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FORE Enterprise Announces Breakthrough AI Solution to Control Costly Turnover for Businesses
May 26, 2024
Turnover
AI
Workforce
Analytics
FORE Enterprise, an AI-driven data analytics company, today announced the launch of its enterprise data services that enable businesses and investors to model and mitigate workforce attrition with unprecedented precision, preserving resources and institutional knowledge.
Supporting and retaining employees is a critical cost-saver for businesses. Each year, workforce attrition costs median-sized S&P 500 companies as much as $355 million in lost productivity, according to McKinsey & Co. Yet many companies fail to analyze and control their turnover trajectory or rely on costly consultancies.
FORE Enterprise’s novel technology represents a disruptive use of artificial intelligence to close the gaps that exist in companies’ understanding of their future attrition costs. Analyzing millions of data points, FORE delivers highly precise, comprehensive and actionable insights to help companies identify unique turnover risks across their workforce, as well as tailored, cost-effective intervention strategies for managers to better support their employees and avoid wasteful churn.
“Limiting turnover and retaining hardworking employees is key to sustaining a successful business, and AI has enabled us to solve this fundamental challenge in an entirely new way,” said Tyler Hochman, FORE’s founder and CEO. “As trends in the job market continue to fluctuate, it’s more important than ever for employers and investors to have regular insight into a company’s turnover risk and its impact on the bottom line. FORE’s technology puts this data at their fingertips, along with the tools and strategies to effectively intervene.”
In addition to a full-suite Operations Analytics platform for employers, FORE generates Due Diligence Snapshot reports for private equity firms considering an acquisition or investment. These reports include 12-month turnover projections and forecast the tangible impact of attrition on the target company’s earnings and expenditures — allowing investors to calibrate their valuation accordingly and realize higher returns on their acquisition. In early-stage use, FORE’s Due Diligence Snapshot has helped PE clients achieve additional 3-10% improvements in 12-month forward EBITDA.
FORE Enterprise combines its unique AI data products with an Advisory Council of experts from Stanford University, the Wharton School of the University of Pennsylvania and the Kellogg School of Management at Northwestern University that helps clients implement bespoke retention strategies benefitting the bottom line and employees. The Advisory Council comprises thought leaders, executives and scholars with deep expertise in relevant fields including business, finance, data analytics, behavioral science, and workforce equity and diversity.
“Our panel of experts consults with clients to help them leverage FORE’s AI-powered data insights to create customized solutions that ensure employees are satisfied in their jobs,” said Arvind Karunakaran, FORE Advisory Council member and Assistant Professor of Management Science and Engineering at Stanford University’s School of Engineering and Faculty Affiliate of the Institute for Human-Centered AI (HAI). “Too often, businesses are grasping at straws as they try to mitigate turnover with one-size-fits-all efforts like offering burnt-out employees a coffee shop gift card or subscription to a meditation app. FORE provides a smarter approach for companies to understand their employees’ needs and take data-driven action to boost retention.”
FORE’s products have proven successful with initial clients including a global private equity firm with more than $45 billion under management, and leading retail, health care and media companies. Users of FORE’s Operations Analytics platform have benefited from up to a 17% decrease in voluntary turnover six months after intervention. The company has also signed more than 140 commitments for Due Diligence reports over the next 12 months.
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People Strategy is Strategy. FORE is for the leaders who recognize that Workforce Management is a valuable way to improve your organization and gain a competitive edge. To do so, FORE empowers People Leaders with robust workforce data to lead better decisions for their staff and their organizations. Demonstrate to key stakeholders exactly where in your organization there are gaps, explain why this is happening with objective data, and guide decisions that relate directly to critical bottom line metrics.