The human arsenal has seen some really valuable elements over the years, and yet it hasn’t seen anything more significant than that desire of ours to improve at a consistent pace. We say this because the stated desire has already fetched the world some huge milestones, with technology appearing as a rather unique member of the group. The reason why technology’s credentials are so anomalous is purposed around its skill-set, which was unprecedented enough to realize all the possibilities for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired by the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did expand our experience in many different directions, but even after reaching so far ahead, this prodigious concept called technology will somehow keep on delivering the right goods. The same has grown to become a lot more evident in recent times, and assuming one new HRM-themed development pans out just like we envision, it will only propel that trend towards greater heights across the near future and beyond.
isolved has officially confirmed the release of a new solution called Benchmark Insights, which like the name might suggest, is designed to provide human resources (HR), benefits and payroll professionals with anonymized and aggregate industry data from an expansive collection of U.S. employees. According to certain reports, the stated solution banks upon over 168,000 businesses using isolved People Cloud platform to deliver at your disposal accurate parameters for salary, tenure and turnover. Not just plain information, Benchmark Insights can also put forth AI-based predictions and suggestions geared towards making your talent acquisition and management efforts more on-point. Talk about the solution’s features on a granular level, we begin from its salary benchmarking abilities that let you access average industry salary for a specific position, while simultaneously allowing you to compare it with the average figure being offered by your organization. This should help the company understand how their salary structure stacks up against others. Alongside salaries, the user can also conceive comparisons between their workforce’s skill level and the considered industry average for the same. Next up, we have tenure benchmarking functionality, which basically unlocks visibility into how long employees are staying at your company and whether that period is longer or shorter than what your competitors achieve.
“For too long, companies were forced to use search engines or expensive agency data to learn about market value or justify salaries based on pay history,” said Amy Mosher, Chief People Officer at isolved. “Not only is this data often unreliable and inconsistent, which can cause compliance violations in dozens of states with pay-history bans, but it also leaves companies vulnerable to paying people based on subjective data which can limit their ability to recruit, retain and realize pay equity.”
Moving on, we now must dig into the all-new facility of Turnover Benchmarking. Almost as an extension to the previous facet, this one can support a business’ bid when trying to break down their employee turnover rate. The idea here is to prompt a timely reaction on the company’s part, in case the analytics reveal an unhealthy employee attrition reality. Hold on, as we lastly have the option to conduct extensive predictive modeling. The stated feature builds upon all the data we can gather from Benchmark Insights, and it does so by enabling you to test out the feasibility of different counter measures, thus enabling you to reach on the most optimal alternative.
“With Benchmark Insights, isolved customers – our People Heroes – can leverage the immense pool of transactional workforce data from hundreds of thousands of similar organizations to deliver positive HCM outcomes and meaningful business results,” said Mosher.
The launch in question provides an intriguing follow up to one recently-conducted study, which claimed an estimated sixty-six percent of the workforce would look favorably upon employers using AI capabilities to improve the employee experience. The study further spelled out how nearly a quarter of employees want their employer to specifically use such capabilities to benchmark salaries against industry standards.
