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RetainTalent

Leverage data insights to retain valued staff

RetainTalent gives you the visibility you need to proactively manage staff turnover. With predictive insights into who is at risk of leaving and why, you can focus your resources on addressing common triggers of turnover and retaining your valued staff.

Staff turnover costs can be high.

Any business owner knows the risk and cost of losing valued staff. Staff shortages can lead to high staff turnover, greatly impacting your bottom line and your team.

*Below is an example of what turnover would cost a company with 1000 employees on an average annual wage of 60k

-$1,926,600

-$3,853,200

-$5,779,800

Predict and mitigate risk

RetainTalent enables you to proactively manage staff turnover and reduce costs. Predictive insights show who is at risk of leaving and why, so you can focus your resources on addressing common triggers of turnover and retaining your valued staff.
With the platform you can:

  • Utilise predictive insight to understand the individual driving factors of staff turnover
  • Develop targeted strategies to address key driving factors of attrition such as role, manager, behavior, rostering, and salary
  • Provide managers with more lead time to intervene before losing valuable employees
  • Retain staff, improve workplace culture, and increase productivity while saving time and money

How it works

retaintalent solution overview

RetainTalent Solution Overview

RetainTalent enables you to proactively manage staff turnover and reduce costs. Predictive insights show who is at risk of leaving and why, so you can focus your resources on addressing common triggers of turnover and retaining your valued staff.
The platform:

  • Loads relevant HR data from existing systems
  • Stores data a secure single source of truth
  • Runs data through a Machine Learning model
  • Identifies who is at risk of leaving and the common ‘triggers’
  • Presents insights in visual dashboards and reports

The value of retention

Using the previous example of a 30% turnover rate, what would it look like if a portion of the staff was retained?

+$577,980

+$2,8889,900

+$5,201,820

“It’s completely objective, and data driven. It identifies the issue so that we can then put our focus, energy and attention into how we solve it.”

Vanessa PorterAll of You

Harness the power of predictive insight

UNSW Analyses RetainTalent

Read the article published by UNSW about our RetainTalent platform.

UNSW conducted their own research into our platform to contribute to the conversation about AI and its’ ability to enhance employee retention. We’re proud to be a part of the solution for a challenge that organisations across the globe face in this current business climate.

“A unique Australian product using cutting-edge AI technology.”

University of NSW

Case Study: How we predict staff turnover

An essential feature of our platform is Machine Learning. In order to predict staff that are at risk of turnover, we tailor a Machine Learning model to your organisation where it is trained to learn the common patterns and triggers that lead to a staff member leaving your organisation. For example, we ran a Machine Learning model over a Meat Processing Plant experiencing high turnover during staff shortages. The prediction outcome highlighted those at risk of leaving, with leading indicators as to why:

As well as identify why other staff stayed:

In this example, pay is a major factor driving staff turnover. By addressing this trigger and increasing employee compensation, the plant can retain its valued staff and avoid the costly impact of losing them.

Model Results

87

Identified staff at risk

96

Prediction accuracy

22

Turnover rate

Partnership Program

By integrating RetainTalent into your service offering, you can be a leader providing innovative business solutions to your network and to those most at need.

New Revenue Stream

Great opportunity to diversify your revenue streams, expand your offerings, and drive growth

White Labelled

Embed RetainTalent into your own software while maintaining your own branding guidelines

Cross Promotion

Expand marketing reach with joint marketing collaboration across several platforms

Support & Training

You will be fully supported with RetainTalent training modules and technical team support

FAQs

What is RetainTalent?

RetainTalent is a stand alone reporting software that provides unique insights into your workforce, it empowers you to:

  • Utilise predictive insight to understand the individual driving factors of staff turnover
  • Develop targeted strategies to address key driving factors of attrition such as role, manager, behavior, rostering, and salarys
  • Provide managers with more lead time to intervene before losing valuable employees
  • Retain staff, improve workplace culture, and increase productivity while saving time and money

How did RetainTalent start?

Founded by Toustone, a leading global Decision Intelligence company, RetainTalent is the result of a passion for informed decision-making backed by a reliable data foundation. The Machine Learning product was born out of a recognition of the challenges that many industries face in retaining valued staff, and has quickly emerged as a tested, proven, and trusted solution.

What makes RetainTalent stand out from the rest is its unwavering focus on leveraging advanced data science methods to drive higher employee retention rates. By identifying leading indicators of employee attrition, RetainTalent empowers companies to proactively take action and keep their valuable staff on board.

RetainTalent began as an R&D project in partnership with the Australian Meat Processing Council, where it quickly proved its worth by delivering accurate predictions on individual staff turnover across multiple processing plants. Since then, RetainTalent has matured into a leading solution provider for industries across the board, all with the shared goal of improving employee retention rates through data-driven decision-making.

As companies continue to grapple with employee retention challenges by manually siphoning through multiple data sets and making delayed decisions, RetainTalent stands out as a trusted partner for employee retention.

How accurate is the staff turnover prediction?

Every company is unique, and RetainTalent will identify different triggers and patterns within your specific data compared to other companies. As a result, outcomes may vary.

Our predictions have identified that 87% of employees are at risk of leaving, with a 96% accuracy rate. In other words, out of 100 people who left, we correctly predicted 87 of them. However, some employees still left without being picked up by the model. And of the 87 people we predicted to leave, 96% actually did leave, while some did not.

The more data we have, the more insights we can generate. Ultimately, this can help your company to proactively retain valuable employees and improve overall performance.

Does RetainTalent identify the causes of staff turnover?

Yes, RetainTalent can identify specific data metrics that contribute to the overall at risk level of a employee leaving. This analysis can be as an organisation profile but also for individual employees. for example, the effect of an employee’s tenure can impact their probability of staying or going within the next 12 months. This helps to identify an employee’s risk factors from high to low for a selection of metrics.

What data is required to adopt RetainTalent?

To generate our predictions, we begin by analysing your existing HR and payroll data with at least 1-2 years of history. You can also incorporate other data sources into the model at a later stage, which may improve prediction accuracy and provide additional insights.

The specific data we need to run the prediction is readily available, including:

  • Payroll: Employee ID, bonuses, leave
  • HR Systems: Demographics, employment type, start/end date


Other data sources, such as injury records, may also help identify staff turnover triggers and improve prediction accuracy. However, we understand the importance of employee confidentiality, so we only use staff ID to identify workers.

How will the data be extracted from our systems?

To facilitate a quick and easy deployment, we provide you with a template CSV file that you can populate with your HR system data. You can securely upload this file via a link that we provide. If needed, we can also automate the data loading process at a later date for added convenience. For more information, please book a discovery call to discuss your needs.

Does RetainTalent offer other reporting solutions?

Yes, for a further expansion into HR metrics and reports we offer tailored HR Dashboards. View all of our other data solutions here.

Where is it hosted?

Your data is hosted onshore within the AWS cloud architecture. Your hosting solutions comes with a highly skilled support team that monitors your reporting environment 24×7 with automated alerting on service outages, performance degradation and security threats.

How do we scale up the RetainTalent if a new business is acquired, data sources or new software is introduced?

RetainTalent is cloud-based, so, scaling happens on-demand – if you need more resources, you can get more resources in minutes.

Is my data secure in the cloud? Is everything encrypted?

Yes, your data is encrypted at rest and in transit with industry best practice encryption technologies. Your environment is backed up regularly and our cloud platform has alerting and monitoring in place to ensure performance and detect against potential security threats.

What kind of data access controls will I have available?

Within the reporting environment very fine grained access can be setup, with every report being able to be placed in a content folder and a user or group being able to be set on those folders. There is also the option to setup data row level security by linking user details directly with the source data.