Frequently Asked Questions
What is RetainTalent?
RetainTalent is a stand alone reporting software that provides unique insights into your workforce, it empowers you to:
- Utilise predictive insight to understand the individual driving factors of staff turnover
- Develop targeted strategies to address key driving factors of attrition such as role, manager, behavior, rostering, and salarys
- Provide managers with more lead time to intervene before losing valuable employees
- Retain staff, improve workplace culture, and increase productivity while saving time and money
For more information of how our platform works, go to the Our Platform page.
Who is Toustone?
RetainTalent was founded by Toustone, a global Decision Intelligence company that specialises in delivering highly tailored data solutions across multiple industries. Over Toustone’s 9 years of experience, they recognised a consistent challenge facing many of these industries – employee retention. As a result, Toustone developed RetainTalent as a targeted solution to address this challenge without requiring an end-to-end data strategy.
How accurate is the staff turnover prediction?
Every company is unique, and RetainTalent will identify different triggers and patterns within your specific data compared to other companies. As a result, outcomes may vary.
Our predictions have identified that 87% of employees are at risk of leaving, with a 96% accuracy rate. In other words, out of 100 people who left, we correctly predicted 87 of them. However, some employees still left without being picked up by the model. And of the 87 people we predicted to leave, 96% actually did leave, while some did not.
The more data we have, the more insights we can generate. Ultimately, this can help your company to proactively retain valuable employees and improve overall performance.
Does RetainTalent identify the causes of staff turnover?
Yes, RetainTalent can identify specific data metrics that contribute to the overall at risk level of a employee leaving. This analysis can be as an organisation profile but also for individual employees. for example, the effect of an employee’s tenure can impact their probability of staying or going within the next 12 months. This helps to identify an employee’s risk factors from high to low for a selection of metrics.
What data is required to adopt RetainTalent?
To generate our predictions, we begin by analysing your existing HR and payroll data with at least 1-2 years of history. You can also incorporate other data sources into the model at a later stage, which may improve prediction accuracy and provide additional insights.
The specific data we need to run the prediction is readily available, including:
- Payroll: Employee ID, bonuses, leave
- HR Systems: Demographics, employment type, start/end date
Other data sources, such as injury records, may also help identify staff turnover triggers and improve prediction accuracy. However, we understand the importance of employee confidentiality, so we only use staff ID to identify workers.
How will the data be extracted from our systems?
To facilitate a quick and easy deployment, we provide you with a template CSV file that you can populate with your HR system data. You can securely upload this file via a link that we provide. If needed, we can also automate the data loading process at a later date for added convenience. For more information, please contact our friendly team.
Does RetainTalent offer other reporting solutions?
Yes, for a further expansion into HR metrics and reports we offer tailored HR Dashboards. For other reports or end-to-end solutions, please go to our Toustone website for more information.
Where is it hosted?
Your data is hosted onshore within the AWS cloud architecture. Your hosting solutions comes with a highly skilled support team that monitors your reporting environment 24×7 with automated alerting on service outages, performance degradation and security threats.
How do we scale up the RetainTalent if a new business is acquired, data sources or new software is introduced?
RetainTalent is cloud-based, so, scaling happens on-demand – if you need more resources, you can get more resources in minutes.
Is my data secure in the cloud? Is everything encrypted?
Yes, your data is encrypted at rest and in transit with industry best practice encryption technologies. Your environment is backed up regularly and our cloud platform has alerting and monitoring in place to ensure performance and detect against potential security threats.
What kind of data access controls will I have available?
Within the reporting environment very fine grained access can be setup, with every report being able to be placed in a content folder and a user or group being able to be set on those folders. There is also the option to setup data row level security by linking user details directly with the source data.