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Stuart Gentle Publisher at Onrec

Willis Towers Watson introduces innovative skill-based pay analytics platform to reward digital talent

SkillsVue enables organisations to go beyond role-based compensation frameworks and see the impact of skills on pay

Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, launches SkillsVue, a first-of-its kind, interactive analytics platform enabling organisations to see the impact of skills on pay for digital talent.

Founded on compensation data from Willis Towers Watson’s Artificial Intelligence and Digital Talent Compensation Survey, SkillsVue uses proprietary machine learning algorithms to analyse real-time skills data and calculates the granular valuations of skills and their impact on pay.

Attracting and retaining key digital talent is among the top challenges for organisations around the world. Based on our Survey[1], nine out of 10 organisations 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 workforce of digital natives who grew up with new technology, organisations need to take a different approach in terms of compensation and rewards 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 organisations 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 specialised skills, can have a significant impact on the organisation’s transformation journey. Having a differentiated reward offering will send a signal to the digital talent that the employer recognises their potential and does not subscribe to a ‘one size fits all’ philosophy,” added Paul Richards, Global Data Services Business Leader, Great Britain, 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 rewards decisions for digital talent.

The solution will be introduced to clients in Hong Kong, Singapore, United Kingdom and United States this year, with expansion to additional countries globally in 2020.