ASX-listed payroll and HR software platform ELMO (ASX:ELO) is using artificial intelligence in a new people analytics product that can predict when people are looking to leave the business.
The company said its Predictive People Analytics (PPA) module is the first phase of a suite of new machine learning developments to deliver data-driven insights and visualisations into predicting employee behaviour.
ELMO says the PPA module can analyse employee flight risk giving organisations insights into which department, location and position may be most likely to see employees leave the business. It anonymises, aggregates and analyses historical data in an organisation’s ELMO products, which do things like automate learning, performance management and leave, to model predictions of what may happen in the future.
The product is the result of a joint research and development project 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.
ELMO Software CEO and co-founder Danny Lessem said 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,” he said.
“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.”