Retention of employees
For organizations to thrive in today’s fast changing economy and technology, finding and
retaining the best employees is vital.
There are multiple costs involved during the cycle of employee hiring to retention,
Ex
- Recruiting costs
- Onboarding costs
- Lost productivity
- Lost engagement
- Customer service and errors
- Training costs
Sample reports suggest that the average costs to replace an employee are:
- $1,500 for hourly employees
- 100 to 150% of an employee’s salary for technical positions
- Up to 213% of an employee’s salary for C-suite positions
- When an employee leaves your organization, it can be a big blow to your organization’s
morale, productivity, and budget.
https://www.peoplekeep.com/blog/employee-retention-the-real-cost-of-losing-an-employee
“Takes 8-12 weeks to replace a knowledge worker, and then another month or two before the
replacement gets to full productivity mode.” If the team member who left was bringing in
$100,000 in revenue, that means your company will experience $25,000 less in income and
profits for the next three months or so.
https://www.forbes.com/sites/johnhall/2019/05/09/the-cost-of-turnover-can-kill-your-business-and-make-things-less-fun/?sh=668f1a017943
Managing employees
- Employee productivity is something that all successful businesses have in common. One of
the most difficult tasks for organizations today is to track and improve team
productivity. Productivity remains one of the top challenges facing managers today.
- Tracking productivity gets even trickier for many organizations looking after a team
with different work setups, work habits and time zones.
A smooth communication Channel
- A great team can be differentiated from an average one by a company culture based on
effective communication. However, recent work trends have made team communication more
difficult.
- Having competent and clear communication is important and many organizations struggle to
find the right communication process or channel.
Rapid evolving tech and organizations are not able to catch up fast enough
- Technology is evolving at a fast pace. Today customers acknowledge and appreciate
companies who stay abreast & upbeat about the latest developments. Innovation is the
key growth driver for any organization, which plans to develop itself in today’s .
But they also need to consider the financial aspects i.e., the costs involved in the
process.
- Adapting to new technology at a rapid pace to catch up with the competition might end up
costing the organization a lot of resources and can become money intensive.
- Organizations are unable to keep up with the rapid evolution of technology, widening the
gap between new technology and the necessity for organizations to stay current.
- Many organizations are imploring Talent Supply solutions or marketplace that can offer
them skilled talent on demand.
Conclusion
- We see many organizations opting for a pay per service model, let it be for any service.
There is an unmet need for talent solutions, a marketplace/platform that would
address/alleviate the pain points of the companies (mentioned above)
- Organizations are in search of a hassle-free way of talent management. (OR)
Organizations are looking for a simple solution to manage their talent.
- There is a need for end-to-end talent supply providers with niche skillsets that will
assist organizations in achieving their (project goals) more efficiently and with fewer
resources.
- Organizations are looking for a platform that is compatible, quick, and simple to use.
Something that will allow them to save the time, money, and resources that they would
normally spend.
