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In the 2020 State of Talent Optimisation Report, executives were asked to assign a percentage of their total company costs to employee-related labour costs.
The key finding? The average company spends 64% of its total expenditure on its employees.
So, what does your organisation spend? And what’s the point of knowing how much you spend on employee-related labour costs?
My take: if a revenue item accounts for 64% of total expenditure, wouldn’t you want to be sure you’re getting your money’s worth from an investment of that magnitude? Of course you would!
Why is it then, that so many organisations put up with poor performance, ignore employee disengagement and fail to follow a rigorous intake procedure to ensure they’re getting the right person for the job?
In my experience, it’s because organisations take a piece-meal approach to these issues and don’t realise that one system – a talent optimisation system – not only helps diagnose these issues, but also prescribes remedies, makes personal and leadership development strategies easily accessible, and tangibly measures improvement in performance.
That talent optimisation system is The Predictive Index. Well-known in the US. Little known in Australia.
If you’d like to see how one system can support high performance at all levels of an organisation, I invite you to book in for a complimentary demonstration. You can access my calendar using this link.
So now, let’s turn this into a bit of a survey to see if, in Australia, that same percentage (64%) compares to that of the US. I’m predicting it will!
Calculate (or ask your Financial Director, COO or accountant to calculate) the percentage of employee-related labour costs for your organisation, remembering to include all salary and benefit-related expenses.
