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Lack of effective talent management could cost companies in skilled labor

Posted on January 21st, 2013 Read time: 1 minutes

Worker confidence is up and many people are considering changing jobs this year. A recent survey by Cornerstone OnDemand suggests employers aren’t investing enough in training and engaging their workforce, which could lead them to losing valuable talent.

More than 19 million Americans are planning to change jobs this year, according to the HR administration software provider. The average cost to recruit and train one employee is estimated at 2.5 times the worker’s salary. U.S. businesses could therefore face $2 trillion in potential employee turnover.

One of the major reasons employees consider leaving their current job is the lack of training and development they receive. Less than one-third of U.S. employees surveyed were given the tools necessary to better perform their job and only one-quarter established personal career goals with their managers. In addition, 66 percent reported not receiving useful feedback.

Most employees want to do a good job, but many […] aren’t getting the training they need to improve or to build a sustainable career,” Jason Corsello, Cornerstone’s vice president of corporate strategy and marketing, told Workforce magazine. “If individuals don’t get what they need, eventually they could wind up leaving.”

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