Harnessing Statistical Insights for Future Success- Descriptive, Predictive, and Prescriptive Approaches

Harnessing Statistical Insights for Future Success- Descriptive, Predictive, and Prescriptive Approaches

Descriptive statistics is a crucial step in data collection. The goal of descriptive statistics is to keep all parties informed right from the initial stages. In the very beginning, the data collected acts as an important source of background information. All stakeholders have a glance at the situation through this initial data. In a business setting, descriptive statistics keep all stakeholders updated about the key issues (Pease, Byerly, & Fitz-enz, 2012). Through this data, it is possible to find potential problematic areas at a suitable time.

Head Count

Human resource managers are shifting towards the use of descriptive statistics. This data helps the process of analytics, which is dependent on the metrics. The headcount of employees is easy to obtain during each shift or working day. The signing in the register provides this data accurately. The human resource team is aware of how many employees report to work each day. Thus, they can explain the daily rate of absenteeism or the possibility of understaffing in a specific unit. However, this data has more meaning once it is collated or tabulated to address a specific aspect such as absenteeism or staffing (Blanks, 2019). On its own, it has minimal value to the organization.

A combination of variables is helpful in the provision of more insight. In this case, the human resource can combine the absenteeism rates with the daily productivity for each department or the entire organization. The company’s rate of retention can also be included in this analysis. Such a combination would explain the connection between the rate of turnover and absenteeism as well as their effect on productivity. The organization’s human resource department can then go ahead to explore issues related to the employees’ job satisfaction, individual output, burnout levels, and other variables that can remedy a problematic situation.

In a case where the negative trends persist, it would be necessary for the human resource department to find solutions to the issues. For instance, consistent absenteeism can result in understaffing, which results in significant burnout for some of the staff members. As a result, such burnout can manifest in low job satisfaction and poor productivity (Varma, 2017). Therefore, such a situation would explain the frequent and voluntary loss of employees to other organizations. Such a situation further translates into low profitability as the organization uses significant amounts of resources through frequent recruitment programs. Besides the fiscal impact, an organization whose employees are not satisfied with their jobs is likely to lose a significant market share. The dissatisfaction translates into poor services which may cause clients to express dissatisfaction and opt for other service providers. The simple descriptive statistic of a head count provides a rippling effect that can give the human resource department valuable information.

The human resource department at this point must devise strategies that are ideal for solving the many issues that arise from a simple head count. It is advisable to address issues at once instead of waiting for escalation. This approach saves the organization financial resources and time. Addressing issues of absenteeism at once upon notice can allow the human resource department to arrest dissatisfaction issues and avoid subsequent burnout for other individuals. This can resolve other issues that may surface due to consistent absenteeism. Therefore, descriptive statistics hold significant value for every organization upon use (Pease, Byerly, & Fitz-enz, 2012).

References

Blanks, K. (2019). Three Types of HR Analytics: Descriptive, Predictive, and Prescriptive. Retrieved from https://employeecycle.com/three_types_hr_analytics_descriptive_predictive_prescriptive/

Pease, G., Byerly, B., & Fitz-enz, J. (2012). Human Capital Analytics. John Wiley & Sons, Inc.

Varma, C. (2017). Importance Of Employee Motivation & Job Satisfaction For Organizational Performance. IJSSIR, 6(2), 10-20. Retrieved from https://www.researchgate.net/publication/329698335_importance_of_employee_motivation_job_satisfaction_for__performance

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Descriptive, predictive, and prescriptive statistics allow us to “manage tomorrow, today” (Pease, Byerly & Fitz-enz, 2012). They can help us see what currently is and show us a path on how we can be more successful tomorrow.

To complete this Assignment, review the Learning Resources for this week and other resources you have found online, then respond to the following bullet points in a 2- to 3-page paper:

**What is the goal of a descriptive statistic?
**Provide an example of a descriptive statistic HR may use (besides turnover).
**Identify another variable that can be employed to provide more insight (Pease, Byerly, and Fitz-enz refer to this as “stats on steroids”).
**Imagine you could look into the future to see if trends continue. What impact could an understanding of this data have on the organization?