Korn Ferry’s Global Talent Crunch Report states that by 2030, demand for skilled workers will outstrip supply, resulting in a global talent shortage of more than 85.2 million people. The U.S. itself faces a critical shortage of skilled workers that is set to worsen. It could leave $1.748 trillion of annual revenue on the table by 2030 - equivalent to 6 per cent of the country’s economy.

In our discussions with learning leaders, we have found that the biggest challenges are not just finding the right talent but reducing time to competency for new talent so that people are ready to hit the ground running when they join the workforce. Additional challenges include reducing the cost of hiring and countering attrition.

NIIT’s Talent Pipeline as a Service creates reliable talent pipelines that provide the capability to deliver specifically skilled, ready to deploy talent that can productively deliver business outcomes as soon as they join the workforce.

The cost of onboarding can be significantly higher than what L&D and HR departments may usually acknowledge. In fact, training 1000 new hires, especially for pivotal job roles could cost you approximately 40 million dollars a year if you consider all the costs involved. These costs are not just high. They are also fixed costs that you cannot control. Consider the following:

A Flexible, Cost-Efficient Model for Building Talent Pipelines

NIIT’s Talent Pipeline as a Service is a flexible, cost-efficient model for building talent pipelines. Our goal is to give you an employee that is productive from the first day on the job. In this model, NIIT is responsible for all the fixed costs of onboarding – content design, development and maintenance, trainers, delivery and program management, training administration and reporting, venue and logistics, stipend, and training. We replace these costs by a fully variable, per-hire service fee. What is more, you can delay starting new hires on your payroll until they have completed their new-hire training at NIIT and are fully job-ready.

Cohorts that complete our new-hire training are significantly more proficient and truly job-ready from Day 1. Our goal is to reduce training significantly by up to 40% while increasing effectiveness. NIIT also guarantees a reduction in your total cost, often by up to 20%.