A PREDICTIVE MODEL OF BEST HUMAN RESOURCES PRACTICES TO BUSINESS PERFORMANCE
[i]A predictive (model) is a logic process that leverages business intelligence tools such as data mining and statistics to make predictions of future events. It assists the human resources executives in developing the hiring and employee performance strategies as well as foreseeing possible problems that are likely to happen in the future.
Modern management need modern methods of comprehending the factors involved that impact their organization’s capital investment on its internal labor market. They need to adequately act in response to present trends and inclinations and to possible events in the future.
The challenge is how to deviate from defining precedents to a timely forecasting of future situations that may develop to form possible outcomes. Predictive modeling can help executives define and minimize employee turnover cost and effect to the organization.
Two sets of results should be generated by an internal manpower market. One is the effect on workforce which includes improved manpower capability, manpower commitment, and a company ethos of providing maximum level of performance. The other effect is on business outcomes. It deals with profits, customer service and satisfaction, and business growth and possible expansion.
Each human resource has its own unique characteristics. It is characterized by its methodology and technique in hiring, training and coaching, compensating, transferring and promoting, and retaining manpower resources that are assets to an organization. These are usually executed by giving value and importance to employees, allowing transfers to other areas where employees might be better suited, and boosting support to the overall development of the employee.
A predictive model may also be a software-based tool that aids management in assessing health risks and the characteristics of each and every employee’s specific health risk status all for the purpose of maximizing employee performance, increasing productivity, and improving business profitability.
It provides management the tool to knowing the precise future healthcare costs that may be incurred by their employees in the future thereby providing them the means to accurately base their decision-making for the improvement of their people’s quality of life, and managing future costs of health care claims.
A more comprehensible overview of the basic health risks that may affect the manpower resources is clearly presented along with the effect it may have on claims of health care and the organization’s profitability as cost of benefits and health care are among the bigger expenditures of company business statements.
The predictive model can be utilized to show the impact of health interventions on employees. An example is assessing the impact of health and wellness programs as fitness activities, seminars, dietary nutrition or stopping smoking programs, as well as the costs it will entail.
An approach to management of human capital must be utilized in the hiring and retention process. This involves the evaluation of manpower shortages, following regulations as set by each respective government, and responding correspondingly and proactively to a usually severe struggle to procure the best professional talent.
To realize the potential for this approach, HR executives should, first of all, significantly improve and develop their HR processes. It should involve effectively managing metrics to set the means to attain goals, and to make parallel present methods to future goals.
The right human resource with adequate skills should be hired to effect a profitable strategy on hiring and retention. The applicant’s competencies, knowledge and skills should be matched to the requirements and metrics of HR to guarantee a qualified and competent applicant who will have a high-retention rate.
An up-to-date HR metrics can assess if the applicant to be hired is the right applicant who will fit in to the organization’s culture, and is suited to perform based on the organization’s productivity schedule and perspective.
All these processes can considerably improve any organization’s operational performance and financial statements. Predictive models combined with a technology suited to the needs of the business will aid the organization in streamlining its operations, and permitting executives and decision-makers to have a more consolidated and on-time approach to critical issues and other data.
[i] www.humancapitalsource.com
Credit:ivythesis.typepad.com
0 comments:
Post a Comment