By analyzing known facts, predictive analytics makes assumptions about future events. Self-predictive analytics technology utilizes your company’s internal data to learn from your company’s experience and produce a predictive score for the organizational elements examined. Based on those scores, an organization can use that internal business intelligence to increase productivity.
Predictive analytics is much more than a data summary. The technology predicts future outcomes by finding relationships among variables from both inside the organization and data from outside. In the insurance industry, for example, a direct correlation was discovered between credit scores and auto claims — variables both internal and external to the industry. Exploring those relationships can increase a recruiter’s chances of identifying and targeting the right people for the job, even if they haven’t actually applied.
What Does Social Media Bring to the Table?
When you add the mining of social media to the mix, you’ve moved from predicting your organization’s productivity and performance to predicting changes in job-seeking behavior, the causes, locations and many other actionable analytics. Data is collected, analyzed for relationships and integrated as a component of predictive intelligence. With the right technology, you can turn an overwhelming amount of raw social media data into a sensor network that provides insights to help with workforce planning, talent attraction and employee attrition.
By mining social media data, businesses are provided with unfiltered conversations about not only their own brand but their competitors as well. Sentiment analysis technology sorts social mentions as positive, negative or neutral. These insights can be invaluable to a company’s brand and reputation among potential job candidates.
What Are the Applications of Predictive Analytics and Social Media?
Predictive analytics may be new to the recruiting sector, but weather forecasters, marketers and insurers have been using it for years. Analytics are superior to HR metrics, which can only tell you about the past. Analytics take into account all the data to reveal trends and patterns for future use.
In the competitive world of talent management, analytics provide your organization with a quantifiable advantage in both talent management and business decisions.