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…