Over the last few years, analytics has become a major buzz topic in HR segment. From descriptive to finally predictive, HR analytics has come a long way by deploying various analytic models for making better HR decisions. Among the different types of analytics available today, prescriptive analytics helps the HR team to process information by providing correct decisions.
What is Prescriptive Analytics?
Prescriptive Analytics is the advanced form of analytics which uses big data, mathematical sciences, business rules, and machine learning to make predictions and then suggests decisions to generate better solutions. Prescriptive analytics combines the historical capabilities of static and descriptive models with a forward-looking ability which results in getting better insights for the users about what will happen next, and also what should do next.
HR should know about Prescriptive Analytics and its benefits
Prescriptive Analytics is a recommended approach for HR to choose the possible actions or decisions which lead to generating desired outcomes. Predictive analytics can identify the employees who are most likely to quit whereas prescriptive analytics can determine the plan which can succeed in retaining those employees by analyzing their available database.
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When it comes to generating solutions using prescriptive analytics, an HR professional should understand the scope of that generated solutions in different contexts and scenarios. This level of awareness will hold good to develop an innovative approach in terms of creating effective solutions.
Employing prescriptive analytics in workforce planning leads to a rigid workforce with rapid problem-solving, and also with more agility. It enables organization growth with better performance and colossal productivity.
Concerns for Prescriptive Analytics
For most of the companies, prescriptive Analytics is the most promising technology with n number of benefits. However, for companies without necessary analytics capabilities will find it challenging to experience the advantages of this technology.
A sound understanding of analytics fundamentals will help HR pro to figure out how best to leverage collaborations with analytics within their organizations.