Employers waste millions of dollars each year recruiting when the best people for the jobs are often right under their nose.
Deloitte tells us it costs a single large company upwards of $400 million in recruiting costs, training and lost productivity to replace workers. An internal mobility program would save $31 million by shaving just one point off the organization’s 13% turnover.
The cost of turnover due to a lack of career development and internal mobility to just an average-sized company is $49 million, says Gartner, the global research and consulting firm.
Retention and the savings it offers is a