Using advanced analysis to manage talent and risk
Given the importance of talent and people in the financial services industry (FSI), it’s time to move beyond instinct, gut and tribal wisdom in making workforce decisions. If you’re not using workforce data and analytics to drive your talent decisions, you may be behind the curve — and at risk of losing your competitive edge. As HR works with FSI leaders on the front lines, analytics are becoming critical in making more effective decisions related to workforce planning and recruitment, risk management, compensation, development programs and deploying critical talent.
Workforce analytics involves using statistical models that integrate internal and external data to predict future workforce and talent-related behavior and events. These models can help financial services organizations focus limited resources on critical talent decisions. For example, models have been demonstrated to predict the likelihood that a particular employee will leave in the next six months — and can provide likely reasons for the prediction.