An Imminent Global Talent Crunch
Korn Ferry’s Global Talent Crunch Report states that by 2030, demand for skilled workers will outstrip supply, resulting in a global talent shortage of more than 85.2 million people. The U.S. itself faces a critical shortage of skilled workers that is set to worsen. It could leave $1.748 trillion of annual revenue on the table by 2030 - equivalent to 6 per cent of the country’s economy.
In our discussions with learning leaders, we have found that the biggest challenges are not just finding the right talent but reducing time to competency for new talent so that people are ready to hit the ground running when they join the workforce. Additional challenges include reducing the cost of hiring and countering attrition.
NIIT’s Talent Pipeline as a Service creates reliable talent pipelines that provide the capability to deliver specifically skilled, ready to deploy talent that can productively deliver business outcomes as soon as they join the workforce.
The True Cost of Onboarding
The cost of onboarding can be significantly higher than what L&D and HR departments may usually acknowledge. In fact, training 1000 new hires, especially for pivotal job roles could cost you approximately 40 million dollars a year if you consider all the costs involved. These costs are not just high. They are also fixed costs that you cannot control. Consider the following:
Content Design, Development & Maintenance
Courseware & incidentals
Boarding & Lodging
Employee’s salary while in training
Cost of not fully productive new hire for the first 6-8 months
How We Help
A Flexible, Cost-Efficient Model for Building Talent Pipelines
NIIT’s Talent Pipeline as a Service is a flexible, cost-efficient model for building talent pipelines. Our goal is to give you an employee that is productive from the first day on the job. In this model, NIIT is responsible for all the fixed costs of onboarding – content design, development and maintenance, trainers, delivery and program management, training administration and reporting, venue and logistics, stipend, and training. We replace these costs by a fully variable, per-hire service fee. What is more, you can delay starting new hires on your payroll until they have completed their new-hire training at NIIT and are fully job-ready.
Cohorts that complete our new-hire training are significantly more proficient and truly job-ready from Day 1. Our goal is to reduce training significantly by up to 40% while increasing effectiveness. NIIT also guarantees a reduction in your total cost, often by up to 20%.
NIIT’s solution comprises of :
- Intense preparation for the role in the first 3-6 months
- Immersive boot camp type environment
- Milestone-based staged curriculum mapped to role milestones with proactive training at each milestone
- Multi-modal content using multiple channels like videos and social media
- Peer buddy and mentorship program
- Opportunities to engage with the leadership
- Frequent performance review & feedback
- Mobile app that enables new hires to track their progress and learning
- Aligned stakeholders – HR, managers and L&D
Pivotal Job Role Onboarding for Clinical Research Leader
NIIT’s immersive, residential onboarding program for one of the world’s leading clinical research companies reduced time to proficiency for a highly skilled, pivotal job role by 24% with a corresponding reduction in costs by 15%.
Reduced Onboarding Time for a Global HR Leader
For a global HR leader, NIIT reduced onboarding training time from 7 weeks to 3 weeks. Training administration effort reduced from 11 FTEs to 1 FTE. This resulted in a total cost reduction of 20% and a decrease of 20% in year one attrition.