Each year, companies are losing billions of dollars due to underperforming employees and losing top talent.
In a recent study by the Bureau of National Affairs, companies loose $11 billion annually due to employee turnover.
In another study by The Engagement Institute, underperforming employees were estimated to costs businesses between $450-$550 billion a year.
That’s a high price tag for companies to absorb.
So what’s the answer??
By increasing job satisfaction and employee performance, companies can improve their employee engagement and in return increase their retention.
A recent SHRM study shows that employees crave job related training programs. 89% of respondents said that job related training was key to job satisfaction. But manually creating and implementing a successful training program can be costly in both time and money. That’s where we can help.
SkillNet measures each employees job related skills through self and 360 assessments. We then automatically deploy customized, individual development plans tailored to each employee’s skill gap areas.
Studies also show that employees want frequent feedback and recognition from management. Moving away from an annual performance review model, forward thinking companies are using a more frequent, informal feedback process to coach employees to optimal performance.
SkillNet’s platform combines our skill assessment data with our checkin tool to start frequent conversations between employee and management.
The SkillNet effect increases employee engagement, performance and retention which decreases the wasted costs other companies are experiencing.
See our latest infographic below outlining The Skillnet Effect!