Return on Investment
In addition to the many benefits that SkillStation provides for you and your staff, it also provides a range of valuable financial benefits to your organisation.
SkillStation will pay for itself year-on-year by improving operating performance, eliminating operational risks, identifying talent and developing a positive culture across your organisation.
The correct implementation and application in of SkillStation will reduce staff turnover, save recruitment costs, retain and develop existing talent and improve your overall operational performance and profitability.
The following examples compiled from public statistics illustrate SkillStation's importance:
Save at least £4,333 per new employee on recruitments costs
The average recruitment cost of filling a vacancy per employee is £4,333, increasing to £7,750 when organisations are also calculating the associated labour turnover costs.
The average cost to recruit a senior manager/director is £21,000 and can take on average 16 weeks.
Use SkillStation to identify the talent already within your organisation, and avoid huge recruitment costs.
Source: CIPD Annual Turnover Report
Reduce the costs for learning and development
Learning and development overheads are often calculated as between 30% and 50% of salary costs. In some organisations a loss of profit is included, but this makes a more complex calculation
Use SkillStation to allow delivery of learning material to any number of employees at their own pace.
Source: CIPD
Reduce costs resulting from Health & Safety issues
These cost British employers an estimated £3.3 to £6.5 billion each year of which £910 to £3710 million comes from accidental damage to property and equipment.
The average cost of an accident at work is £46,000 plus additional impact on the business.
Fines on conviction for corporate manslaughter will seldom be less than £500,000 and may be measured in millions of pounds; a level of fine that would previously have been expected only for cases resulting from a major disaster.
It is no longer the case that directors and managers can avoid responsibility by simply delegating responsibility to others. They have to show active involvement in health and safety management.
Use SkillStation to find which employees require training, who has demonstrated competence, and reduce the cost to your business resulting from accidents or incompetence.
Source: HSE, Peninsula UK
Improve Operational Performance
A company with 1,000 employees can save at least $240,000 per year as a result of an average productivity gain of just three minutes per day
Source: IBM 'The Value of Training'
Revenue Generation
Companies in the top quarter in training expenditure per employee per year ($1,500 or more) average 24% higher profit margins than companies that spend less per year.
Source: HR Magazine 2001