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HR Tech Update: The rising tide of talent analytics solutions

Talent and technology are powerful companions, especially when it comes to retention of staff over the long term.

Forward-thinking companies are increasingly adopting sophisticated ways of analysing data from both existing staff and potential hires to gain a labour market advantage.

Technology is certainly playing its part, helping to identify the factors behind an employee decision to leave for example. Staff attrition is now a key focus for organisations in light of the Great Resignation phenomenon, which has been sweeping through the US, Europe, and also Southeast Asia over the last 12 months . Attrition can often prove to be less of a problem when managers are able to see it coming.

Organisations can use HR technology and analytics to calculate what employees value most, and then create a model that will boost retention rates, or any other metric that is being monitored. Such models can help managers design personalised performance incentives, assess whether to match a competitor’s recruitment offer, and even decide when to promote someone.

The good news is that the data doesn’t have to be perfect, just good enough to spot trends and then interpret them to see if they are a cause for concern. Nudgyt, a locally-founded software solution for this very task, offers cutting-edge artificial intelligence (AI)-based technology that scrutinises data and identifies patterns its users should be aware of.

Nudgyt alerts HR leaders to these trends, prompting them to take action to resolve any challenges with a curated library of personalised recommendations. It starts by using simple people data (such as birthdate and date of joining) to understand the organisation’s talent and to look for patterns of motivation and thresholds of attrition.

Its technology allows it to look through a database of hundreds of management solutions, taking into account teammates’ demographics, personalities and job positions to deliver the recommended actions, so managers know exactly what to do for each unique employee.

Another technology provider, Panalyt, has a unique workforce analytics tool that integrates and translates HR data from multiple sources into real-time and actionable insights. Panalyt automatically visualises around 100 important people metrics, including historical attrition rates, hiring velocity, gender pay gaps, and the ratio of female to male managers.

Various indicators can be selected, or newly created, according to the user company’s strategy and vision. It is also possible to compare chronological changes, employee attributes, and divisions and departments.

Panalyt’s analytics tool allows HR leaders to retrieve a wide range of workforce insights covering attrition, gender ratio, key performers, recruitment insights and employee interaction. They can then compare this data with custom performance indicators or real-time market standards.

This allows HR leaders to spot trends and make forecasts on their talent. Such technology could be vital weapons in the ongoing war to attract, and hold on to, the brightest minds and most important skills.

HR Tech Update, by Chief of Staff Asia's Technology Editor Justin Harper, appears every Thursday from 6:00am.

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