Today external hires cost approximately 25% more than internal ones. As per the U.S. Department of Labour estimates, a bad hire will cost a business 30% to 40% of its annual salary. Now if we extrapolate that to an average tech worker, that’s over $30,000.
Globally, tech roles take an average of over 60 days to fill or more than 2 months.15 In Europe and Asia the figure is even higher. The important thing to note here is that productivity does not start from day one on the job, it could take upwards of 180 days to complete the circle in a new organization.
The flip side is that there is a very high probability/likelihood to be laid off within the first year.
Beyond the budgetary abyss of external hiring, it also comes at a great expense to every L&D/Tech leader’s most precious resource driver called “Time” from the entire process of sourcing candidates, to calendar scheduling to hold f2f or virtual interviews soaks up time continually which otherwise can be invested in where it counts — driving technological innovation and transformation
This can be a quick alternative for tech skill gaps to ramp up and ensure all hands-on decks quickly meet the deadlines. As an organization, it is duly important that we upskill our current employees, thereby also benefiting to the organization. Upskilling improves the skills of the existing employees, by conducting activities that help them upgrade themselves to the latest developments and trends in the market. This benefits both employers and employees, who are likely to perform their tasks better and do so well as they progress in knowledge.
When you have a workforce, keeping them updated with new developments and trends is important. Upskilling is a regular activity that helps the workforce keep themselves updated to perform their tasks better and achieve greater productivity. An employee’s ability to learn, and translate that learning into executing projects is the ultimate competitive advantage for an enterprise, hence skilling should be on top of the L&D Agenda.
We at Nuvepro will help the organization provide a better platform, where your employees can learn new skills and then be able to work on new projects. Skilling and learning experiences are lifelong journeys and Nuvepro helps you excel through them.
As they say, the journey starts where the learning is today and ends where the learner is more successful. The end of the journey isn’t knowing more, it’s doing more, and it will never diminish with age.