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EdgeNetworksExpert Speak Part 2 | Don’t be Joey! Know these HR Analytics terms

Part 2 | Don’t be Joey! Know these HR Analytics terms

We’re back as promised, with some more terms that will help you understand HR analytics better.

And like last week’s blog, we hope to bring a smile to your face with a famous one-liner from Joey (who else!)

So, picture Joey in his typical style saying, “You can’t just give up! Is that what a dinosaur would do?”

And click to check out this sidesplitting video with 21 of Joey’s most hilarious lines!

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Demand and Supply Forecasting

What it is

Demand forecasting, as the name suggests, means estimating the number of people required with the right skill set to accomplish upcoming tasks. Supply Forecasting, on the other hand, means estimating the number of people who will be available to accomplish a certain future task.

 What it does

Demand and supply forecasting can effectively help an organisation prepare in advance for its expansion plans and upcoming projects. By estimating the number and kind of people needed and available to execute plans, organisations can form teams in advance by initiating promotions, transfers, team shuffles etc. It can also help determine replacement needs of employees due to health issues, absenteeism etc.

Cost to Hire Analysis

What it is

All external hiring comes at a cost. This cost could be hidden; for example cost of time spent in poring over tens of dozens of resumes to find that ideal mix of candidate; or it could be plain and obvious like cost of advertising a job vacancy. Cost to Hire Analysis makes use of historic hiring data to analyze and identify the various cost heads; and then suggests ways and means to reduce or contain certain large cost heads.

 What it does

Cost to Hire Analysis can help HR departments better control their hiring costs by identifying all possible inefficiencies. For organizations hiring people in large numbers, Cost to Hire analysis can add precious dollars to the bottomline.

 Joining Probability Analysis

 What it is

HR executives often have to deal with situations when candidates accept job offers and then back out from joining. Joining probability analysis includes building a probability score for all candidates as an indicator of how likely they are to join.

What it does

It successfully identifies profiles of candidates who are more likely to join based on an analysis of their characteristics or traits. A tool like Joining Probability Analysis helps avoid the loss incurred when a promising candidate refuses to join.

Hiring Channel Mix Modeling

What it is

HR executives make use of several channels for hiring their candidates – including employee references, recruitment consultants, social media and so on. Hiring Channel Mix Modeling analysis previous hiring data to identify all channels that have led to hiring for an organization and the interplay between them. It can then go a step further and pinpoint the channels that have been most fruitful in hiring.

 What it does

Modeling your Hiring Channel Mix can help HR departments focus their efforts on those channels that have performed best for their hiring needs. It therefore helps HR departments streamline their hiring efforts and optimize their hiring costs.

 Attrition Analysis

 What it is

To understand attrition analysis, we must first understand the concept of flight risk. Flight risk refers to the risk associated when an employee is looking to switch jobs. It is the HR’s job to devise methods to retain talent in the organisation. Attrition Analysis helps reduce flight risk by adopting a predictive approach and identify problem areas in advance.

What it does

Applying attrition analytics can help the organisation’s HR make risk scores for employees. These risk scores help predict which employees are more likely to resign, at what time and the reason behind their resignation. Once the HR team has this information at hand, it can create employee retention programs that will help keep the best talent in the organisation.

Did you find these explanations helpful? Do you want us to explain any other HR tech buzzword? Let us know in the comments sections and we will get back to you!

Comments
  • Mohammed Mohideen

    Everything was explained in detail. But can you give more clarity for attrition analysis.

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