In recent weeks Workday’s newest offering in the arena of employee analytics has been receiving much fanfare.
Workday Talent Insights, to give it its proper name, is all about helping organisations to identify trends by analysing historical data and determining the best approach to retaining key talent.
It can combine internal data with data gathered from other sources, for instance online job boards, to benchmark the market rate for a particular employee’s skill set, the volume of positions available i.e. demand and allow you the hiring manager to see in real terms the cost of replacing them. This nifty tool is called Retention Risk Analysis. The interactive dashboard allows you to scan retention risk across the entire business and projected cost of rehire as a whole or put a particular business unit under the microscope and pinpoint top risk factors unique to that department.
Additionally, Workday Talent Insights has adaptive capabilities that learn from new actions taken and new data introduced, improving the relevancy and accuracy of insights, predictions, and recommendations over time. This functionality is powered by Workday's intelligent information engine that automatically maps across multiple sources and structures of data.
It’s interesting that the individual behind Workday Talent Insights is a former Netflix data scientist who created their ‘Movie Recommendation’ engine based on customer viewing habits.
The new frontier for HR seems to be Big Data and Workday has just taken an early lead.