to turn for answers, and 54% of employees are left unsure of what their current health insurance offers them.

Especially with the rise of remote or hybrid work taking conversations virtual, effective communication regarding insurance benefits has never been more vital. Here’s why it’s so important.

The Doom of the Education Gap

An alarming percentage of employees, especially in a younger age range, don’t fully understand the scope of their insurance coverage. When it comes to open enrollment, few understand which plan will be the most comprehensive for their unique health needs.

44% of employed U.S. adults said they feel uncomfortable asking their HR representative questions about health insurance enrollment.

For such a large decision, many employed Americans are unsure about who to turn to if they have questions. Often, they simply continue to select the same insurance plan year after year because they’re unsure of how another plan could be more (or less) beneficial than what they currently have.

The lack of understanding, partnered with the lack of communication with their HR team, may lead to fewer benefits, higher costs, or a lack of coverage in general.

72% said they wish someone would tell them what the best health insurance for their unique situation is.

What can we glean from this information? As open enrollment season approaches, it’s important for HR professionals to be prepared to help employees navigate the process. While open enrollment can be a confusing and stressful time for many people, there are some simple steps that HR can take to make the process smoother.

First, it’s essential to provide clear and concise information about the open enrollment period, including deadlines and eligibility requirements. Secondly, ensure employees have access to resources that can help them understand their options and make informed decisions. Finally, be available to answer questions and offer guidance as needed. By taking these steps, HR professionals can help make open enrollment a less daunting experience for everyone involved. Let’s explore each one in depth.

Open Enrollment Communication is Vital

Clear lines of communication between the employer (in this case, represented by the HR department) and employee are absolutely essential when it comes to the success of open enrollment. Not only to ensure that employees have a full understanding of each plan to make an informed decision but also to ensure the employers’ thoughtful benefits are being fully utilized.

49% feel pressure to select the most expensive health insurance option to ensure they have the coverage that they need.

Employees are facing the rise of inflation, an impending recession, and overall economic uncertainty. The choices they make in their medical health are consequential to their livelihood and pocketbook. If not fully understood, they’re also not fully appreciated. As employees continue to seek higher wages, they may be leaving behind better medical coverage without their knowledge.

63% of employees say that their company’s health insurance offerings impact how much they want to keep working there.

While the ill-informed continue to make the same insurance selection year after year, it’s also the employers’ loss. Even as organizations improve their benefits, in some cases, to retain or attract employees, they could go unnoticed or unappreciated. Two-way communication between HR and your employees ensures your team understands and can take advantage of those benefits.

64% say that they would be willing to sacrifice some pay for better health insurance.

What to explain to your colleagues during open enrollment:

  • Deadlines for enrollment
  • Eligibility requirements
  • Where to find resources that explain coverage
  • The benefits and drawbacks of PPOs, HMOs, POS, and HSA plans
  • The difference between deductibles, copayments, and out-of-pocket costs

Explain Options for Informed Decisions

For example, HR pros can provide employees with a list of eligible dependents, help them calculate their monthly premium costs, and answer any questions they have about the open enrollment process. In addition, you could also provide employees with resources about open enrollment outside of the company, such as government websites or independent open enrollment counselors.

You can also help to simplify the open enrollment process by providing employees with resources such as benefit summaries, comparison charts, and contact information for benefit providers. In addition, HR professionals can provide employees with guidance on choosing the best benefits for their individual needs.

Be Ready for Questions

We’ve all heard the jokes about HR during open enrollment season. It’s not easy, and a lot of the success of open enrollment (and your employees’ continued use of company-provided benefits) falls squarely on the HR department. So how can you make it easier on yourself?

To prepare for open enrollment, HR pros should first review the employee handbook and benefits policies to ensure that they are up to date on all of the available options. To be prepared for the inevitable questions, ensure you familiarize yourself with any changes that have been made since last year. Other ideas that will make this hectic season easier:

  • Create a one-pager for employees and a more in-depth version for yourself. Keep it close at hand for when questions arise.
  • Have the number of your benefits provider(s) or broker on hand for questions that are beyond your abilities.
  • Set calendar reminders for important deadlines (or the day before) so you can ensure stragglers don’t miss out.
  • Work with a professional consultant to help it all go off without a hitch!

Managed HR Services is the Remedy

When your team is lean and your list of priorities is long, you need a way to work smarter, not harder.

By outsourcing your HR needs to PREDICTIVEHR, you can focus on strategic decisions and future planning—while we take the transactional task of open enrollment off your plate.

PREDICTIVEHR Managed HR Services gives you time to focus on strategic responses to everything else the market is throwing at you. Our team handles your department’s transactional work, such as open enrollment, so you don’t have to shoulder the burden. When your team is equipped with the properly configured benefits module of a full-suite HCM system, your organization can help employers communicate effectively and efficiently with less effort on HR & Payroll.

Ensure your organization is prepared for open enrollment and whatever else comes your way. Book a demo with PREDICTIVEHR today!

Dump Data Overload in Favor of Focused HR Analytics

The most significant challenge of talent acquisition has always been to source and retain top talent. With advances in technology and the massive quantities of data available to us, one could infer that it’s easier than ever to do so.

But with the sheer volume of information at our fingertips and new data coming in every minute, we’re going to argue that it’s harder.

Data Overload

Recruiters and hiring managers alike are now inundated with data. More tools, platforms, and assessments mean we have data on everything from employee productivity and engagement to why they left their previous employer. But all of that data on every potential candidate becomes incredibly overwhelming. Sometimes, too much data is more paralyzing than having no data at all. Does that mean we’d be better off with less data? Let’s not get crazy.

In fact, we need as much data as possible to help us figure out whom to hire. But the only way to make heads or tails of it is to add data management to our already growing list of responsibilities. Luckily, in the age of technology, there’s another way.

To help recruiters and hiring managers sift through all of this data, we need smarter ways to organize and visualize it. HR software that helps you navigate the mountain of data is essential for meeting your workforce goals. Use it to break down candidates into buckets by career, industry, or even by specific skills you need. You can also use it to group candidates by similar skill sets and see how they match up against each other.

Keep reading: Invest in your Recruiting Team- Invest in AI

HR Analytics: Do More with Your Data

There’s no need to create additional processes for your already stressed teams. Virtually every enterprise has essential data that can provide insights into any number of talent acquisition woes; they just need help making it work for them instead of against them.

Your HR analytics can be streamlined into the most relevant data points. Each piece of data helps with key pieces of your talent acquisition success, such as assessing your employees’ performance, quickly aligning team members to openings within your company or new projects based on skills, and providing clear insight into your hiring hurdles.

The right data assessment can predict who may be likely to leave your company, what candidates are likely to thrive within your organization, and even help forecast your company’s overall performance for future planning.

There’s no debate that your data is useful and relevant. But if it’s not actively working for your enterprise, then it’s likely working against it.

More On This Topic: Top Ways to Apply Recruiting Analytics to Your Enterprise

Put Your Data to Work

The Analytics Development Lab from PREDICTIVEHR is your secret weapon in organizing, cleaning, and creating actionable insights from your overwhelming amounts of collected data. With our support, tackling HR analytics has never been easier. Here’s how we can help:

  • Our incredible system extracts data from source HCM systems and deploys a patent-pending cleaning engine to create clean, aggregated data models.
  • The dashboard allows you to script your own queries and extract data out of your customized database sandbox.
  • Use predictive modeling backed by true AI technology to reveal patterns and insights into your talent and overall company health.
  • Create custom visualizations and manipulated reports to share with your team through a secure role-based portal.
  • Plus: PREDICTIVEHR’s team of experts provides support every step of the way.

Create actionable insights from your own data to achieve real business outcomes. Get more information on the Analytics Development Lab.

Ready to get your data working for you? Schedule a free demo today.

Developing a Skills-Based Approach to Talent Development and Recruiting

The past few years have seen a growing global demand for skilled workers. Now more than ever, enterprises realize the importance of a developed skill set. This will drastically change how we hire new talent and develop internal talent. This is where skills-based hiring proves invaluable.

Evaluating employees and hires based on skill sets instead of work history can help companies realize the talent they already have. It also makes talent pools more diverse and often makes hiring more effective.

Talent is the most precious asset in any business. It can make or break a company, and it’s often one of the hardest things to find and develop. It’s clear to see why a skills-based approach is the future of hiring and development.

Companies need to adopt this new way of thinking to their company cultures or risk losing their top talent to organizations that do. When there are seemingly two available jobs for every candidate, companies cannot afford to remain stuck in old mindsets.

Support Internal Mobility

Many companies around the world are investing in future-proofing their employees with upskilling training. Enterprise leaders recognize that they need a trained workforce capable of meeting future challenges to remain competitive. To meet this demand, many have moved towards skill-building development and cross-training various departments,  bridging the gap between traditional job descriptions and career paths.

If your company cannot support a full learning program, encourage your department managers to find out what other areas of the company their employees are interested in. Allowing those employees to participate in cross-function work or assist on projects is proven to better engage and retain your employees.

Read More: Human Capital Consulting- Your Enterprises’ Greatest Asset

Focus on Skill-Based Hiring

Out-of-date recruitment baselines are presenting a disconnect between skilled workers and hiring companies. Most commonly, this looks like an emphasis on certain types of education or experience. These defaults can alienate a large percentage of available talent. Embracing  skill-based hiring sets enterprises up for additional benefits:

  • Larger candidate pool
  • Faster time to hire
  • Better competency assessment
  • Higher retention
  • Greater diversity

The first step in changing this outdated recruiting style could be changing your job descriptions. Focus on the characteristics of a person who may do well in the role or the results you’d like to see achieved. When job descriptions present criteria to meet, the results narrow automatically. When a job description presents expectations, you’ll find there are countless ways to achieve them.

This can help organizations achieve the same results — a great hire — without creating unnecessary barriers to entry.

Read More: The World of Work Has Evolved—and So Should Your Employee Value Proposition (EVP)

Utilize HR Analytics

Developing a team of talent that will withstand whatever the future holds is top of mind for every enterprise. When you’re hiring for the unknown, you need to be able to depend on the solid team you have and know they will steer you toward your enterprise goals. This is made possible by HR analytics.

With true AI behind HR analytics, companies can better predict what skills are necessary to perform in certain roles. This knowledge helps prevent bad hires, easily identifies internal candidates, and allows you the confidence to cross-train the right employees for success in that role.

HR Analytics offers support in these areas for assured future success:

Strategic Forecasting

This includes workforce planning for short-term needs and longer-term forecasting of areas with significant risk, so you can establish strategies and plans to mitigate or even eliminate those areas.

Long-Term Planning

Design and implement a talent strategy that supports your business plan, establishes your competitive advantage, and supports your organization’s strategic objectives, so HR drives value and creates the foundation for growth.

Operational Efficiencies

HR analytics develops predictive models so you can make informed decisions about talent market trends, hiring strategies, retention tactics, merger & acquisition activities, and succession planning.

PREDICTIVEHR offers strategic advisory services to help you build, strategize and invest in your people so you can stay ahead of industry trends. Secure your future with HR analytics and the power of PREDICTIVEHR today.

Invest in your Recruiting Team: Invest in AI

Tools that leverage artificial intelligence (AI) have come a long way concerning workforce analytics. When integrated, combining AI with workforce analytics allows businesses to integrate disparate data systems and use predictive modeling to make business decisions based on their greatest asset: their people.

4 Pillars of AI-Powered Workforce Analytics

However, despite all of the advancements in AI, a human element is still required to ensure that these tools are used effectively. Here are four tips to get the most out of AI-powered workforce analytics:

Pillar 1: Understand the data

The first step to leveraging AI is to have a clear understanding of the data that is being collected. This data can come from a variety of sources, including employee performance reviews, time tracking data, and even social media posts.

Many HR departments manage numerous disparate talent-related systems that require separate logins, data management processes, and reporting tools. Gathering this information for executive management to make strategic business decisions is nearly impossible and prone to human error. More than 70% of companies now say they consider people analytics to be a high priority.

There are two main ways to use AI in data collection and cleaning: backend cleaning and frontend modeling. Let’s discuss this quickly:

Backend cleaning involves using AI to clean and normalize data, while frontend modeling uses AI to build models that can be used to predict future events. Our approach, which combines both backend cleaning and frontend modeling, is the most effective way to use AI in data collection and cleaning. We have developed technology that allows us to clean data more effectively than any other company out there. The result? The best possible data so that they can make the most informed decisions possible. This is essential in order to create accurate models and to prevent inaccuracies that can lead to wrong conclusions.

Pillar 2: Use Predictive Modeling

The ability to use AI for workforce analytics can help your business stay ahead of the competition by allowing you to make better decisions about where to invest your resources. One way AI can be used for workforce analytics is through predictive modeling.

We at PREDICTIVEHR believe that data is the key to success in today’s business world. However, we also know that data can be messy and complicated. That’s why we’ve developed a unique system that uses artificial intelligence (AI) to clean and normalize data. We call it the Data Cleaning Engine, and it’s patented.

So what makes our system so special? First, it’s designed to work with any type of data. No matter how messy or complicated it is, our system can handle it. Second, it’s fast and efficient. Our system can clean and normalize data in a fraction of the time it would take a human being. Third, the system doesn’t require any manual prevention on the part of the client. Instead, it is maintained by our team of experts who take full ownership of the process. Finally, our system is constantly learning and improving. As new data comes in, our system gets better and better at cleaning it.

Pillar 3: Communicate with stakeholders

In order to get the most out of AI-powered workforce analytics, it is important to communicate with stakeholders. This includes employees, managers, and executives. Employees need to understand how their data is used and what it means. They should also be aware of the potential benefits of leveraging AI.

Managers and executives need to be involved in the decision-making process. They should have a clear understanding of the data and the predictive models being used. Otherwise, they may not be able to make informed decisions.

Workforce analytics software is a data-driven approach to people analytics, allowing businesses to make important financial decisions. The key to solving this data issue or lack thereof is by using workforce analytics software powered by artificial intelligence. These combined give businesses a data-driven approach to people analytics, allowing them to make important financial decisions.

The benefits of using workforce analytics software are numerous, but the most important is that it allows businesses to accurately predict financial outcomes. With this valuable information, businesses can make informed decisions about where to invest their money and time and how to best allocate their resources.

Additionally, workforce analytics software can help businesses improve their recruiting and retention rates, as well as their overall employee satisfaction. In today’s competitive business landscape, having access to accurate and up-to-date data is essential for success.

Bottom Line? Workforce analytics software provides executives with the information they need to make informed decisions that will help their business thrive. By displaying the elements that go into our models and how they are scored, it takes the guesswork out of how predictions were accomplished. These combined give businesses a data-driven approach to people analytics, allowing them to make important financial decisions.

Pillar 4: Continuously monitor and adjust

AI-powered workforce analytics is a dynamic process. The data and predictive models are constantly changing. As such, it is important to continuously monitor the results of AI-powered workforce analytics and make adjustments as necessary.

Level up with AI-powered workforce analytics

Now, let’s dive into a few additional ways AI can help power workforce analytics and how it benefits organizations.

1) Automated insights and recommendations: By using artificial intelligence to process large data sets, businesses can uncover valuable insights that would be difficult to find otherwise. Additionally, AI can provide customized recommendations for improving workforce performance.

2) Better understanding of employee engagement: One of the benefits of AI is its ability to track employee engagement in real-time. With this data, businesses can quickly identify and address disengaged employees before they cause damage.

3) Predictive maintenance of equipment: Another area where AI is proving valuable is in predictive maintenance of equipment. By using data analytics and machine learning, businesses can predict when equipment will fail and take preventive measures.

4) Better understanding of customer needs: AI can also be used to better understand customer needs. By analyzing data collected from surveys, social media, and other sources, businesses can get a better understanding of what customers want and need.

Skip the cookie-cutter plans: Create your Custom Solution with PREDICTIVEHR.

Data as a competitive advantage

Data is the lifeblood of any modern organization, and nowhere is this truer than in the world of HR. Sourcing, hiring, onboarding, managing, and replacing employees is a complex and costly proposition, so it’s no surprise that business leaders are turning to data-driven HR tools to help them make more informed decisions. Among these tools, AI-powered workforce analytics is emerging as a powerful solution for uncovering hidden insights that can help improve organizational performance. By automating the analysis of vast quantities of data, AI-powered workforce analytics can help businesses gain a competitive edge by making it easier to find the right talent, optimize productivity, and improve employee retention. In today’s data-driven economy, AI-powered workforce analytics is quickly becoming an essential tool for any business that wants to stay ahead of the curve.

You can use AI-powered Workforce Analytics to:

  • Address workforce productivity shifts and changes
  • Allocate resources by understanding workforce engagement and predicted trends
  • Measure the impact of past decisions and strategies
  • Get recommendations for specific actions to increase performance
  • Understand how HR processes impact financials
  • Translate findings into actionable insights
  • Aid proactive HR strategy and organization
  • Source areas where efficiency can be improved with automation
  • Improve employee engagement by understanding their needs and satisfaction
  • Improve the overall hiring process

To put it plainly, real-time analytics show managers the impact seemingly innocent disruptions can have on performance overall. Thus allowing them to make more informed determinations that dodge issues before they cause problems.

Looking for Human Capital Management expertise? Look no further.

AI Spotlight on Retention

Human Resources is uniquely positioned in the organization to ensure the workforce is aligned with the needs of the business and at an optimal cost. Now, more than ever, business leaders need strategic insight and the ability to model how turnover trends impact revenue and profits. And, they need this information to be accurate and in real-time.

Traditional HR analytics examine employee data across different dimensions such as department and demographics to identify similar patterns within metrics like turnover and retention. Conclusions are then used to formulate decisions that affect the business.

But we’re no longer reliant on past performance indicating future trends. We have AI-powered workforce analytics. In the case of turnover, this could include predicting who will leave, when they will leave, or why they might leave.

Predictive modeling goes a step further with artificial intelligence and using the evidence from traditional analytics as inputs for advanced techniques like machine learning. This data provides forward-looking measures such as a “flight risk,” which quantifies the likelihood of an employee leaving an organization within a certain period of time and the potential causes.

Predictive analytics also identifies hidden connections between key factors contributing to employee turnover. The main variables the systems look into include pay, promotions, performance reviews, hours of work, commute distance, and relationship with a manager. Businesses combine this with external data such as labor market indicators, social media, and current economic scenarios as data variables while formulating a hypothesis and building models for retention. HR teams and managers use these findings from the report to ensure actions are taken to help retain employees.

We do things differently. Learn more about The PREDICTIVEHR Approach.

Workforce Analytics and Succession Planning

As the workforce changes and talent shortages continue to plague businesses, it’s more important than ever to have a succession plan in place. Workforce analytics can help you identify the top talent within your company and make sure they’re being groomed for leadership positions. By promoting from within, you can not only fill vacancies faster, but also do so effectively and at a lower cost. When combined with succession planning, predictive workforce analytics can help you ensure that your business is always prepared for the future.

Breaking it down further, these tools aren’t helping the HR department perform “talent rediscovery” searches on previously known candidates. It’s compiling data from internal candidates to rank them based on their aptitude, experience, and other indicators which help predict if they would make a good fit in the open position or not. This saves the time and resources it would take to externally recruit candidates.

AI ensures this process is accurate and compiled faster by integrating with every system and showing you the data that really matters to ensure you’re making the most informed people decisions:

  • Who’s performing the best?
  • What’s their performance been like the last three years?
  • How many raises have they received?
  • What skills do they have?
  • Do they have a good relationship with their boss?

Data is critical for any organization wanting to make informed decisions about succession planning and HR teams are increasingly turning to artificial intelligence (AI) for workforce analytics to help them develop predictive models. These models can not only identify which employees are most likely to leave, but also identify potential successors and high-risk groups.

This information can then be used to improve hiring decisions and ensure that the right people are hired for the right roles. Additionally, AI can be used to match candidates with open positions, helping to speed up the hiring process and improve candidate experience. Ultimately, AI can play a key role in succession planning and help organizations build a strong and stable workforce for the future.

AI is an engine, not the car.

There’s no doubt that AI is changing the recruiting landscape. In fact, it’s been estimated that by 2030, AI will help companies save over $1 trillion per year in labor costs. However, there are some things that AI simply cannot do when it comes to recruiting.

For one, AI is not creative. While it can often come up with new ideas and solutions to problems, it lacks the human ability to be truly innovative. Additionally, AI lacks emotional intelligence. This means that it can’t build relationships with candidates or understand their needs and motivations in the same way that a human recruiter can.

Finally, people build relationships, AI builds data sets. While AI can gather a vast amount of information about candidates, it can’t form the personal connections that are so essential in recruiting. As a result, while AI is certainly changing the recruiting landscape, it will never be able to replace human recruiters entirely.

However, AI can do a whole lot “inside the box.” Based on all of the data that artificial intelligence has access to, it can help recruiters make more informed decisions. It’s important for companies to remember that artificial intelligence should be used as an assistant to the recruiter, not a replacement.

Investing in artificial intelligence for workforce analytics

In order to make sure that a company is being as effective as possible when it comes to workforce analytics, it is important for them to invest in artificial intelligence. By automating the data collection process and taking into account all of the relevant factors, businesses can ensure they are making sound decisions when it comes to their workforce.

AI is not a thing of the future –it’s already here. It’s already adapting, changing, growing, developing, and strengthening companies across industries. Any business that wants to stay ahead of the curve and make sure they are retaining their employees and filling their open positions in the most effective way possible needs to be investing in AI for workforce analytics.

Wondering if predictive analytics can help streamline your recruitment process?

Predictive analytics is one of the most powerful tools available to businesses today. By analyzing past data, businesses can gain valuable insights into how their workforce operates – and make better decisions about where to focus their efforts. Our predictive analytics engine is designed to give businesses the most accurate picture possible of their workforce. With our engine, businesses will be able to see things like financial performance, talent acquisition trends, and more.

This information will help businesses avoid potential disasters down the road and make better decisions about where to focus their efforts. So if you’re looking for a way to get an edge on your competition, predictive analytics is the way to go. Contact us today to learn more about our predictive analytics engine and how it can help your business succeed.

Sign up for a free consult, and we’ll show you how predictive analytics can benefit your business.

Top Ways to Apply Recruiting Analytics to Your Enterprise

Getting the data in real-time and creating systems that talk to one another has been out of reach for most companies for far too long.  HR Data Analytics are evolving. Having data from multiple systems and areas at your fingertips to meet those new challenges is a business imperative.

1. Identifying Key Metrics

You’re likely already tracking time to hire, cost per hire, or retention rate. But there are other metrics you should consider.

  • Source of hire: Discover where your most valuable source for quality candidates.
  • Application completion rate: Could your application process be prompting talent to jump ship before completion? This metric helps you find out why.
  • Quality of hire: Another perspective on how many quality hires you’re getting and from what sources, but this metric also allows you to ensure you’re hiring well for the right roles.
  • Time to fill: Time is money, after all, and tracking this metric can likely help save a little of both.

2. Getting the Data You Need

Collecting data can’t simply be a matter of throwing candidates into an ATS and hoping it works out. To accurately identify any flaws or opportunities in your process, you have to not only collect the data but collect the correct information to paint a full picture.

Suppose you’ve determined that your quality of candidate results is cause for investigation. In that case, you’ll also need to know where your candidates are coming from. Likely, they’re being sourced from multiple locations, and you’ll need to trace the undesirable candidates back to the inception. Analytics help ensure all relevant information is collected and easily organized for tailor-made insights into what’s working and what’s not.

3. Visualize the Data

Analytic platforms are the real game-changer in recruiting. All of the data in the world doesn’t mean anything if it isn’t organized effectively. Your dashboard should represent the metrics most important to your organization to effectively help manage and achieve company goals.

Phase-out irrelevant manual reports that are out of date by the time they make it to your desk. The PREDICTIVEHR Development Lab dashboard provides real time data, accessible at the push of a button

Analytic dashboards centralize your data pulled from multiple systems and lay it out visually, making it much easier to i

dentify trends and opportunities for improvement.

Discover PREDICTIVEHR’s Development Lab.

4. Put it in Perspective

Truly making an impact on your recruiting process requires patience and perspective. Not everything identified through recruiting analytics will be remedied overnight. However, to make smart use of this information, it’s helpful to track improvements over time.

These data insights will evaluate your progress over months and even years, to drive true meaningful changes in your company, both today and in the future. Analytics can help ensure your business’s longevity and preparedness for hurdles down the road.

5. Put the Data to Work

Once you’ve collected and analyzed the data, identified the trends, and know where to focus your energy, the only thing left to do is start. After all, the purpose of all this is to identify actionable insights and make changes to optimize your hiring efforts.

Where and how you act will depend on what your unique analytics show you about your enterprise; everyone’s action plan will be different. However, the end goal of a more robust recruiting process will be universal.

6. Plan for the Future

Predictive analytics make it possible to not only prepare for the future, but narrow down exactly what to expect and make changes accordingly. Taking data from all your internal and external systems, you can:

  • Predict future attrition rates
  • Forecast retention spikes
  • Build a more compelling employer brand
  • Assess and improve performance
  • Manage operational productivity
  • Predict talent acquisition trends and hiring spikes
  • Even glean where high-performing employees come from

Predictive analytics makes it possible for you to start planning ahead of time, predict events to mitigate risk, and leverage success and market events.

The Complete Solution

Recruitment analytics is an integral part of hiring today. It can help you make better hiring decisions and ultimately, build a strong workforce for your organization — but the data itself can only do so much.

The provider your pick is truly the differentiator, and PREDICTIVEHR offers a complete solution to your Talent Acquisition needs. Book a demo today to see a clear difference.

Predictive Analytics Partnered with Recruiting Equals Unstoppable Hiring

Attracting and retaining talent is difficult enough, but we’re in the middle of a resignation phenomenon unlike anything we’ve seen in our lifetime. Companies, regardless of size or history, are struggling to retain their talent while hiring new and it’s costly.  Old methods of predicting employee tenure and future candidate compatibility right now is little more than a guessing game. This is where predictive analytics comes in, partnering it with recruiting to be unstoppable when hiring.

A single recruitment failure costs an average of $15,000 in today’s market. In addition to the lost revenue from that employee not performing up to par, you have the costs associated with the onboarding and training processes as well as the costs of fixing any mistakes they may make. In the first year alone, the wrong hire can cost your company $50,000.

Also consider the effect of turnover on morale and culture within an organization. More often than not, high rate of turnover is a sign of something going wrong at a company. So, not only is a bad hire a drain on your finances, it has an impact on the entire organization from top to bottom.

Predictive analytics aims at identifying when you’re most likely going to have a candidate who fits business needs and is likely to stick around long-term. It can be used for both.

Despite the industry of Talent Acquisition have reams of workforce data at their disposal, Gartner reports that only 21% of HR leaders believe that their organizations are harnessing talent data effectively to make better business decisions. All that data isn’t enough to produce actionable insights. Not on its own, anyway.

That’s where predictive analytics steps in. By using advanced statistical methods and workforce data, it makes predictions about future events, like turnover, performance, and more. We can use predictive analytics to predict candidate eligibility and likelihood of success within your company.

Using it, you can assess the types of workers you should recruit based on how likely they are to perform well in the role you are offering. Moreover, it helps you identify where the best candidates may come from, so you can target them most effectively via social media, advertising platforms, etc.

With predictive analytics, businesses can make informed decisions about how best to recruit and retain talent.

Predictive analytics (especially when it’s backed by true AI) can provide insight into the efficacy of your hiring process, effectively eliminating the guessing game that has everyone scrambling at present. Recruiting in the future will include a predictive element – use it now.

What is Predictive Analytics in Recruitment?

Predictive analytics is the application of historical data to make predictions for the future. When applied to the world of Talent Acquisition, it can be used to guide recruiting strategies, hiring decisions, employee retention strategies, and workforce planning.

Future occurrences are actually quite easily predicted when true Artificial Intelligence is backing your predictive analytics. With both powerhouses, your specific company data can identify historical patterns, pinpoint trends, and assist HR managers and recruiters in optimizing their results for hiring faster and, dare we say, better.

Why Do We Need To Use Predictive Analytics in Recruitment?

HR executives have reams of workforce data at their fingertips, but only 21% of them say they are effectively using it. When there’s a big difference between what we know and how we think we know, the issue isn’t nearly as complicated as it may seem.

In talent acquisition, it can be difficult to explain why predictive analytics is so valuable. This is not because it is complicated, but because many businesses don’t even know what they don’t know. The company doesn’t know how capable its workforce really is, and where they might best use that capacity.

By using AI-backed predictive analytics, businesses are able to identify historical patterns, spot trends, and create more informed recruitment strategies that yield better hiring results.

Why Predictive Analytics Important in Hiring

When using predictive analytics in hiring, the ability to make quick and precise predictions leads to quick and precise decisions. Pretty helpful during, say, a hiring shortage. The saying goes that a candidate interviewing with you is also interviewing with other companies. But top talent today is getting snatched up before they’re ever actively on the job market. Timing and quick decisions are essential to keeping up right now.

Businesses that use predictive analytics to predict future demand for roles can also plan their recruitment strategies around this insight. When there’s a skills shortage, the ability to predict hiring patterns based on historical data is key in accurately forecasting when you will need to start recruiting for specific roles.

With companies using recruitment analytics software instead of relying on outdated methods like gut feelings and intuition, they can find the perfect fit faster.

Predictive analytics can help recruiters and Talent Acquisition professionals:

  • Identify strong hires for their open positions
  • Make quicker and better offers to candidates
  • Provide a better candidate experience for job seekers
  • Improve employee performance and retention rates
  • Reduce hiring costs and risks

From a top-notch ATS tech stack, HR platforms, performance management solutions, and more, recruiters collect incoming people data in hoards. The sheer magnitude of that data they have access to is nearly impossible to organize and utilize on a manual level, let alone use it to drive powerful business decisions or make future predictions.

Employers can use predictive analytics to source qualified candidates faster and more accurately with the right HR tech stack. The power of predictive analytics to uncover hidden signals in people data is the basis for predictive recruiting. Recruiters are able to find high-quality candidates even before starting the recruitment process with the aid of actionable data in conjunction with applicant tracking systems (ATS) solutions.

The use of predictive analytics can also help recruiters identify weak points in their hiring cycle. As a result, companies can improve the candidate experience and improve existing business processes. By tracking employee performance and retention rates with predictive analytics, recruiters can reduce unqualified hires and improve their recruiting process. All of these factors together can help recruiters hire the best candidates for their open roles.

Lets take a look at how AI Powered Predictive Analytics can work for your hiring process.

Use #1: Predictive Analytics Can Predict and Prevent Employee Turnover

Back in 2019, Gallup estimated the cost of turnover is around 150%-200%  of an employee’s annual salary. When you consider the time and money spent hiring a replacement in this market specifically, it’s safe to bet it’s now even higher. Research also shows that more than 75% of the causes of turnover are preventable.

The right predictive analytics can evaluate which employees are most “at-risk” of leaving based on an analysis of employee attributes, plus the financial impact that will have on the enterprise. By detailing the variables that may cause each potential resignation, predictive analytics can also streamline target retention and/or hiring plans.

Use #2: Predictive Analytics Means Predictive Hiring

If you’re hiring right now, and we’d be surprised if you aren’t, you know how frustrating this market is. Spending hours mulling over candidate fit only to be beat out, hire someone who leaves shortly after they start, or have a tough time finding anyone to hire at all. This is yet another area where this industry can benefit from leveraging predictive analytics: to help assess candidate fit and position readiness.

Using data from existing employees, AI and predictive analytic algorithms can help narrow down candidates effectively before their profile even makes it to the recruiter or hiring manager. The candidates making it that far are only the best-fit recommendations, saving you time mudding through the people very unlikely to thrive in that position.

Use #3: Leverage Predictive Analytics in Talent Sourcing

Recruiting costs are soaring.

The competition is fierce.

Employees have more options than ever before.

All of this means that hiring the right employee, and hiring them quickly, is a more important task than ever. Organizations need to rely on more agile methods of talent sourcing in order to have any success capturing talent in this environment.

Predictive analytics and AI can aid in this process by seeking out candidates likely to leave their jobs in the near future. Passive candidates are a large target for sourcers right now, time in the job search is practically nonexistent.

Access to candidates that aren’t actively looking but could consider making a move to the right company? That’s invaluable access to top candidates.

Algorithms from social media profiles, company health information, and stock fluctuations can all be used to predict which employees might be prime passive candidates. It also takes into account signals such as their tenure, overall company turnover rates, company news, etc. This helps hiring professionals seek out prospects, but also helps them cater their recruitment strategy to suit this particular type of candidate.

Predictive Analytics: Data That Speaks

Data on its own has limited impact. Even data returned by predictive analytics is useless without the recruiter or hiring professional to make final decisions. However, predictive analytics CAN save hiring professionals time and money. By creating candidate shortlists, your hiring teams can focus on the candidate for a better, faster hiring process.

  • Businesses can use predictive analytics to create a talent pool of qualified candidates before even starting the recruitment process. This allows businesses to focus on the most qualified candidates, which speeds up the hiring process.
  • Predictive analytics can also help businesses identify potential areas of weakness in their recruitment process. By addressing these weaknesses, businesses can make the process more efficient and improve their chances of hiring the best possible candidate.
  • Predictive analytics can be used to track employee performance and identify potential areas for improvement. This information can be used to improve the recruiting process and ensure that only the best candidates are hired.

Predictive Analytics with Recruitment Services?

Hiring is just the start. In recruitment, predictive analytics is used for more than filling vacant positions with qualified candidates. Thanks to the availability of such valuable workforce data, companies can do more than simply say, “Well, we’ll see.”

PREDICTIVEHR pairs predictive analytics with recruitment services. These services are agile, adaptable, and can come in and augment your current recruitment team – for a cost that is cheaper than an agency. Pair this with our analytics and we are that much better suited at finding the best fit for your positions.

By using predictive workforce analytics in Talent Acquisition, you can do more than just hire one candidate at a time or even predict when you will need to recruit for specific positions. AI can now analyze the information collected by your applicant tracking system, which is a game-changer when added to your predictive analysis.

The retention of employees is another area where predictive analytics can assist companies. Companies today face one of the biggest challenges of all: retaining employees. If they hope to succeed, they have to win this battle.

A company can also use predictive analytics to predict the number of employees it will need in the future. With access to workforce data, it is possible to build leaderboards dedicated to specific roles and departments. Managers can then manage their teams based on this data, which increases employee engagement as leaders keep score with predictive metrics.

Managers who are experts in talent identification can identify who has the skills they need and see where that person is in terms of performance or readiness. Employees who feel their strengths are being used effectively contribute to the feeling of well-being in an organization.

The HR leaders can more accurately predict who will be the best performers in the future. Through predictive analytics, they are able to identify candidates who have the skills and experience necessary for success in the target role. A plan can be developed to provide these people with more training, coaching, and development opportunities to help them become more competent in the future.

Companies are building strategic workforce plans based on data analysis from advanced analytics software in hiring, making big data small by focusing on the most relevant information.

Stop reacting to the market as it changes. Get predictive. Schedule a demo with PREDICTIVEHR today.