Businesses can now gain invaluable workforce insights to help prevent top quality employees from resigning through a development “that combines artificial intelligence and machine learning with human resources data.”
Organisations can be informed which department, location, and position may be most likely to be vacated when employees resign.
This development is a collaboration between Elmo Software and the University of Technology, Sydney (UTS), which sought to provide HR and payroll professionals with a deeper understanding of their workforce, so that they can make “more informed business decisions, at faster pace.”
According to Elmo Software, the Predictive People Analytics anonymises, aggregates, and analyses historical data stored in an organisation’s Elmo product suite to shape predictions of what may happen in the future.
The data is derived “from an organisation’s deep pools of workplace data found in other Elmo modules that automate learning, performance management, and leave.”
This new feature within the module is “the first phase of a suite of new machine learning developments” that “seek to provide data-driven insights and visualisations into predicting employee behaviour.”
The release of this new feature is timely for organisations with flight-risk posing a core challenge as a “skills shortage and the increasing costs to hire new talent puts more pressure.”
An average cost to recruit new talent is $10,500 takes 33.3 days, a recent research by Elmo Software found. A third of Australian workers are burned out and a quarter have recently considered a career change, the Elmo Employee Sentiment Report claims.
Danny Lessem, Elmo Software CEO and co-founder, says the new module “is a critical tool for HR professionals looking to retain their top talent.”
We’re told: “The biggest challenges businesses face is retaining good talent and protecting them from burn-out while still encouraging them to achieve their potential.”
“Unfortunately, this is a task that HR professionals have had to perform with gut-instinct instead of data-driven insights. While gut-instinct is important, it doesn’t come close to the value that can be derived from data”, claims Lessem.
He says: “Predictive People Analytics module harnesses technology to make sense of the deep pools of data that HR departments have access to so HR professionals can step in and help retain good talent before it’s too late.”
“Skills shortage truly impacts the labour market. It is more important than ever that employers do everything they can to keep talent onboard”, he suggests.
Lessem concludes: “This latest module enhancement is another feather in the cap of Elmo’s solution that helps businesses gain deeper insights into their workforce through data that's immersed within Elmo’s integrated HR tech solution.”