Paylocity’s Retention Risk Dashboard Positioned to Improve Retention Challenges Faced by HR Professionals
Improved Technology Leverages Power of Machine Learning to Deliver Actionable Insights
SCHAUMBURG, Ill., Aug. 07, 2018 (GLOBE NEWSWIRE) -- Paylocity Holding Corporation (NASDAQ: PCTY), a cloud-based provider of payroll and human capital management (HCM) software solutions, launched today its enhanced Retention Risk Dashboard, a solution delivering actionable insights to executives and managers to help solve employee retention challenges.
The dashboard uses the power of big data and machine learning to identify multiple data points that contribute to retention risk across an organization. Data is broken down by location, department, manager, tenure, salary, and more to categorize employees into retention risk buckets, identifying employees with the greatest risk of leaving.
"We are excited to leverage machine learning as an advanced analytics solution to help our clients identify retention risk of their most productive employees," said Steve Beauchamp, Chief Executive Officer at Paylocity. "By providing clients with these key workforce insights, they are better able to manage an active and engaged workforce and, ultimately, maximize overall business performance."
Through the improved dashboard, executives and managers can view top risk factors and trends driving employees to be at a higher risk, enabling leaders to take immediate action.
“By using both a traditional predictive analytics method and a machine learning algorithm, we are able to predict employee retention risk with very high accuracy,” said Ted Gaty, Senior Vice President of Product & Technology at Paylocity. “In addition, our machine learning model has surfaced key insights about what causes employees to become flight risks. These insights will allow our clients to focus their efforts on discrete actions that can mitigate these risk factors.”
The Retention Risk Dashboard is now available for Paylocity clients. Visit the Paylocity website for more information on the Retention Risk Dashboard and other payroll and HCM solutions.
Paylocity is a provider of cloud-based payroll and human capital management (HCM) software solutions. Our comprehensive and easy-to-use solutions enable our clients to manage their workforces more effectively. We do this by providing clients with the tools and technology that automate business processes; develop, engage, and mobilize the modern workplace; and drive strategic decision-making through robust analytics. Our all-encompassing suite of payroll and HCM applications includes benefit administration, talent management, time and labor tracking, and innovative dashboards and analytics. For more information visit https://www.paylocity.com.
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