Predicting the market offers opportunities to help align businesses and communities in preparation for change. Those organizations that can succesfully change to market needs faster than others can capitalize on their foresight to create real benefits. The accuracy of market predition offers opportunities for efficient adjustment of human capital needs to meet growing market trends and challenges. If you can get ahead of the change then you can prepare, meet and master that change better than the competition your organization will thrive (Hot spot for investment).
Let us consider a papermill company that knew the type of paper they were creating was slowly being phased out of the market due to a decease in their use/demand in physical magazines and an increase in digital magazines (Underlining economic platform change based on technologies changes. i.e. digital GDP). Without change the entire organization can be put at risk (You can sometimes see trends in publications such as Industry Outlook Deloitte 2024).
To beat the market investors purchased an existing paper company and started building a new product line. Let us say they hope to manufacture speciality cardboard for perfume boxes and high end products often sold in retail and on Amazon. As investment in the product line increases so will the need for new skills and employees within the papermill and associated suppliers (HR Demand Forecasting Method).
At some point the company will begin recruiting new employees or encouraging current employees to learn the skills needed to run the new equipment that create the products. Much of the human capital outlay is within the strategic plan and project management details. One might need to understand what skills, knowledge, and abilitie (SKA) the organization currently has within its as well as what SKA they will need to match the market of the future.
(You can read about methods of selecting strong candidates and promotion using predictive analytics.SHRM Predictive Analytics. SHRM is an oganization that is a leading authority in Human Resource Mnagement topics. You can visit the SHRM Homepage.).
Organizations can obtain needed skills by developing corporate training, hiring from universities, or recruiting people from outside the company. The same can be said for nations as administrators often influence educational direction, train from within countries, or hire those skill from outside the coutnry (visa). Often a first trying to develop those skills in-house is preferred and recruiting from outside augmentary. A solid strategy should consider all of the opportunities and options.
Planning is about understand what SKA your organization currently has, what the market says you will need, and aligning that with your strategic initiatives. Success means saving resources and staying competitive. Lack of success means decline and lost resources. Instead of being blown about by the market seas with no rudder it makes sense to think ahead with predictive analysis to develop human capital.
Key Points:
-Predictive Analysis helps determine needs of human capital.
-Predictive Analysis can be matched with the market and strategic initiatives.
-Predictive Analytics helps to determine who you want to hire and who can be retained.
-Predictive Analysis uses information from the past to determine what is likely to happen under similar circumstances.
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