More and more we are reading and hearing about analytics.  Last year 3 best sellers chronicled what is here and what is coming.  Analytics are simply statistical tools such as correlations, regression analysis, factor analysis, causal or path analysis and a bunch more.  They are nothing to be afraid of.  There is a logic behind each of them and there is an army of people who can recommend and run analytics for you.

The place where predictability falls down is in the decision models that are used or abused.  Quite often in their haste to find a solution the up front scanning of the factors driving the problem or opportunity is weak.  For instance if you want to know how to hire more effectively in 2010 you start with a thorough scan of the external job market and your internal work environment.  Ask what is there outside: labor supply, technology, regulations, competition, etc. that is likely to affect your people?  Internally, what about your structure/policies/work environment/culture/technology/etc. etc. that are affecting your workforce now or will affect it next year?   Once you have that figured out then ask yourself what affect will this have on your ability to hire.  Here is where analytics comes in.  Which combination of applicant sources and selection methods will give you the best results?  Statistical analysis will answer that question.

This small example will hopefully give you an idea of how predictive analytics support human capital management.  We’ve been applying these models and tools for almost two years in a variety of problems.  Examples: Building a leadership/management development program and succession planning system; determining what needs to be done to improve the performance of the most mission critical managers/professionals; reorganizing the human resource measurement/communication system to make sense of all the data that is laying around but not telling a story.

As you come out of the recession your competition is working on new models and methods such as those I just outlined.  If you apply the principles of Human Capital Management and the tools of predictive analytics you will find these are powerful allies in the war for talent.

Dr Jac

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