Willis Towers Watson’s new tool measures tech workers’ salaries
Willis Towers Watson will roll out a new interactive analytics software called SkillsVue, to help employers better understand how digital skills impact pay for prospective employees.
SkillsVue uses compensation data from Willis Towers Watson’s artificial intelligence and digital talent compensation survey, as well as proprietary machine learning algorithms, to analyze real-time skills data and calculate the granular valuations of digital workers’ skills and their impact on salaries.
The platform comes as Willis Towers Watson says clients search for data on digital skills and talent, says Jasbir Singh, global leader of data services at Willis Towers Watson.
The consulting firm knew its clients were advertising these digital tech roles on a variety of career websites, and wanted to see if they could — using their own data — discover if there is a salary premium for specific applications and skills, Singh adds.
“We had to come up with something different,” Singh says. “This is an area where our clients are struggling in terms of retaining talent and recruiting talent, simply because the demand for this talent doesn’t meet the supply, frankly, in any part of the world.”
Professionals with skills in blockchain, artificial intelligence and mobile tech are in high demand, Marc McBrearty, North America practice leader of rewards data and software at Willis Towers Watson, says in a statement. These employees often receive the highest salary premiums.
Using predictive intelligence, SkillsVue assesses the strength of market demand for a particular ability and then determines premiums for the digital skills that employers value most. Employers in the U.S., UK, Hong Kong and Singapore will have access to the platform in September of this year, with further rollout scheduled for 2020.
The goal is to help employers better retain digital talent, which is one of the top challenges for organizations around the world, a recent Willis Towers survey found. This lack of digital talent means organizations need to take a different approach when it comes to compensation and reward strategy for digital roles and skills, the firm says.
“As skills become the make-or-break factor in sourcing digital talent, the competitive pay data delivered through traditional means needs to be revised to include a hassle-free, skill-aware benchmarking experience that can be repeated year after year,” Sambhav Rakyan, global business leader of data services and compensation software at Willis Towers Watson, says.