Investing in internal talent: how we can help

It seems counter-intuitive that, with around 2.5 million people out of work in the UK, employers are finding it hard to recruit people with the right skills and experience. However, this is undoubtedly the case, and it is unsurprising that employers are therefore focusing on developing, and retaining, their internal talent. But where are the numbers to back up this assertion, and how can an overseas assignment help in this context?

There is no doubt that a high turnover of staff is extremely expensive. Recent studies have estimated that the cost of replacing a member of staff, including recruitment and training, is at least 150% of the annual salary attached to the post, and nearer 200% to 250% for managerial and sales positions, where more comprehensive training is needed.

However, many organisations could be accused of having put staff morale, and therefore retention rates, at the bottom of the pile over recent months, as they have struggled to adapt to leaner economic conditions. Fewer people have had to do more work, with the result that levels of job satisfaction (and thus loyalty to the employer) are at an all-time low.

Talent management strategies that deal holistically with the goals of developing staff through learning and leadership programmes, and rewarding and motivating high performers, are increasingly seen as the best way for organisations to stay on the front foot in the battle for talent. Skills Venture’s overseas assignments provide an excellent way of inspiring and rewarding staff while developing them in new directions – read on to find out more.

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