Every corporate learning solution should integrate talent succession strategies with training and development. Organizations reap cost and performance dividends with increased retention and skill building of employees. With an average six seconds invested on each resume and more than 250 resumes per corporate job, small wonder the pressure mounts on recruitment matches (The Ladders, 2017).
Statistics show the average cost oer hire to recruit one professional or manufacturing sector employee eclipses $5000~ or more, and more than $1000 for a service employee (2015 RecruiterBox.com). Other studies show $4129 average (SHRM Human Capital Benchmarking Report, Uptowork.com).
By identifying key skills across the organization, training solutions target organizational development as a strategy. Combine this goal with talent succession and identifying those employees for future career path growth is a win -win. Consider the statistics of Online Recruitment, Referred Candidates and Internal Candidates, for retention and recruitment impact.
Online Recruitment ~Almost 50% of hires originate from online career sites and job boards, increasing cost and processing, including background checks, testing and interviews. (Jobvite, 2017 Recruiting Funnel Benchmarking Report). This translates to a 14% retention rate from this sector,
Referral Candidates ~While representing only 3.07% of recruitment sources for new hires, forty- six percent (46%) referred candidates remain on the job for more than three years. This is more than 3x the rate of online sourced candidates.
Internal Candidates ~ Internal hiring represents the most effective, nearly six times more than another method, according to JobVite.