How AI can predict the employees who are about to quit

How can artificial intelligence (AI) predict which employees are going to quit? Employers are now utilizing AI to help predict how likely it is that an employee will stay with their company. Read on to learn more.


Tim Reilly had a problem: Employees at Benchmark's senior living facilities kept quitting.

Reilly, vice president of human resources at Benchmark, a Massachusetts-based assisted living facility provider with employees throughout the Northeast, was consistently frustrated with the number of employees that were leaving their jobs. Staff turnover was climbing toward 50%, and after many approaches to improve retention, Benchmark turned to Arena, a platform that uses artificial intelligence to predict how likely it is that an employee will stay in their job.

“Our new vision is about human connection,” he says. “With a turnover rate that’s double digits, how do you really transform lives or have that major impact and human connection with people who are changing rapidly?”

Since Benchmark started using Arena, staff turnover has fallen 10%, compared to the same time last year. During the hiring process, Arena looks at third-party data, like labor market statistics, combined with applicants' resume information and an employee assessment that will give them a better sense of how long a candidate is likely to stay in a role.

“The core problem we’re solving is that individuals aren’t always great at hiring,” says Michael Rosenbaum, chairman of Arena. “Job applicants don’t always know where they’re likely to be happiest. By using the predictive power of data, we’re essentially helping to answer that question.”

Arena isn’t interested in how an employee responds to assessment questions, he says. They’re much more interested in how employees approach the questions.

“What you’re really doing is your collecting some information about how people react to stress,” Rosenbaum adds.

For example, if an employee is applying for a housekeeping role, Arena may give them a timed advanced math question to complete — something they may never use in their actual job. Arena then studies how the candidate responds to the question — analyzing key strokes and tracking how the individual tackles the challenge. The software can then get a better sense of how an applicant responds under pressure.

Overtime, Arena’s algorithm learns from the data it collects. The system tracks how long a specific employee stays at the company and can then better predict, moving forward, whether other employees with similar characteristics will stay.

“Overtime they are able to sort of refine that prediction about those that are most likely to stay, or be retained with our organization,” Reilly says. “They may also make a prediction on someone who might not last very long.”

Reilly says he’s been encouraging hiring managers at the facilities to use the data given to them by Arena to take a closer look at the candidates the platform rates as highly likely to stay in their roles. Although it’s ultimately up to the hiring manager who they select.

“Focus your time on the [candidates] that are more likely to stay with us longer,” Reilly says.

For now, Arena exclusively works with healthcare companies. The platform is currently being used by companies like Sunrise Senior Living and the Mount Sinai Health System in New York. Moving forward, Rosenbaum says, they’re hoping to get into other industries, although he would not specify which.

Rosenbaum says Arena is not only focused on improving the quality of life for employees, but also for the patients and seniors that use the facilities. The happiness of patients, he says, is closely tied to those that are caring for them.

“Is someone who is in a senior living community happy? Do they have a positive experience? It is very closely related to who’s caring for them, who’s supporting them,” he says.

SOURCE: Hroncich, C. (15 November 2018) "How AI can predict the employees who are about to quit" (Web Blog Post). Retrieved from: https://www.employeebenefitadviser.com/news/how-ai-can-predict-the-employees-who-are-about-to-quit?brief=00000152-1443-d1cc-a5fa-7cfba3c60000


Managing Robots in the Work Force

Many companies are turning to artificial intelligence (AI) for assistance, as offices are becoming more decentralized. Continue reading to learn how employers can manage robots in the workforce.


As the gig economy increases its influence, offices become more decentralized. Sometimes, whether to save money or finesse consistency, companies turn to artificial intelligence, or AI, for assistance. While robots have been employed to operate machinery or sort objects for years now, they are increasingly working white-collar jobs too.

The New York Times reports, these new algorithms are especially talented at spotting patterns, which helps companies do everything from picking stocks to designing clothing, and even diagnosing cancer. Experts doubt that the workforce will ever become fully automated, however, they are confident that many positions will become at least partially automated soon. For example, a robot might be able to discern increasingly popular t-shirt styles, but only a human can judge the feeling of the fabric between fingers, and the way the drape and color will fit a specific body.

Paradoxically to some, many companies find hope in this trend. They see artificial technologies not as job replacements but as job enhancers, as they often give employees more time to strengthen intuitive instinct and relationship-building techniques.

Plus, through their sophisticated search capabilities, AI can often save HR Departments hours on job fulfillment. A recent article in Human Resource Executive pushed this even further, stating, The impact will not be so much on the number of jobs, but rather on the actual content of jobs themselves… people will collaborate with increasingly intelligent machines to do more complex and higher-value work.What this means precisely is still unfolding, however many are excited about the possibility of reinventing fields, increasing project-based work, and perhaps even redefining the idea of “work” itself.

SOURCE: Olson, B (2 September 2018) "Managing Robots in the Work Force" (Web Blog Post). Retrieved from http://blog.ubabenefits.com/managing-robots-in-the-work-force


Healthcare analytics market grows as providers take aim at cost-cutting

Electronic medical conceptData-enriched tools have cut the communication gap between caregivers and patients even as they provide a large amount of data that can be used to create personalized treatments. (Image: Shutterstock)

 

The need by hospitals and other health care providers to cut the cost of providing care is helping to drive up the global health care/analytics market, to reach an anticipated worth of $53.65 billion by 2025.

That’s according to a new report by Grand View Research, Inc., which says that hospitals are already using health care analytics to manage the number of workers working in a particular shift.

Citing the example of a hospital in Paris that uses health care analytics to predict the number of patients that may be hospitalized, the report points out that such data can be used to decide the number of staff members that will be needed for a particular shift, thus assisting in driving down the cost of labor in hospitals.

Data-enriched tools such as mHealth, eHealth, Electronic Health Records and mobile applications have cut the communication gap between caregivers and patients even as they provide a large amount of data that can be used to create personalized treatments. However, patients might hesitate to use such tools; that could weigh on the implementation of analytics.

But a combination of artificial and human intelligence data analytics, offering the opportunity to bring greater customization to medical approaches, is expected to expand demand for such tools over the next few years.

Among other findings in the report is the significant market share held by descriptive analytics in 2015 because of its applications in process optimization in organizations. In addition, the services category dominated the component segment in 2015, with outsourcing of big data services contributing to their growth in aiding the high volume of services rendered.

The hardware systems category came out the winner in the component segment, with the high cost of hardware contributing to its growth, while on-premise delivered analytic services dominated the delivery mode category in 2015, capturing a market share of approximately 54.0 percent.

North America has captured a significant share in the global market, the report finds, with advanced health care infrastructure in the region and growing per capita health care spending supporting greater consumption of these services.

Source:
By Marlene Satter 
| April 02, 2018 at 12:13 PM | Originally published on BenefitsPro


Millennial pessimism over capitalist system, job-killing AI, affects retirement saving

Millennials awaiting job interview
Some millennials see the inequity of CEO-worker pay, high housing costs, and the threat of AI and feel no hope for retirement unless the economic system changes. (Photo: Shutterstock)

 

Mainstream views of the need to save for retirement aren’t cutting it with some millennials, who aren’t saving at all but instead living in the moment and looking to a collapse of the current economic system and/or a move to socialism to enable them to survive in retirement.

An Alternet report finds that millennials really harbor little hope for retirement, unless it’s through their own efforts and a transformation of the economy—including a basic or universal income.

And while many reports attribute that pessimistic outlook to high student debt, low pay and high unemployment, another factor in millennials’ worldview—and others’, as well—is the potential for automation and AI killing off jobs as we know them.

And it’s not as new an idea as one might think; back in 2016 Elon Musk said in a CNBC report that automation of low-skilled jobs would not only throw millions out of work, but would also drive the economy to providing a universal basic income.

And in a Vox report the same year, former union president Andy Stern also said that a universal basic income would be the best response to the social and economic disruption caused by technological change.

A gloomy future worldview that includes resource wars, a collapse of capitalism and even “an apocalyptic ‘total breakdown of industrial society’ or ‘capitalism morphing into a complete plutocracy’” is common among millennials, who look to what were once called communes but are now termed self-sustaining communities as a means of mutual support in old age, with the report saying that a “utopian hope, that we could theoretically end up in a sort of fully automated post-work social democracy à la ‘Star Trek,’” is a common thread in the millennial conversation about the future.

In fact, many believe that “that retirement savings plans are the domain of bourgeois millennials” who have advantages that most don’t—with small business owner Jon Good quoted in the report saying, “The economic realities of my generation make the expectations for my parents’ generation seem ludicrous to me—having a job with benefits and that pays enough that I can make rent, and save for retirement and also maybe for a down payment on property seems like a lottery. Maybe 15 percent of my peer group has this, and having it is a combination of luck and family connections rather than skill and work ethic.”

More millennials, according to a recent Pew Research poll, live in poverty than any other generation. The study noted that “5.3 million of the nearly 17 million U.S. households living in poverty were headed by a millennial.”

The report quotes political organizer Holly Wood saying, “I’m absolutely convinced over how quickly friends have lost their pensions, 401ks and IRAs to bubble crashes that there is no safe place to ‘save’ for retirement. And the best way to plan for retirement is by building tribes of like-minded peers who have committed themselves to group survival.”

Source: Satter M. (2 April 2018). "Millennial pessimism over capitalist system, job-killing AI, affects retirement saving" [Web Blog Post]. Retrieved from Benefits Pro.