How predictive analytics is helping corporates forecast talent demand? Find here


By Varun Mehta

With constant rise in the workforce cost, it is important to understand the need and requirement of a business before engaging in any hiring activity. The cost associated with talent management is considered to be a strategic long-term investment and hence should be well planned. Manpower planning is an important aspect, it is about forecasting your manpower needs according to your current and future business strategy and objectives and further balancing the gap, if any. The idea is to have the right number of employees with the right skill set to achieve the maximum output.

Managing an effective workforce entails smart deployment of resource which is neither surplus nor entails any skill gap which may result in reduced productivity, performance, and profitability. Two key elements that should be kept in mind while forecasting the demand and supply of talent are –

It is critical to understand and take into account the aspiration & goals of the organisation. Once determined the business objective, requirement and way forward, the focus should be to play the number game and identify the numberof employees required and at which stage. In case the organisation faces shortage of employees to achieve its business objective, an effective employment approach needs to be devised. And if the situation is vice versa a strategy needs to be created to manage retirements, redundancies and dismissals.

Once the organisation has set its objective, strategised its manpower supply of labour the last and of utmost important task is to get a skilful workforce. A skill set audit of the present employees will help an organisation to identify the gap and sought for additional resource will required skill set.

With the influx of technology, the HR function has become more dynamic. There are several statistical techniques & tools available in the market that can help HR in anticipating attrition and also in designing effective retention strategies based on factors identified during this exercise.

The science of predictive analytics is catching up amongst corporates to predict possible outcomes. Some of the companies are making the most of predictive analytics, adding concrete value to the stakeholder, employees, and management thereby enabling organisations achieve their strategic business objectives.

The author is the Director & HR at SRL Diagnostics.



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