February 28, 2024

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DBS implements a new system for predicting employee resignation

There is a new tech in town for predicting when you will be resigning. DBS has developed a system which uses predictive algorithm for determining when an employee will be quitting.

It takes into consideration about 600 data points which include, absenteeism, salary increase, rate of promotion, the birth of a child, and training modules attended.

All of DBS’s 11,000 employees are under this system. It will churn out a monthly report which will indicate the predictions of the likelihood an employee is going to resign.

It will also indicate the following steps to be taken by managers if they are anticipating an employee to be leaving.

Banks in Singapore experience high turnover rates, up to 30 per cent, mostly in the sales department.

Hence, this new system will allow human resources to be better prepared when such a situation arises or even prevent them from happening.

Ms Lee Yan Hong, managing director and head of group human resources at DBS Bank said that employees sometimes leave due to family reasons, which is out of the bank’s control.

But is also sometimes is due to reasons like employees feeling that they are being underpaid or undervalued. For such cases, the bank would want to reach out to the employee and find out why they are feeling as such and provide them with the required assistance.

“Our focus is to make sure that we do not lose people for the wrong reasons,” she said.

Ms Lee said that the system was developed through data gathering and the formulation of the algorithm by four data scientists and three data analysts from their human resource department.

The bank is now prioritizing change management. Managers will have to take actions based on the results churned up in the monthly reports.

DBS has shared that it estimates saving S$5 million worth of spending in areas such as recruitment, training, and operational downtime if it can reduce its annual turnover rate of 15 per cent bank-wide to just 1 per cent.

This is not the first time that DBS has engaged in tech and innovations for improving its services and management. In an earlier OpenGov earlier article, we reported about the way in which DBS had transitioned into a data-driven organisation.

DBS had built a central data team and enterprise data hub which allowed the bank to grow economically and having the ability to experiment more.

As such, DBS can use this hub to store and analyse a multitude of events and be better able to formulate answers for questions before they are being asked.

This allows for a better engagement of customers and allows the bank to provide better service to its customers.

The employment of machine learning of the call logs, received by the bank’s call centre, will allow for customer’s concerns to be understood and for the bank to take immediate action on it.

DBS’s staff has been better able to engage in more experiments and be more involved in innovations surrounding the enhancing of customer service.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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