Are You Utilizing Predictive Analytics?
Now that people analytics has established a firm foothold within world’s top companies, most HR professionals are convinced of its promise. However, as the technology evolves rapidly, misperceptions abound. One such misperception is particularly prevalent: many practitioners overlook the subtle distinction between building and utilizing predictive models.
Building reliable predictive models is a difficult task that requires substantial expertise. Historical data must be accessed and prepared. Interesting patterns must be identified and scrutinized for statistical reliability. Some HR departments become so absorbed in this task that they mistake it for an end in itself. They overlook the fact that building a good model is only half the battle – a good model is useless unless it is leveraged effectively to advance one’s goals.
At Vemo, we’ve had clients come to us for help after working internally on predictive modeling. When we ask what they’ve produced so far, we’re often presented with something that looks like this:
What you’re looking at is the output from a model that predicts an employee’s turnover risk based on tenure, salary and several other characteristics. But to the untrained eye, it’s an inscrutable morass. How can we transform this output into actionable insights?
We’ve invested heavily in R & D to answer this question, and what we’ve come up with is truly one-of-a-kind: The first software of its kind to fully integrate predictive modeling technologies into an established planning and analytics infrastructure designed specifically for HR.
Here’s how our solution works:
First, we work with the client to build a predictive model like the one you see above, using all the information the client has available, combined with some proprietary indicators of our own.
Once the model is built, we integrate it into our software platform. This allows predictive models to be seamlessly integrated into the planning and analytics infrastructure that our clients have relied upon for over a decade. We’ve developed a variety of infographics, optimization calculators, and other features that help our clients use predictive modeling to inform their staffing plans, compensation policies, management structures, and a variety of other HR policies.
In short, we’ve transformed this: Into this:
Vemo is a leader in workforce planning and analytics subscription software and predictive analytics consulting services. Vemo differentiates itself in the market by its expertise, innovation and customer-oriented approach.
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