AI Applications Can Revolutionize Workforce Management By Predicting Resignations Months In Advance!

“Well, we’d hate to lose a great employee like you!”

“You’re unique and irreplaceable. It’s going to impossible for anyone to fill in your shoes!”

If you’re a team leader or someone at a higher position, you surely must have said something similar at some point to departing employees, right?

Losing good employees is tough for organizations, especially when they don’t see it coming.

In fact, the last few years have seen record-breaking numbers of employees resigning, with a reported 4.5 million quitting their jobs in November 2021 (a 3% quit rate) across industries, according to US Bureau of Labor Statistics data. This phenomenon has impacted global industries and has been termed as The Great Resignation.

Perhaps top employees could be retained if the management or HR teams had a heads-up on the likelihood of an employee leaving or seeking new challenges. What if organizations had a tool that could indicate if employees are happy where they are?

Well, with the beautiful advancements made by artificial intelligence (AI), it’s believed that AI-powered tools will soon get better at forecasting and predictions (it’s a future trend, or should we say prediction!). This might make it possible for organizations to retain talented employees or be prepared for their exit!

How can this be achieved? Let’s explore:
 

What Can HR-centric AI Tools Do?

 

• AI technology enables organizations and managers to anticipate employee resignations and movement plans, to help retain talented employees.

• Alternatively, it protects organizations from sudden shortages, setbacks or other ramifications accruing from outgoing employees, all before it happens.

• According to Sharon Davies, the managing director of Talent Propeller, a recruitment company, such artificial intelligence tools could be instrumental in workforce planning. Sharon Davies also mentioned that her company is working with developers on AI technology to better predict any career movements within the workforce.

 

How Does This Technology Work?

 

• The tool analyzes existing organization data like salary levels, performance, employee reviews, an employee’s role, age and ethnicity or other parameters.

• The algorithms used by the tool can be customized to meet the unique requirements of individual organizations. This can predict patterns and triggers that might lead to resignations, with the aid of detailed analyses and reports.

• Sharon Davies also adds that this technology works best for organizations with 250+ employees, as the tool requires large data to produce better outcomes of employee intentions.

   

How Will This Technology Help HR Professionals?

 

• Essentially, organizations will be safeguarded from being blindsided by key employee resignations and be able to offer such employees promotions, salary hikes or other benefits to retain them.

• According to Sharon Davies, "The AI can tell you that Mary who works in this team has a 50% chance of leaving her role within three months."

• Davies added, "The data is also overlaid with predictions. So, for example, if you promote Mary it would reduce the risk by x percent, or if you offer a salary increase, you could retain this person for x% longer."

• "With that sort of information, it gives you a lot of insight to then take action and ponder what you what like to do with from there - whether you would like to sit down and have a conversation with Mary.”

Regarding privacy concerns, Davies clarified that the AI-powered tool couldn’t access web browsing data but instead said, "If you are an employee you are in a payroll system who are in an HR system, it's information that's already there."

As for the impact on HR jobs, Davies believes AI will help HR teams by saving time. "The other thing to remember about AI is that it's speeding up what a human can do," she added, "The difference with AI is that is does it a lot faster, it's about running data faster."

Suffice it to say, organizations can benefit from such a tool by ensuring they retain quality employees or be prepared in case they lose them.

What do you think of such tools? Would you consider using them in your organization? Let us know in the comments below!