I am convinced that companies are not realizing the value from new employees that they could. Even though this could be one of the easiest places to generate more business value… or in fact billions as I write in the headline.
First a few facts, stories, and project insights that have triggered my thinking in the last months.
The time it takes for employees in a multi-national US based manufacturing company to become embedded in the collaborative networks of the company.
The average tenure of employees in a large US based technology company
The average monthly all-inclusive cost for a knowledge worker in both a US based technology company and a European based oil company
The estimated ‘Time-to-Value Generation’ for an new employee in both a European Pharmaceutical company and an Energy company.
How much ‘Time-to-Value Generation’ can be decreased, if you connect the right mentor to a new employee, so the new employee immediately get embedded in the collaborative networks (Source: Innovisor benchmark)
None or 0%
The number of companies I have talked to that are measuring ‘Time-to-Value Generation’ for new employees. If you know any, then please let me know.
So where are the billions?
They are right above! Do your calculations on ‘Time-to-Value Generation’ and you will find them.
Time-to-Value Generation: Calculate the number of employees your company recruits per year x your monthly all-inclusive cost x the number of months you think, you can decrease your ‘Time-to-Value Generation).
What can be done…
Above all you need to understand the dynamics of the invisible organizational networks in your company.
It is only, when you know the gap between, who is connected to who, and who should be connected to who that you can stop wasting the money, described above.
It takes leadership, it takes people skills – not a laissez-faire approach!
Taken from Jeppe’s LinkedIn profile: https://www.linkedin.com/pulse/why-poor-onboarding-practices-cost-billions-jeppe-vilstrup-hansgaard/