Leveraging a knowledge and learning ecosystem to keep employees engaged
It is true, that the average person changes jobs ten to fifteen times during their career. However, would it surprise you to know that in the United States, according to the Bureau of Labor Statistics, the average tenure of employees went up from 3.5 years back in 1983 to 4.2 in 2016? Similar stats are available for other countries as well.
So why all the panic among companies looking to provide better learning programs as a means to keep employees? It is not so much because the employees are leaving. It is because, with the digital transformation and the fourth industrial revolution, the knowledge and skills required keep changing.With all those changes, the cost of replacing employees is believed to range from tens of thousands of dollars to 1.5 – 2.0 xthe employees annual salary.