HR professionals agree almost unanimously 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 OutMatch, a predictive analytics firm that helps companies match the right people with the right jobs.
Of 176 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, only 35 percent said they are currently using data and analytics when hiring employees, and only 44 percent are using that information when building employee development plans.
The release of the survey comes as the annual HR Technology Conference, the largest HR technology and services exposition in the world, gets underway next week in Las Vegas.
“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 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, which demonstrates that both the desire for, and lack of access to, predictive analytics transcends company size.
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.
Complete survey results are available at http://bit.ly/2xejkOM.
Processing more than 20 million candidates per year at over 200,000 locations, OutMatch provides the measurement, insight, and impactthat companies need to make better hires and develop better employees and leaders. OutMatch works with large, decentralized organizations with high-volume hiring needs in the hospitality, restaurant, retail, healthcare, and property management industries, including recognized names such as American Airlines, Adidas, Brinker International, CarMax, HCA Healthcare, and Hyatt.
OutMatch is transforming the world of work by helping companies hire, retain, and develop great talent. How? We deliver actionable workforce analytics that predict employee performance, so you can hire the right people—the absolute best match for your jobs—and develop them into stellar employees who drive improved customer satisfaction and increased revenue. For more information, visit http://www.outmatch.com or @OutMatchHCM.