New data tool aims to identify 'flight risk talent' before it happens
As Australia’s international borders remain closed, the fight for talent is only getting more intense. The skills shortage has remained a top concern for business leaders throughout the pandemic and now as organisations try to drive a strong recovery, the need to attract and retain the best in the business has never been more apparent.
Now, a new tool released by ELMO Software aims to tackle the issue, using AI to identify potential flight risk employees across entire organisations. In partnership with the University of Technology Sydney, the Predictive People Analytics module combines AI and machine learning with human resources data.
It enables a business to identify which department, location and role is most likely to see employees leaving at any one time, allowing the organisation to act and try to retain that employee, or be prepared to fill the gap. This widescale level of pre-planning comes at a time when many employees – especially Gen Z workers – are looking to move jobs.
Microsoft’s 2021 Work Trend Index report found almost half of the global workforce is considering switching jobs in the next year. That figure is even higher for younger workers, with 54% of global Gen Z employees ready to ditch their current role.
Read more: Microsoft research reveals almost half of employees looking to switch jobs this year
Add to that the cost of employee turnover, which can range from $10k at the lowest level to 1.5-2 times the annual salary of a top-level C-suite earner. This combination of huge flight risk potential and eye-watering turnover costs means businesses and HR leaders are working harder than ever to retain top talent.
Speaking to HRD, ELMO Software chief operating officer Gordon Starkey described the new tool as a “groundbreaking moment for HR professionals”.
“With a skills shortage underway, it's vitally important that HR professionals are armed with predictions and insights drawn from data that is unique to our region,” he said.
“ELMO's Predictive People Analytics means instead of having to remedy a situation after the fact, HR professionals will be able to intervene earlier and help stem any regrettable loss of top talent.
“This is another tactic in HR's playbook that can be vitally important for organisations seeking to manage their workforce based on data, insights and intelligent predictions.”
Read more: Australia's tech skills gap putting $10bn economy growth at risk
Experts have already warned that the skills shortage emerging in the tech sector is putting Australia’s economy growth at risk. RMIT and Deloitte Access Economics research predicts that Australia will need 156,000 more digital technology workers by 2025, representing one in four jobs created during that period.
Further research from Randstad has identified cybersecurity, AI and digital transformation specialists as the three key tech skills most urgently needed to support local business growth in the next 2-5 years.
