Business student Maria Vennikov created a new algorithm for forecasting wage scales during an internship abroad — a formula a Dublin-based company is still using to cut costs.
Shortly after Vennikov began an internship with Excel Recruitment in Dublin, Ireland, the CEO gave her a special, though nonspecific, assignment — figure out ways the company could save money. As she probed the company’s business processes, she found such an opportunity.
Vennikov defined an algorithm that helps identify inefficiencies in Excel’s employment-compensation system and allows the company’s leadership to model and forecast complex wage scales based on a number of variables including sales totals, margins, and turnover levels. She then built a data-management system the firm is still using to execute the new model.