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10 Helpful Ways Predictive Analytics Can Grow Your Staffing Agency

Predictive analytics is a particular category of the broader data analytics field that aims to predict future outcomes based on data and analytics trends and techniques. These techniques include machine learning, statistical modelling, and more. In the staffing agency environment, predictive analytics can generate accurate future insights that promote business growth and aid in the development of sustainable long-term staffing strategies.

Businesses can use past and current data and HR predictive analytics models as tools to forecast behaviours and trends days, weeks, years, and even decades into the future. A vast range of businesses and organisations now use predictive analytics to benefit their operations. According to a Zion Market Research Report from 2017, experts expect the global market to reach over $10.95 billion in value by 2022, growing at a compound annual growth rate of roughly 21% between 2016 and 2022.

The recruiting industry has gone through significant changes over the past few years, especially in light of the impact of the COVID-19 pandemic. The face of business operations and staffing requirements have changed for good.

New technologies and technologically informed hiring strategies have certainly played their part in these changes too. Here is how social expertise, innovation, and predictive analytics will shape the growth of staffing agencies in the future.

The Benefits of Predictive Analytics for Staffing

Are you looking to learn why and how to use predictive analytics in HR? Predictive analytics has a wide range of immediate and long-term benefits for the staffing industry, including the creation of:

1. More Accurate and Reliable Forecasting Processes

Predictive analytics makes forecasting into the future more reliable, accurate, and cost-effective than past tools. It can assist staffing agencies in identifying key ways to reduce operational costs, earn more money, and improve their staffing processes using real-world data.

2. More Effective Recruitment Campaigns

Staffing agencies need to optimise their recruitment and advertising campaigns with HR predictive analytics. In doing so, they can generate more applicant responses, attract more talent, and nurture and retain their most valuable employees.

Effective recruitment campaigns also ensure that staffing agencies can identify the best recruits to fill positions in their clients’ organisations, ensuring more sustainable sources of income and steadier client bases over time.

3. Processes that Accurately Detect and Halt Criminal Activities

Staffing agencies can use predictive analytics to detect and halt fraudulent and criminal activities before severe damage occurs. They can use these tools to study user actions and behaviours and identify potentially suspicious activities, including cyber-attacks and corporate spying.

4. Accurate Forecasts of Employee Satisfaction and Turnover

Predictive tools can assist staffing agencies to stay ahead of changing job markets and hiring trends and gauge satisfaction levels within their teams. Furthermore, they can predict how their processes, policies, and guidelines may impact employee satisfaction, productivity, and turnover rates in the future using machine learning-based systems.

5. Strategies to Minimise Employee Turnover

Employee turnover is a huge, expensive, and constant challenge for businesses of all shapes and sizes. Predictive analytics can help prevent this issue by analysing pay range, inclusion and diversity, promotions, and individual growth to identify workers who are most likely to leave their places of employment.

Businesses can use this data to identify strategies to retain these employees and effectively minimise employee turnover.

10 Ways that Predictive Analytics Can Grow Your Staffing Agency

Predictive analytics can handle many of the time-consuming manual aspects of the staffing process. It frees up staffing professionals to pursue higher-level tasks, like in-person interviews, essential decision-making responsibilities, and more.

We’ve unpacked ten ways in which HR predictive analytics can help a staffing agency to grow.

1. Locating Talent for Clients

You can instruct predictive analytics tools to be programmed with data on employee life cycles, behaviour, attrition, productivity, and engagement, allowing you to search automatically for ideal employee models. The tools scan all available sources, discovering talent that may have been overlooked in the past.

The more you use these tools, the better they work. They learn from their data histories of hired candidates that display the best productivity and retention to optimise the future hiring process.

2. Improving Job Postings

Predictive analytics uses industry, location, occupation, and organisation requirements to create concise job postings targeting your ideal talent pools. It leads to improved responses from suitable candidates and fewer responses from under-qualified professionals.

3. Identification of Ideal Job Posting Platforms

This software can pinpoint the best media to reach your agency’s ideal target audience and eliminate the platforms with substandard ROIs.

For example, an agency may focus its recruiting budget on online job boards, social media, or professional networks, based on its hiring position and which platforms produced the most successful candidates in the past.

4. Increasing Diversity in Hires

Automated tools are fuelled purely by data. As such, they create a hiring process that is completely impartial and unbiased. They enable your agency to seek candidates in places you hadn’t considered in the past, drawing from a wider talent pool and selecting candidates based on their suitability for the roles for which they apply.

5. Effectively Screening and Ranking Resumes

In the past, HR teams spent hour after hour manually screening and ranking resumes. Predictive analytics can perform the same task in minutes—presenting staffing professionals with a list of high-quality candidates that have been accurately pre-screened for suitability.

6. Ensuring More Rapid Hires

According to research from Glassdoor, it takes an average of 23 days — almost an entire calendar month — to acquire a single new hire when completing the hiring process manually. Adding HR predictive analytics to your agency’s arsenal streamlines the candidate selection process and enables you to hire your clients more quickly and efficiently.

Reducing the length of the average hiring process will reduce your clients’ advertising costs and increase the likelihood of you retaining those clients as a result.

7. Minimising Hiring-Related Risks

Staffing agencies and HR teams can use predictive analytics tools in forecasting which employees require additional training, the attention of management, and more. By predicting potentially harmful situations and managing them correctly, agencies can reduce risks, the potential of legal issues, and unnecessary expenses for their clients.

8. Developing the Efficacy of Line Managers

A significant percentage of employees who leave their jobs do so because of issues with their managers. Logically, then, the efficacy of line managers is a crucial predictor of employee attrition. Predictive analytics can assess the attributes of line managers that prompt employees to leave and past workers’ performance ratings, feedback, habits, levels, and tenure.

You can measure these factors against managers’ profiles to provide data on which actions of past managers caused employees to leave. Agencies can then design interventions to ensure that employees and leaders are appropriately matched and that you train managers to reduce the likelihood of high staff turnover.

9. Improving Performance Review Quality

Performance reviews are notoriously stressful for managers and employees alike. Analytics tools and sentiment analysis can provide real-time feedback that informs employees of what they can do to improve their performance at any given time.

These tools can give staffing agencies actionable insights into employee performances, minimise inefficiencies, and predict which future employee productivity challenges can be resolved here and now.

10. Predicting Development and Learning Requirements

Predictive analytics can play a significant role in employee performance when used in the correct settings. It can act as an agency’s ‘conscience’ by supplying data that helps to assess all the skills needed for an organisation to thrive and grow in the future.

Every hiring organisation needs to understand the skill sets of its current employees to design effective development strategies that will meet its future needs. The needs of businesses in 2022 will likely look vastly different from the needs of the same organisations in 2030.

HR predictive analytics tools assess workforce inefficiencies and employee skillset gaps to identify the skills and development tools that individual hires will need to meet their new employers’ needs. Additionally, the technology enables agencies to extract real-time data to see how hires are progressing towards the skilled state they need to reach to perform optimally in their positions.

Agencies can use employee data alongside their clients’ industry and financial data to predict the likely position an organisation will find itself in if it continues on its current trajectory with the skill set it has at present. Agencies can then make more informed decisions on employee training and development suggestions to ensure that their clients know how to upskill their hires in a way that best serves their long-term organisational goals.

The Bottom Line

Predictive analytics can be a hugely effective tool for growing staffing agencies, improving the quality of their hiring processes, and assisting them in retaining big-ticket clients in the long run. It’s essential to bear in mind that the quality, privacy, and security of the data used to program analytical tools need to be kept safe at all times.

We recommend that agencies phase in new analytics tools, using restricted first steps to use only the data that they know is accurate. Over time, they can expand their usable data sets and benefit from a more efficient recruiting process that helps their businesses and their clients alike.

4 Expert Tips To Lift Your Company Up And Make It Grow

Starting and growing a company is not easy. It takes a lot of hard work, planning, and effort to make it successful. And even then, there are no guarantees. That’s why it’s important to have the right tools and advice at your disposal if you want to give your business the best chance of succeeding.

In this article, we will discuss four tips that can help lift your company and make it grow. We will also provide information on how to implement these tips to get the most out of them. So if you’re looking for ways to take your business to the next level, read on.

Grow your enterprise by diversifying your product line

Before you can start expanding your product line, you need to figure out what products or services you want to offer. Once you have a good idea of what you want to sell, you can start looking for suppliers or manufacturers who can help you make those products. You can also start developing marketing materials using Strategic Growth for Enterprise that will help promote your products. Analysing the structure from a commercial and cultural lens with the help of experienced experts you can investigate how to improve the linkage of commerce.

Diversifying your product line is a great way to grow your business because it allows you to reach new markets and attract new customers. It also makes you more competitive, which can help you win more business.

Increase your sales by expanding your customer base

One of the best ways to increase your sales is to expand your customer base. This can be done in several ways, including:

  • Developing a marketing strategy  that focuses on attracting new customers
  • Offering incentives to customers who refer friends or family members
  • Creating a loyalty program
  • Developing partnerships with other businesses

These are just a few examples of how you can expand your customer base. The key is to find strategies that work well for your business and then implement them effectively.

Reduce your costs by automating your operations

Automating your operations can help you reduce your costs significantly. This is because it allows you to automate tasks such as:

  1. Filling orders is an easy way to reduce the time it takes to process an order and get it out the door. It also helps you ensure that orders are filled accurately and on time.
  2. Processing payments is another task that can be automated. This will help improve your cash flow and reduce the amount of time it takes to process payments.
  3. Managing your inventory is another area where automation can help. Automated inventory management systems can help you keep track of your stock levels and make sure you never run out of products.

These are just a few examples of how automation can help reduce your costs. The secret is to find tasks that are costing you the most money and automate them as much as possible. Automating your operations can help you reduce your costs significantly by allowing you to automate tasks that would otherwise have to be done manually. This can save you time and money, which can help improve your overall performance.

Learn how to attract investors

If you’re looking for ways to take your business to the next level, attracting investors can be a great way to do it. This is because investors can provide you with the capital you need to grow your business. They can also help you expand your operations, which can lead to even more growth. To attract investors, you need to have a clear vision for your company and a solid business plan. You also need to be able to show that your company is profitable and has the potential to grow.

To attract investors, you need to have a clear vision for your company and a solid business plan. You also need to be able to show that your company is profitable and has growth potential. If you can do all of this, you will have a good chance of attracting investors.

It can be beneficial to outsource some of these assignments to companies that can help your management. This is because it allows you to focus on tasks that are more important and lets the experts handle the rest. By outsourcing certain assignments, you can also save yourself time and money.

Overall, there are a number of things you can do to help your company grow. The key is to find strategies that work well for your business and then implement them effectively. With the right approach, you can make your company grow and thrive.