Dallas, Texas—HR professionals overwhelmingly agree that predictive analytics would help them hire and develop employees to perform better, but only one in three have access to data during the talent selection and development process. That’s according to a survey conducted by predictive analytics firm OutMatch.
Of the HR professionals surveyed nationwide, 95 percent said access to analytics that predict candidate performance and on-the-job success would be helpful, and 91 percent said their company considered HR a critical component of corporate profitability and success. However, just 35 percent reported currently using data and analytics when hiring employees, and 44 percent are using that information when building employee development plans.
“HR executives are speaking loudly and with one voice: there is a better way to hire, and it starts with predictive analytics,” said Greg Moran, president and CEO of OutMatch. “Since hiring and employee development are critical factors in business success, companies that seize the opportunity to inject data into the process will reap the benefits of increased productivity, satisfied customers, and higher revenue.”
The survey included responses from 176 HR professionals who work at companies in nearly 30 different industries. More than half of the firms they represent, or 56 percent, employ 1,000 or more people.
Of the companies that are investing in data-driven HR technology, 46 percent are using it to improve employee selection, and 17 percent are seeking to reduce turnover. Nearly 60 percent of companies reported an average employee turnover rate of up to 20 percent, with another quarter characterizing turnover at up to 50 percent.