By James Tehrani and ChatGPT
I was asked to write a blog about how data and analytics can help PEOs. I pondered the thought for a moment, looked over some notes from conversations I recently had—and then did what any modern digital content marketer would do: I turned to ChatGPT to get its take. A take? AI take?
Anyway, here are ChatGPT’s five key takeaways about how data and analytics can help Professional Employer Organizations:
- Tracking and managing employee data: PEOs can use data and analytics to track employee data such as compensation, benefits, performance and tenure. This can help PEOs manage employee information more efficiently and provide insights to clients on workforce trends and patterns.
- Identifying talent gaps: Data and analytics can help PEOs identify talent gaps in their clients’ organizations. By analyzing data on employee performance and turnover, PEOs can help their clients identify areas where they may need to recruit and train new employees.
- Predicting employee turnover: With the help of data and analytics, PEOs can predict which employees are likely to leave a company, enabling clients to take action to retain their top talent.
- Benchmarking and performance management: PEOs can use data and analytics to benchmark employee performance against industry standards and identify areas for improvement. This can help clients develop more effective performance management processes and improve employee engagement.
- Providing customized benefits: PEOs can use data and analytics to analyze employee demographics and provide customized benefits packages based on their clients’ specific needs. This can help clients attract and retain top talent.
Not bad for an AI robot actually, but I wanted to check with the humans who actually think about this stuff each and every day, so here are five key takeaways about how data and analytics can help PEOs from a human perspective:
1. Here’s what Tim Pratte, PrismHR’s president of HRO, had to say:
“Fifteen years ago, PEOs were not very quick to install electronic onboarding platforms and benefit enrollment tools that could help them automate these processes. Once we all realized how that was going to create that instant access, those became more ubiquitous within the industry. And now you have things like ChatGPT and other AI tools that I think we’re all looking at and playing with. It’s going to be really interesting to see how AI technology will benefit the PEO space in the future.”
2. Here’s what Adam Van Beek, PrismHR’s chief innovation officer, had to say:
“The PrismHR Data Warehouse, for example, is designed to help HR service providers not only be more efficient but also make better decisions and have greater confidence in those decisions through analytics validation. It’s also easily scalable, so users can get quick insights whether their clients have 10 employees or 100,000.”
3. Here’s what Scott Cormier, PrismHR’s vice president of product management and design, had to say:
“HR outsourcers will be able to look at who’s laying off people, who’s hiring people, the type of workers they are employing. Are they moving to more part-time vs. full-time? Do they work with contractors? So that gives our customers a pulse of their business, and that will offer them much more strategy and decision-making capabilities than ever before. That’s why the PrismHR Data Warehouse is such a powerful tool.”
4. Here’s what Rob Byers, PrismHR’s director of product management, had to say:
“For HR service providers, most clients have an SIC code or NAICS code. With the PrismHR Data Warehouse, customers will eventually be able to cross-reference what different customers are paying for talent by industry. So if Widget Makers Inc. is paying $15 for its workforce and Widget Enthusiasts Inc. is paying $20, the HR service providers will be able to provide benchmark data to help their clients attract and retain talent. Data privacy is really important to us, so this, of course, will be an opt-in feature only.”
5. Here’s what Ken Wright, PrismHR product manager for Report Center, had to say:
“The new PrismHR Data Warehouse will allow our customers to integrate with business intelligence software to allow data visualization. Our customer base will be able to merge their data from external sources directly with their PrismHR data. With that, the right person will be able to extract the right data at the right time through various means with the goal of increasing operational efficiency and providing the most robust reporting solutions in the industry.”
As more companies move toward skills-based hiring vs. education-based, data becomes even more important in terms of recruiting and retention. Knowing a worker can do a particular job based on their background, skills assessments, etc., is vital. In a time when unemployment is low, mass layoffs—particularly in tech—are common and inflation is high, PEOs and every other organization for that matter must turn to data to help them compete for talent.
We are just scratching the surface of what HR data can do for PEOs, but one thing is certain: The future is now; just ask AI.
James Tehrani is PrismHR’s digital content marketing manager. He is an award-winning writer and editor based in the Chicago area.
ChatGPT is an AI tool that answers users’ questions based on prompts. When asked what it likes about helping humans, it responded, “As an artificial intelligence [sic], I do not have personal preferences or emotions. However, I am designed to provide helpful and informative responses to assist and support humans in their queries and tasks to the best of my abilities.”