How machine learning can impact employee retention, reduce overhead costs

When starting a new business, employers want make sure they are hiring the best talent for the jobs available. This means they need to offer the right benefits to convince these potential employees that their company is the favorable choice.

Courtney Guertin, co-founder and CTO of EaseCentral, says one of the best ways an employer can track whether an employee is in the right position is a method called machine learning. “Companies have lots of data and computers can be trained to learn from that data,” Guertin says. “One area in benefits is learning how to predict employee happiness or turnover rates.”

Guertin says machine learning is used in large data sets such as Google, Facebook and Twitter, but it can be applied to smaller data sets such as HR and employee happiness.

“Right now, there’s not an easy way for any small business to just plug into some platform and get any result they want,” Guertin says. “One of the things they can do is to identify the right candidate for application tracking.”

Guertin adds that an employer could use an application to read resumes and identify candidates for a position than when a human employer may have been searching for on their own.

“When employers go out to recruit, it is extremely time consuming and machine learning can assist in that,” he says. It can look beyond the schools the candidate has attended and if they have Java experience. Machine learning can find a pattern like “the people that have exceeded the best in the company, have diverse experiences or multiple hobbies,” he adds.

Increasing competition

John Wilson, enterprise portfolio manager for Benefitfocus, says employers need to offer a solid benefit set in order to attract strong employee candidates to a position in a small business.

“Small groups are competing with larg