Keeping your human resources department in top shape should be a priority for every business. It’s been proven time and again that good HR contributes to success, and it’s vital to prepare your HR team for growth. However, we all need a reminder every now and then, especially in this time of increased employee mobility.
Here are some statistics that prove every company should pay attention to HR development.
- 56% of HR Managers considered training and development to be an essential business enabler. (Source)
- Companies who have formalized employee engagement programs have 26% higher annual revenue growth than those who don’t have formalized engagement programs. (Source)
- The people who are turning the world around today will retire by 2025. (Source)
- It costs between 30-50 percent of entry-level employees’ annual salary to replace them; for mid-level employees, it costs at least 150 percent of their annual salary to replace them; for high-level or highly specialized employees, replacing them costs 400 percent of their annual salary. (Source)
- 89% of Glassdoor users are either actively looking for jobs or would consider better opportunities. (Source)
- 51% of employees are considering a new job. (Source)
- Only 5 percent of organizations feel they are effective at tracking and using talent analytics. (Source)
- Only 12 percent of HR organizations currently use predictive analytics for talent decision making. 49 percent of organizations plan to do so in the near future. (Source)
What does it all mean?
The numbers above show the need for a well-trained HR team, and the impact they can make on your workforce. Replacing employees is costly, yet only a fraction of businesses use tools like predictive talent analytics to ensure a great fit when hiring. A new workforce is emerging that has different values and drivers than the last. Companies that invest in HR development can help keep up with the changing landscape, attract and retain great candidates, and boost business growth.