By ET Bureau - February 21, 2020 3 Mins Read
Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and services to large corporations, released its first annual Workforce Management Benchmark Report. The new analysis, which is based on Workforce Logiq’s proprietary workforce analytics and data science, examines and predicts talent volatility across major industries, job functions, metropolitan statistical areas (MSAs), and states.
Workforce Logiq uses AI models to calculate industry, company, and candidate-specific Talent Retention Risk (TRR) ScoresSM. Tracking more than 2,000 events, triggers, and shocks that can impact employment volatility – macroeconomic trends, company-level social media and news sentiment, employee churn indicators, industry news and events, and more – from more than one billion data points and 40,000 sources, the algorithms predict the likelihood of professional employees and knowledge workers being receptive to unsolicited recruiting messages and job opportunities.
TRR ScoresSM range from low (less than 35) to high (above 70), with scores 35-49 considered average and 50-69 above average. High TRR scores indicate high levels of workforce volatility. Major findings from this year’s report include:
“The market for attracting talent is only going to get more competitive in 2020 as the economy continues to be strong. To build a strong talent pipeline, employers need to be faster, smarter, and more proactive in how they find, hire, and retain their workforce,” said Dr. Christy Whitehead, Chief Data Scientist and Talent Economist at Workforce Logiq. “Data-driven insights with context and benchmarks enable employers to anticipate and predict key talent volatility issues and make more accurate, cost-effective decisions, so they can hedge their retention risk before it impacts the organization’s bottom line.”
The platform covers e entire enterprise technology space- including emerging technologies like RPA, AI, cloud, automation, and the entire gamut of digital transformation tools, strategies and management decisions.
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