Predictive insight has emerged as a critical aspect of People and Culture. As organisations aim to make data-driven decisions that can help them attract, retain, and develop their workforce. With the aid of data analytics and predictive modelling, leaders can gain invaluable insights into employee behaviour and performance that can be leveraged to improve business outcomes.
Vanessa Porter is a highly accomplished Senior Executive for global organisations such as McDonald’s, Disney Stores, Staging Connections and her last role was at the National Rugby League prior to Founding her own Advisory All Of You. She believes that predictive analytics can play a significant role in reducing staff turnover within organisations.
3 main problems facing businesses today
Vanessa sat down with us to explain how irrespective of industry, businesses today face three significant problems. “All the research that we’re seeing right now, clearly shows the three big challenges we are facing. It’s about attracting and retaining the right talent and managing the significant pressure due to cost increases. Whether that be resources, supplies or labour, it’s having a massive ripple effect.”
In her previous roles, Vanessa emphasises that a considerable amount of time was spent gathering essential information from various data points, which often resulted in reduced efficiencies, and decisions being made based on lag indicators.
“The problem with lag indicators is that the challenge already exists, and you are reacting. I think there’s a huge opportunity here to be proactive. If you can automatically pull various lead indicators together, and then make meaning from those with insights, that will make a substantial difference”. Said Vanessa, “It’s obviously much better, more efficient, more cost-effective to keep the people we’ve already got than to go out and bring in new team members. No matter how thorough our selection process is, if we’ve done the psychometric testing, the background checking, the interviewing, it’s not the same as having somebody that’s already up to speed within your business and a valuable team member.”
How does predictive insight fit into People and Culture?
Predictive insight anticipates and mitigates workforce risks proactively. Vanessa believes predictive insight can help HR teams be proactive in identifying employees who may be disengaged and or considering leaving and take individual interventions to reduce the impact on the business.
“I always remember a yoga teacher saying to me, that something like 87% of injuries occur as you’re exiting a pose and I think that’s absolutely the case with an organisation. All the harm and damage is done when somebody is leaving an organisation because it’s not always done with as much dignity and respect as when somebody starts. And I think what this [RetainTalent] does is ensure that you’re putting in that effort where it counts. It’s as simple as that.”
By leveraging data analytics and predictive insight, organisations can gain valuable insights into employee behaviour and performance, which can be used to identify patterns, understand the drivers of turnover, and take proactive steps to improve employee retention and reduce turnover. As such, organisations that embrace this technology coupled with the right leadership are well-positioned to succeed in the rapidly evolving world of work.
“What I really like about this is its very laser-focused on one thing and it just happens to be one of the biggest challenges that we’re facing across the world right now. It is also 96% accurate. There’s no subjectivity at all. It’s completely objective, and data driven. It identifies the issue so that we can then put our focus, energy and attention into how we solve it.”
Vanessa Porter, Managing Director, All of You
All Of You partnering with Toustone
Vanessa Porter is an accomplished People and Culture Strategist that has demonstrated a keen ability to drive organisational success through effective people management strategies. Vanessa is known for creating and implementing innovative HR initiatives that align with business objectives.
Her expertise, coupled with Toustone’s predictive insights, creates a comprehensive solution for companies looking to improve their employee retention rates and foster a positive work environment that promotes employee satisfaction and loyalty.