Predicting the Future: Companies Utilize Advanced Metrics to Predict Workforce Needs

Predicting the Future: Companies Utilize Advanced Metrics to Predict Workforce Needs

In challenging economic times, organizations are frequently struggling with tough decisions about their workforce. What will the future hold? Should they reduce staff or prepare to get an early jump on the competition? To answer these and other important questions, a growing number of firms are turning from a reliance on workforce metrics that focus primarily on what has happened in the past to workforce metrics developed specifically to analyze what lies ahead. These predictive analytics can help HR departments move away from using only data like head counts and turnover rates to figure out the best hiring, retention and, if necessary, staff reduction strategies that will be needed down the road. Thanks to novel software tools and expert statisticians, 21st-century advanced metrics are beginning to offer organizations the ability to actually peer into the future with more precision. However, so far the number of companies using predictive workforce analytics …

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