Willis Towers Watson has launched SkillsVue, an interactive analytics platform that helps companies measure the impact of skills on pay--especially for digital talent.
The platform uses machine learning algorithms in order to calculate the valuations of skills, to analyze real-time skills data, and understand its direct impact on the employees’ pay.
Based on the compensation data from Willis Towers Watson’s Artificial Intelligence and Digital Talent Compensation Survey, about nine out of 10 organizations are facing the challenge of attracting and retaining the right digital talent.
As there is an increasing scarcity of digital skills, the demand for digital natives who are immersed in various technologies from a very young age continues to rise. The compensation and rewards game is going to transform itself because of this widening gap between the skills supply and demand.
When the time comes to restructure the compensation and rewards layout for digital roles, many HR professionals can find the answers by leveraging data analytics tools at hand.
“As skills become the make-or-break factor in sourcing digital talent, the competitive pay data delivered through traditional means need to be revised,” said Sambhav Rakyan, Global Business Leader, Data Services and Compensation Software, Willis Tower Watson. “SkillsVue enables companies to make skill-related compensation decisions efficiently and effectively.”
Tapping into predictive intelligence, the platform measures the strength of market demand for particular skills so that premium digital skills can also be highlighted. Using predictive data analytics, TA leaders can process the available data and make informed decisions about the compensation and benefits that need to be allocated.