3 Businesses Helping Overworked People That Have High Potential Margins
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Although reskilling takes a good deal of effort, it often offers a higher return on investment, in the longer term, than hiring; in fact, the business case for reskilling can be 1.5 to three times better. On average, replacing an employee can cost 20 to 30 percent of an annual salary, reskilling less than 10 percent. Reskilling existing employees also allows a retailer to retain institutional knowledge and saves the ramp-up time needed to onboard new hires. Furthermore, reskilling is more likely to earn goodwill from employees, customers, and governments alike. This goodwill can have tangible benefits; approximately 40 percent of transformations fail because of employee resistance, so a reskilling campaign can mitigate that risk. For these reasons, we believe that reskilling will be a large part of the answer for retailers. Across industries, global executives agree: 75 percent of those surveyed say reskilling will provide at least half of the solution for the skill gap.
Employers will play a leading role in helping workers to reskill, but collaboration with external partners will also be required. Educational institutions and industry associations can create specialized curriculums and certifications for future skills. Not-for-profit organizations can develop innovative approaches to make reskilling efforts more affordable and effective. Such partnerships are even more important for smaller retailers (such as regional grocery chains) that may have fewer resources for a substantive reskilling effort.
Data-driven products and services are often marketed with the potential to save users time and money or even lead to better health and well-being. Still, large shares of U.S. adults are not convinced they benefit from this system of widespread data gathering. Some 81% of the public say that the potential risks they face because of data collection by companies outweigh the benefits, and 66% say the same about government data collection. At the same time, a majority of Americans report being concerned about the way their data is being used by companies (79%) or the government (64%). Most also feel they have little or no control over how these entities use their personal information, according to a new survey of U.S. adults by Pew Research Center that explores how Americans feel about the state of privacy in the nation.
One aim of the data collection done by companies is for the purpose of profiling customers and potentially targeting the sale of goods and services to them based on their traits and habits. This survey finds that 77% of Americans say they have heard or read at least a bit about how companies and other organizations use personal data to offer targeted advertisements or special deals, or to assess how risky people might be as customers. About 64% of all adults say they have seen ads or solicitations based on their personal data. And 61% of those who have seen ads based on their personal data say the ads accurately reflect their interests and characteristics at least somewhat well. (That amounts to 39% of all adults.)
These changes to the workplace have altered the engagement equation, forcing us to rethink it. For example, a well-known pharmaceutical company found that its executives and scientists in China were leaving the company at an alarming rate. The annual engagement survey provided no information to help diagnose this problem. By running a statistical analysis on all the variables among these departing high-potential workers, the company realized that in China, unlike other parts of the world, people were expecting very high rates of compensation increase every year. The job market there was highly competitive, so people were being poached based on salary progression alone.
The first and perhaps most important part of employee engagement is job-person fit. We need to make sure jobs are meaningful, people have the tools and autonomy to succeed, and that we select the right people for the right job. This is a