Recently A MNC has introduced a new form of analysing the experienced candidates and predicting the churn rate, popularly known as analytics in HR
Considering past data’s relating human behaviour, we will be able to analyse the candidate’s nature and capability in working towards company’s vision.
*take a database of current employees
*analyse their date of recruitment, nature of work, educational qualification, promotion, rewards..etc..
Using these information’s the patterns will be generated
This facilitates to compare the fresher candidate profile with the existing pattern so that the candidate’s performance in future can be predicted.
A small scenario:-
Mr Yasin a senior recruiter went for a campus recruitment drive and he has selected 2 guys for the opening..2 weeks later they joined the organization and their training duration was 6 months.. Soon after the training they expressed that they are not willing to continue in the organization and they discontinued the traineeship.
Financial point of view
The training for these 2 employees incurred a total sum of 2 lakhs and these amount is totally a loss for the company as they have discontinued the traineeship.
Per month incentive paid to the trainees is Rs 10000 that makes a total of 1.2 lakhs.
Remaining 80000 includes other expenses like salary to the trainer and system allocation for the trainees
if by any means the amount can be saved by the company the expenses would have been saved that reflects in the P&L account of the company.
In order to avoid such circumstances in future the company can introduce HR Analytics and so that the recruiter can allocate the right person for the Job