According to Mercer:

• 46% of executives lack confidence in their organization's ability to meet customer demand with the current talent model.
• Only 27% strongly believe their workforce models can effectively shift talent between different areas.
• 68% of small and mid-market companies face challenges in attracting top talent.

By 2030, Korn Ferry projects a global talent shortage potentially reaching 85.2 million people, leading to trillions of dollars in lost economic opportunities for companies.

Rising Cost of Talent

According to US Bureau of Labor Statistics, the cost of labor has been on the rise, outpacing the ability of businesses to pass those costs directly to customers.

Low Productivity

 According to Gallup and McKinsey, unhappy workers, employee disengagement, and attrition costs the U.S. economy between $450 billion to $550 billion annually due to lost productivity.

According to Harvard Business Review, the annual healthcare spending due to workplace burnout is anywhere from $125 to $190 billion.

Too High of Turnover

 According to Harvard Business Review, 25% of turnover happens with the first 45 days. 40% of managers and above leave within 18 months.

According to Linked in: Turnover costs 100-300% of employee’s salary. For a company with 100 employees, an average salary of $100k, losing 15% of employees a year, the cost of turnover is over $1.5 million a year. 

Retirement Wave/ Silver Tsunami Creates Need for M&A and Management Succession

According to The Motley Fool and Forbes.com,

• approximately 40% of small businesses are owned by baby boomers.
• By 2030, all baby boomers will have turned 65.
• 52% of small business owners plan to leave their business in the next 10 years, creating a huge need for management succession and ownership transition.