Talent Waste is a global problem that affects organisations across all industries. The Office of National Statistics states that between 30% and 45% of employees are leaving organisations within the first year. HBR states that 80% of employee turnover is due to bad hiring decisions.
Why does Talent Waste Exist?
Talent Waste occurs when employees exit an organisation voluntarily, for reasons such as: Bad hire/bad fit, negative experience of the onboarding process, lack of learning and development pathways, no staff recognition/rewards, lack of transparency.
Talent Waste has a detrimental effect on organisations, there are measurable losses such as cost of replacement, wasted resources for training and onboarding, and a waste of the company time. There are also intangible losses to the business such as institutional knowledge, lower productivity, and company reputation.
By reducing Talent Waste your organisation can ensure you have the best people in your business. Staff that are knowledgeable and productive, and strive to learn and develop in their role. Enhanced quality of work, produced by a world class team of individuals that know and love your business. An excellent reputation as an employer and with customers.Contact Sales ➝
Reducing Talent Waste will ensure your business is running efficiently. Less time spent on hiring and interviewing candidates, training and onboarding new starters and reducing administration processes. The productivity of your workforce will also be positively impacted meaning more time spent on projects that will help your business grow.Contact Sales ➝
An intrinsic part of reducing Talent Waste is the reduction of costs. The cost of a bad hire can be astronomical to a business especially at senior levels. Costs of training and implementing staff into your business, buying additional equipment for new starters, and paying interim or agency staff when individuals leave the organisation.Contact Sales ➝
By hiring talent aligned to your organisation’s culture, values and skills, enjoy tangible increases in year 1 productivity onwards. With the average costs of re-hiring estimated to be £12,000 per employee, Phoenix51 gives instant and measurable return-on-investment through improved staff retention.Contact Sales ➝