Bondweaver is a Luxembourgish/Hungarian HR Tech startup incubated at the Lux Future Lab, recently graduated from the 7th edition of Fit4Start and is about to launch its latest product: the Employee Retention Analytics tool. Gaspar Kocsis, the managing director of Bondweaver Luxembourg, sat down with us to talk a bit more about the company and their new solution which will be officially launched at HR Day.
Gaspar, tell us a bit more about Bondweaver.
Bondweaver is an AI-based organisational analytics tool, which maps the interactional network of companies. Our software compares the results to benchmarks, business findings and research findings from network science, organisational psychology, biology and anthropology.
Based on the results, our AI prepares reports and advice for HR managers and the senior management. Our tool also provides every employee with an individual report on how they can improve their position in the interactional network.
What is organisational network analytics and how can it be applied to HR?
Organisational network analytics is a really powerful tool. We believe that the cause of every HR related issue in the organisation comes from the interactional network. Krackhardt - a network scientist - uses a great metaphor to explain organisational network analytics in a straightforward way: imagine, that the org. chart is a skeleton of the company, and the interactional network is its central nervous system. We map and measure the interactional network; we make it manageable.
How reliable are the results?
In the past, the scientific founders of the company have analysed 100+ companies and learned a lot during the process. All of their previous findings are incorporated into our algorithms. One of the founders, our Product Architect, Mr György Sági is a mathematician by training and has 20+ experience in HR consulting using network science as his primary analytics tool. The other one is a world-renowned network scientist, Mr Balázs Vedres, who teaches now at the University of Oxford and identified the ideal pattern for innovation in the interactional networks. Our findings have a 90+% reliability.
Why are you focusing now on employee retention?
Early in the Fit4Start programme, our coaches asked us, to talk to our existing clients and to prospects and find out their most pressing HR issues. 5 out of 10 HR Managers said that employee retention is either a growing problem or a strategic priority for their company.
In our existing product, Bondweaver Analytics we already measure the attrition risk for each employee, so we decided to focus on this specific topic and dig deeper in the causes of attrition on an organisational and also on the individual level.
What results can your future/existing clients expect?
Our first attrition report was requested by one of our first clients (a company with 600+ employees) when they did the analysis for the second time in 6 months. We created an algorithm, which calculated the attrition risk score for each employee. We also ran the algorithm on the first analysis, and 66% of the employees, who were identified as high risk had already left or handed in their notice when we did the second analysis. On average, companies working with us can reduce their annual attrition rate by 30%. This means millions of euros saved every year because replacing an employee can cost anywhere between 75%-200% of their annual salary. In the budgets, companies plan only with the hiring costs, but they do not calculate the time spent on trainings, development, onboarding and last but not least the lost productivity in an existing team. All of these factors have a price tag.
Publié le 11 avril 2019