Disproving that technology is about to make all humans unemployed, a new employee analytics platform could help to do just the opposite.
Employee feedback platform Culture Amp has developed a new analytics dashboard designed to predict when and why employees are considering leaving their job.
The platform uses machine learning and data science models to provide insight into employee engagement, which can be narrowed down by employee type, department or location to get a detailed understanding of how different functions within a business are operating.
The platform identifies groups of employees most at risk of resignation and their potential reasons for leaving, allowing managers to act before a problem arises.
“Outside of exit interviews, relatively little is known or documented around why an employee, or groups of employees, might choose to leave an organisation at different stages of their job tenure,” Jason McPherson, chief scientist for Culture Amp, said. “We aim to help bosses predict when this turnover may occur and will suggest preventative measures.”
The dashboard uses a data pool containing anonymised feedback from more than three million employees quizzed by Culture Amp for more than 2,100 clients. According to the firm, this is the largest data set of its kind in the industry.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
A combination of data scientists and algorithms are used to continually analyse the data set, which will continue to improve the accuracy of the data and insight that it provides to Culture Amp’s 2,000+ customers.
Big data for small businesses
“The current data economy is lopsided with only a handful of companies having the data supply and the expertise to mine it,” Trent McConaghy, founder of Ocean Protocol, previously told Verdict.
Most businesses are still relying on staff surveys to gauge if there are any patterns in staff exits due to a lack of available data. However, platforms like this help to correct this by putting big data sets in the hands of small businesses.
According to Culture Amp, while similar analytics tools are available, all but the FTSE 500 companies are usually priced out of deploying such tools.
“We’re giving any company – regardless of size – the ability to see predicted outcomes and deal with these obstacles through the patterns we’ve identified from millions of employees globally,” McPherson said.
Minimising staff churn
Staff churn is a growing issue for many businesses. A recent report by consulting firm Mercer found that 20% of employees are currently planning to leave their organisation within the next year, and with almost all business executives expecting competition for talent to increase in the same period, keeping employees happy is becoming increasingly more important.
According to the study, reasons for staying at a company varied between job levels, gender and age. However, more than 50% rank a good work/life balance among the top five reasons. Employees also value job security, training, progression opportunities and competitive salaries.
As well as helping to retain talent, Culture Amp also estimates that it’s platform could save businesses based in the United Kingdom billions of pounds each year in replacement costs and lost productivity. A previous study conducted by Deloitte estimated the cost of replacing a skilled worker at $121,000.