Human resource planning using predictive analytics

Abstract

Big Data, Analytics, Predictive Analytics (PA) have made their way into the world of Business in general and Human Resource Management in particular. Today, they have even gained an entry into Board rooms and business meetings as well. PA has immense potential to offer game changing actionable insights into the entire gamut of HR planning activities. In total contrast to the traditional descriptive analytics using tables, reports, ratios, metrics, etc., PA equips firms to analyze the past and attempts to discern trends in key HR-centric data. However, most companies woefully lack a holistic and consistent view of their HR and the incredible power of HR analytics to attempt and achieve employee force optimization. This review of literature-based Paper discusses the issues and challenges involved in using PA and Predictive Retention Modeling as a key component of HR analytics strategy to compete better and secure business excellence through analytic capability.