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Cornerstone OnDemand Survey Reveals Dramatic Skills Gap within the American Workforce
By: Business Wire
Dec. 11, 2012 08:39 AM
With the impending fiscal cliff, a lack of sustainable job creation and an expectation of relatively high unemployment for the foreseeable future dominating national discussions, there’s another serious issue looming for employers in 2013: the skills gap. Organizations challenged with a lack of talent must act now or suffer the fate of losing their competitive edge, whether it is closing their skills gap or retaining existing employees, according to the results of a new Cornerstone OnDemand (NASDAQ: CSOD) survey conducted by Kelton.
The research reveals that more than 19 million Americans are planning to change jobs in the next year. And with the average cost to recruit and train one employee estimated at 2.5 times an employee’s salary, U.S. businesses are looking at a steep price tag of $2 trillion on potential employee turnover.*
The survey also reveals three concerns that face nearly every company today:
“The worldwide skills shortage is quickly becoming a crisis across companies of all sizes and industries,” said Jason Corsello, vice president of corporate strategy and marketing for Cornerstone OnDemand, a global leader in cloud-based talent management software solutions. “Unfortunately there is no silver bullet to address the global skills shortage, but companies can take action to build programs today and invest more in ongoing training and continuous feedback for their employees.”
The survey highlights four opportunities for employers to evolve their people management and development strategies in the coming year and help them narrow the skills gap, increase engagement and retain talented employees:
For more information about Cornerstone OnDemand, visit www.csod.com. To follow Cornerstone OnDemand on Twitter, go to www.twitter.com/cornerstoneinc. To read the Cornerstone OnDemand blog, visit www.csod.com/blog.
About the Survey
The Cornerstone OnDemand employee survey was conducted by Kelton, a leading national public opinion company, between November 23 and November 26, 2012 among 494 nationally representative employed Americans ages 18 and over, using an email invitation and an online survey. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. In this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 4.4 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample. The margin of error for any subgroups will be slightly higher.
For a comprehensive report of the findings, please visit: http://www.cornerstoneondemand.com/resources/research/survey-2013
About Cornerstone OnDemand
Cornerstone OnDemand is a leading global provider of comprehensive learning and talent management solutions. We enable organizations to meet the challenges they face in empowering their people and maximizing the productivity of their human capital. Our integrated software-as-a-service (SaaS) solution consists of the Cornerstone Recruiting Cloud, the Cornerstone Performance Cloud, the Cornerstone Learning Cloud and the Cornerstone Extended Enterprise Cloud. Our clients use our solution to source and recruit top talent, develop employees throughout their careers, engage employees effectively, improve business execution, cultivate future leaders, and integrate with their external networks of customers, vendors and distributors. We currently empower over 10.3 million users across 186 countries and in 38 languages.
*Sources and Statistics
Cornerstone® and Cornerstone OnDemand® are registered trademarks of Cornerstone OnDemand Inc.
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