If I were to quiz a CEO on his / her top priorities for the business – winning the talent war would always be in the top 5 answers. The talent market has heated up with companies scrambling to find talent in order to deal with talent shortage. Consequentially a lot of emphasis has been given to talent retention especially the top performers. Studies have shown that the cost of attrition per employee varies to up to twice the annual salary of the employee. If employees leave an organization, they don’t leave with just their skills and knowledge, but the experience, networks, tacit knowledge etc. which is very difficult for the company to recoup. Hence, the top priority for HR managers is to retain and nurture talent. It is estimated that the market for talent management solutions is around $4 billion (excluding market for core HRMS and payroll software) and grew 22% in 2012 (http://www.forbes.com/sites/joshbersin/2012/11/29/the-talent-management-software-market-continues-to-explode/)
Retaining talent is not easy. There are a myriad number of reasons for employees to leave an organization, ranging from remuneration, unsatisfactory work content, bad work environment etc. Identifying the reasons at the right time is of paramount importance as late detection would be futile as the employee would have made up her mind to leave the organization. At this intersection the solution “HR360”, developed by PEOL Technologies, a startup based out of Bangalore, India kicks in.
HR360 helps HR managers and analysts identify, assess and measure the threat levels of top talents of an organization, especially who are at risk, why they are at risk and when they are at risk of leaving. Through this HR managers get a pulse to the employee sentiment and hence can mitigate negative sentiments with policies to boost retention and reduce the attrition levels. The solution is compelling as it gives real time insight into the employee pulse, helping the organization take action in time and solving the challenges before they become large and complex.
The risk perception of the top performer attrition is done through a myriad of predictive algorithms utilizing the core functionalities of SAP HANA like PAL, text engine and reading through data from HR systems and other third party systems that employees interact with. The value of SAP HANA is that it is able retrieve, read, process and analyze the data from the disparate data sources in real time and offer the output to the HR stakeholders in real time. No more waiting for data and report generation.
Prashant Nagathan is the founder and CEO of PEOL Technologies and will be showcasing the HR360solution at the SAP Startup Focus booth at SAPPHIRENOW June 3-5th, 2014. He comes with vast experience in multiple industry domains specializing in HR.