The MYOB Talent Story – using AI to identify key retention risks

This article is delivered in partnership with Reejig. 

About MYOB

MYOB is a business management platform. Our purpose is to help more businesses in Australia and New Zealand start, survive and succeed. Our team is continually growing, inventing and disrupting conventions. We don’t want people to simply ‘fit’ into our already established culture, we want them to come and add to it, and make it even better. That is MYOB!

OUR PROBLEM:

MYOB is well known for their accounting software, but are embarking on an exciting transformation journey to become a business management platform.

Bringing a team as big as MYOB’s through a change like this is complex and requires a deep understanding of who works where, what they are capable of, and where the potential and gaps exist within the business. For MYOB, it was proving almost impossible to get a complete picture of our talent as we were relying on manual processes through leaders’ feedback and payroll data.

In addition, whilst the transformation journey offers great opportunities for growth in the business, it can also be unsettling for some. In order to support the workforce, the MYOB talent team needed to understand who might be looking for a change and how we could drive strategic retention initiatives.

OUR INITIATIVE:

To gain deeper insight into our internal workforce, we partnered with the workforce intelligence platform Reejig and set out a plan to:

1. Map, understand and assess our workforce capability, so we could then better mobilise our workforce;
2. Use predictive intelligence to identify likely churn across the team; and
3. Use all this data to help drive data-driven decisions around our current and future workforce.

OUR PROCESS:

Mapping the workforce.

Based on the information we already had in our systems, plus publicly available data, Reejig’s ethical talent AI was able to map the skills, capabilities, competencies, and skills mastery across the workforce. Reejig created individual skills profiles for every employee, creating a single talent view of every team.

Using insights from over 400 million mapped career paths, Reejig was able to generate insights and predictions across the whole workforce.

This meant that rather than focusing on encouraging our internal talent to update their own profile, the Reejig platform could use AI to automate the creation of these profiles to create a detailed overview of our talent landscape.

My entire career, I’ve been trying to tell people to update their profiles and talent systems. And let’s be honest, they never do! With Reejig’s AI we were able to automate this.

Putting the analytics to the test.
Detailed insights are only as good as the trust you can put in them. So the next phase of the project involved testing the accuracy of these insights.

During this course of change, the team had run assessments of their leadership team to identify any flight risks. The team found:

• 7 leadership flight risks, of which 5 were predicted by Reejig without any additional insight.
• Of the 33 resignations that occurred over a 4-month period, 17 were predicted via the newly implemented Reejig platform
• Of the 8 internal transfers over the same time period, Rejig predicted, and could have prompted, 6.

OUR RESULTS:

The predictive intelligence, with over 80% accuracy, has identified where key retention risks are, enabling us to focus on the highest priorities to retain and engage our workforce for the future.

This level of accuracy removes hours of analysis that is normally required for manual risk assessments and makes it scalable across the entire organisation. Manual flight risk assessment would normally only be done for senior leaders but this is now possible to assess for every employee.

With predictive intelligence in place, we are set up to be able to connect people with the right opportunities rather than relying on either individual conversations or managers.

We are now able to implement our strategy based on real data insights, rather than handpicked data subsets or gut-feeling.

WRAP UP:

With access to accurate, real-time insights to make data-driven decisions, MYOB is now able to focus on strategic talent retention. Understanding who’s at risk and the impacts that would have allows to ensure that we have the right team with the right skills to deliver on the business outcomes the business has committed to.

By making use of the Reejig platform we’re able to not only look at the past and present, but take it a step further to look at the future through predictive intelligence. The support we can provide to leadership around the business is now based on deep insights into the whole workforce, and adds a whole new layer of business insight

This Talent Story is delivered in partnership with Reejig. To find out more about a world with zero wasted potential, go to reejig.com.