Whether you dub it The Great Resignation, Realignment or Reshuffle, Australians are preparing to change jobs this year.
In fact, 43 per cent of Australians say they plan to search for a new job this year – that’s more than 5 million workers. It’s alarming news for employers desperate to retain their top talent.
However, smart businesses are preparing for this trend by leveraging artificial intelligence and machine-learning technology to give them insights to act before it’s too late.
There has been a seismic shift in employee behaviour as workers rethink their relationship to work. The last couple of years has forced workers to reevaluate what matters to them most.
Whether it is greater flexibility or the ability to work from anywhere, workers have undergone a period of introspection into what matters to them. Now, with record low unemployment rates, workers are emboldened that they can act on these priorities and readily find a new place of work.
Unfortunately, many organisations are oblivious to their workers’ sentiment until it is too late. The warning signs of disengagement and disinterest are imperceptible without technology that can analyse workplace data to provide predictions. In fact, artificial intelligence and machine learning can collect enormous and varied data points and analyse them to provide predictions and insights.
These actionable insights can then aid you to make better-informed decisions for your business. Without this information, businesses run the risk of missing valuable trends and insights that could help them better meet the needs of their workforce and ward off a swathe of resignations.
Workforce management is a prime example of how AI and machine learning can benefit the workplace. An organisation is less likely to be impacted by an unexpected change if various scenarios are formulated and planned for beforehand.
By being able to model these scenarios, it will enable businesses to create appropriate responses and initiatives for potential outcomes.
Implementing technology that leverages AI, such as predictive people analytics, can help spot patterns and trigger warnings when employees are not engaged and are at risk of leaving the company. By analysing employee behaviours, technology can help leaders understand which employees are likely to leave by predicting flight risk.
It’s critical to note that AI and ML will not replace humans. Rather, it will complement the human methods of generating insights by generating actionable insights for leaders and managers to mitigate risk and drive positive change. This might include creating succession plans, developing a total rewards strategy or building initiatives to boost engagement.
It is important for businesses to be agile and flexible to succeed in an ever-changing modern workplace. Having access to data-supported analytics prepares organisations and enables decision-makers to continuously adapt accordingly. It also empowers organisations to plan proactively and continuously improve operations, rather than only being reactive.