TL;DR

Who: IBM, MOM, MPA and NUS Enterprise

Weekly Business Brief | 2019 Week 16

Wrapping up the week's business news and announcements.

SBO Singapore Weekly Business Brief
Published:   |   Updated:   |   Posted in

IBM gains patent that predicts if an employee will quit with 95% accuracy

“You can’t possibly come up with every case,” Gherson said. “The value you get from AI is it doesn’t rely on hypotheses being developed in advance; it actually finds the patterns.”

In a recent CNBC interview, chief executive Ginni Rometty said that thanks to AI, the tech and consulting giant can predict with 95 percent accuracy the employees who are likely to leave in the next six months. The “proactive retention” tool — which IBM uses internally but is also selling to clients — analyzes thousands of pieces of data and then nudges managers toward the employees who may be on their way out, telling them to “do something now so it never enters their mind,” Rometty said.

IBM’s use of AI in HR, which began in 2014, comes at a time when the 108-year-old company has been trying to shift its massive 350,000-person workforce to the most current tech skills and includes 18 different AI deployments across the department. Diane Gherson, IBM’s chief human resources officer, said in an interview that using tech to predict who might leave — considering thousands of factors such as job tenure, internal and external pay comparisons, and recent promotions — was the first area the department focused on.

“It was an obvious issue,” she said. “We were going out and replacing people at a huge premium.”

IBM had already been using algorithms and testing hypotheses about who would leave and why. Simple factors, such as the length of an employee’s commute, were helpful but only so telling.

“You can’t possibly come up with every case,” Gherson said. “The value you get from AI is it doesn’t rely on hypotheses being developed in advance; it actually finds the patterns.”

Read more on this Washington Post report.

MOM to aid workers in career mobility

employers “must come on board” and realise that they can also play a part in giving everyone a chance at career mobility.

As technological, political and demographic challenges continue to upend jobs and employment, the Government plans to steel all workers against future disruption by improving their career mobility, said Manpower Minister Josephine Teo on Tuesday (Apr 16).

“If we look into the future, we expect that people may find that there are opportunities opening up that have nothing to do with their current jobs … or their current industry. How we can help them access these new opportunities will become increasingly prominent.”

Existing programmes like mycareersfuture can help with that, she said. However, some may be looking for more help in terms of networking, skills training, and guidance to enter new occupations and sectors.

The Government also wants to work with employers to identify potential areas that will be disrupted in the future and intervene earlier by preparing workers for that future.

She added that employers “must come on board” and realise that they can also play a part in giving everyone a chance at career mobility.

They can be open to workers who may not be a perfect fit from day one but have the right attitude.

They can also continually transform their business and be willing to invest in training. Lastly, employers can also reward and recognise the effort of employees, she said.

Read more on this Channel NewsAsia report.

MPA and NUS Enterprise invests $650,000 in tech startups

Thirteen out of the 17 tech startups from the Smart Port Challenge 2018 will each receive S$50,000 in seed funding from MPA…

THE Maritime and Port Authority of Singapore (MPA) is investing S$650,000 in seed funding for tech startups to develop innovative solutions to address key maritime challenges in Singapore, MPA and NUS Enterprise announced on Friday.

Thirteen out of the 17 tech startups from the Smart Port Challenge 2018 will each receive S$50,000 in seed funding from MPA, as their solutions were close to reaching the market. The money will be used to support prototype development, test-bed solutions, and further develop the prototype after gathering feedback from the industry, MPA and NUS Enterprise said in a joint statement.

To enable a more targeted approach for incubation, the PIER71 acceleration programme has grouped these startup solutions into three clusters, namely: enabling platforms; port and cargo operations; and crossed industry or border innovation. This approach addresses the need for higher network speed, and encourages cross-sharing of services, both organisations said.

Read more on this Business Times report.


Seen anything interesting? Tip us off.
Want to be seen and heard? Contribute or advertise with us.

Like what you read? Follow us on Facebook and LinkedIn to get the latest updates.

Get the latest updates right to your mailbox

We will not share your contact information
By registering, you agree to our T&C and Privacy Policy
We're a bunch of minions who love reading and writing about business more than doing business (it's scary). Also, not all minions love bananas.
>