Company Estimates the Average True Cost to a Business Losing Just One Employee That Could Otherwise Have Been Retained Is £105,667
Oxford based Zegami, the data visualisation company helping businesses unlock their data potential, has launched a new platform that will enable employers to visually identify members of staff who are ‘at risk’ of leaving their organisation.
Called Zegami HR, Zegami’s new solution will provide HR professionals and organisations with a more detailed and clear view on the role staff play at their organisations, and how important they are. This will help them to more easily identify key members of staff and ensure that they are effectively managed and feel recognised and, ultimately, happy at work.
The new programme is based on a bespoke algorithm that Zegami has designed, which considers several factors that affect whether someone stays in their current job or leaves. These include age, pay, tenure, benefits package or work location, to whether they are satisfied with their working environment. Using this, Zegami HR can visually identify which employees could be looking to leave.
Zegami estimates that the average true cost to a business losing just one employee that could otherwise have been retained is a staggering £105,667. This is based on the average salary for someone in full-time work, hiring costs and productivity losses over several months whilst a replacement hire becomes as effective as the employee they replace.
Zegami HR is just the latest example of Zegami’s ambitious plans for growth. Earlier this year, the company, which aims to change the way businesses and individuals search their documents by using software that allows thousands of documents to be displayed in a single view, announced it had raised £1.25 million in equity funding. It has put this towards investing £4 million into developing new solutions and tools to help organisations bring more structure to their data.
Roger Noble, Co-founder and CTO, Zegami said: “With a growing focus on the importance of retaining quality members of staff, employers need to invest more in identifying who they are and spot the signs when they may be considering leaving. Zegami HR provides a quick, visual and easy way for employers to explore the things that are affecting their company and allows them to gain insight into their ‘flight risk’ people.”
Samuel Conway, Co-Founder and CEO said: “Organisations are having to manage a growing amount of data and this means they are at greater risk of suffering from information overload. With more data comes increased regulatory and compliance issues, but greater insights and better prospects for growth. We are at the centre of developing solutions to help organisations manage their data in a more effective and powerful way.”
Zegami launched out of Oxford University in 2016. It is currently exploring new ideas and making new discoveries for 35 clients and counting, across an ever-growing variety of sectors.