Businesses can now access invaluable workforce insights to help prevent top quality employees from resigning in a groundbreaking development that combines artificial intelligence and machine learning with human resources data.
ELMO Software’s Predictive People Analytics module now provides employers with fresh insights into an organisation’s workforce, specifically around employee flight risk – meaning organisations can now get a view of which department, location and position may be most likely to see employees leave the business.
This groundbreaking enhancement comes after an ongoing and extensive joint research and development project between ELMO Software and Australia’s leading technology university, 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 a faster pace.
Predictive People Analytics anonymises, aggregates and analyses historical data residing in an organisation’s ELMO product suite to model 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.
The new feature release within ELMO’s Predictive People Analytics 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 comes at an important time for businesses with flight-risk becoming a core challenge for businesses as a skills shortage and the increasing costs to hire new talent put even more pressure on businesses.
Recent research by ELMO Software found that the average cost to recruit new talent is $10,500 and takes 33.3 days. Similarly, the ELMO Employee Sentiment Report found that a third of Australian workers are burnt-out and a quarter have recently considered a career change.
ELMO Software CEO and Co-founder Danny Lessem says the new Predictive People Analytics module is a critical tool for HR professionals looking to retain their top talent.
“One of 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 many 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.
“ELMO’s Predictive People Analytics module harnesses the power of machine learning to make sense of the deep pools of data HR departments have access to so HR professionals can step in and help retain good talent before it’s too late.
“With a skills shortage well and truly impacting the labour market it is more important than ever that employers do everything they can to keep talent onboard.
“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.”