Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
Decreasing Costs and Improving Talent Jody Glidden Tommy Jiang Tim Knell Hyesung Park Instructor: Dr. Zoya Kinstler Teaching Fellows: Basem Neseim and Stanford Chibanda
North America Region Sales and Service Leader Quality Medical Equipment GLOCO Networks RapidTMS Investment Information and Communication Technology Organization (ICT)
About RapidTalent ConsultingCambridge, MA • A leading information technology consulting firm • Talent Management Systems • Affordable • Integrated • Scalable • Secure • Extensible • Efficient System Deployment
Business Problems • Better align pay with performance • Provide better internal mobility • Provide more effective training and development Proposed Solution • Implementation of a Talent Management System • To help to reduce risk in critical roles • Improve employee productivity and retention • To uncover gaps in employee skills and training
Business Processes PR- Performance review SR-Salary review HS -Hiring support SG-Skill gap analysis
Business Benefit Justification Investment • More skilled workforce • Less employee turnover as a result of higher morale, upward mobility, and clear performance expectations • Lower cost of hiring • Annual cost of hiring: $3,735,000 (15% turnover at $4150/hire) • Cost of hiring with RapidTMS in place: $2,520,000 (12% turnover at $3500/hire) • Annual cost hiring savings: $1,215,000 Cost for RapidTMS including Customer support ($5.00 x 6,000 = $30k) Initial set up ($10k) + Customization of colors and logos ($20k) + Integration with HRIS ($170k)
Success Criteria and Metrics • Turnover Improvement (15% 12% per year) • Employee Perception Survey (Pre-/Post-Surveys, A series of paired sample t-tests) • Employee Morale • Overall satisfaction • Supervisor relations, training, benefits, work environment, communication • Internal Job Replacement Rate Increase • Proportion of employees who were placed within time-limited period (5% growth). • Average Cost Per Hire Decrease (To minimize the total costs of job/ e.g. 15% reduce: $4150 $3500) • Training Hours: Effective Training vs. Unneeded Training Hours
Internal Billboards • Awareness and Educational Broadcast Emails • Upgrades • Enhancements
Risks, Constraints and Limitations Course Suggestion: Commercially Available Course Libraries 2 3 X Provide Relevant Information 4 Point-to-Point Connection Failure Quick Restore Service HRIS 1 Human Factors
Questions & Answers Thank you.
Hiring Cost Breakdown Miscellaneous: Testing, reference checking, hiring unit staff time, administrative support, other minor expenses.