One day, HRs will all be able to get the best imaginable employees: they will print them on a 3D printer, using the profile and settings prompted by the AI (and recycle the misprinted ones, of course).
But before we get there, the true competition will be about people. For the next decade or two, the competition will remain localized (e.g., competition in healthcare will be separate from that in software development), i.e. for the skill-related talent. Eventually, it will become one major competition for the best brains and aligned values, i.e. for the right Human beings.
Thus, if you have a solid roadmap for the business growth, with cash, credits, VCs lined up, it is time to consider how much more revenue you could generate if you just put your act together and stop leaving money on the table.
This effort will bring considerable tangible benefits.
Using the stats from Gallup reports, various HR research data, and accounting numbers from several clients, I created a graph showing the approximate annual “soft” savings an average company will get if they increase attention to their people development. In the graph below, I use a generic established hi-tech business. We peg the average annual salary at 50K. The estimates are at the lower end of the range and are achievable in 6 – 12 months of effort.
Most probably, the figures will look unreal to you, as you don’t see them daily. Nor did you ever consider them. For example, if your company image is not stellar, your new hires will expect an offer about 10% higher. Surprise? Here’s another one: learn the true cost of your meetings using this calculator by HBR.