Willis Towers Watson, a leading global advisory, broking and solutions company, launches SkillsVue, a first-of-its kind, interactive analytics platform enabling organizations to see the impact of skills on pay for digital talent.
Built on a foundation using compensation data from Willis Towers Watson’s Artificial Intelligence and Digital Talent Compensation Survey, SkillsVue uses proprietary machine learning algorithms to analyze real-time skills data and calculate the granular valuations of skills and their impact on pay.
Attracting and retaining key digital talent is one of the top challenges for organizations around the world. Based on a Willis Towers Watson's survey, nine out of 10 organizations across all regions have issues attracting and retaining digital talent. With the current scarcity of digital skills, the rising demand for talent and the prevalence in the digital workforce of digital natives who grew up with new technology, organizations need to take a different approach in terms of compensation and reward strategy for digital roles and skills.
“As skills become the make-or-break factor in sourcing digital talent, the competitive pay data delivered through traditional means need to be revised to include a hassle-free, skill-aware benchmarking experience that can be repeated year after year. SkillsVue equips organizations with key information needed to make skill-related compensation decisions efficiently and effectively,” said Sambhav Rakyan, Global Business Leader, Data Services and Compensation Software, Willis Towers Watson.
“Today digital professionals who have skills in blockchain, artificial intelligence and mobile are receiving the highest salary premiums, with a median of around 15% of base salary. Digital talent, especially those with specialized skills, can have a significant impact on the organization’s transformation journey. Having a differentiated reward offering will send a signal to digital talent that the employer recognizes their potential and does not subscribe to a one-size-fits-all philosophy,” added Marc McBrearty, North America practice leader, Rewards Data and Software, Willis Towers Watson.
Using predictive intelligence, SkillsVue assesses the strength of market demand for individual skills, which, in-turn, determine premiums for the digital skills that matter most. This innovative approach helps HR professionals make informed talent acquisition and reward decisions for digital talent.
The solution will be introduced this year to clients in Hong Kong, Singapore, the U.K. and the U.S., with expansion to additional countries globally in 2020.
SOURCE Willis Towers Watson
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