How's your supply chain "talent" looking?

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You may remember my post in July about where supply chain talent has been and where it may be going. I discussed Tompkins Supply Chain Consortium’s Supply Chain Talent Report, which spotlights many buzz-worthy talent topics such as employee turnover and the effects of organizational events.

One of the highlights of the report is the topic of turnover and retention. Did you knowthat the cost of replacing an employee (per the Society of Human Resources Management) varies from 50% of their annual salary to 400%? Or that, according to the Pew Research Center, half of twenty-somethings would rather have no job than a job they don’t like.

This is alarming for all employers, but is of particular interest to supply chain organizations. The Consortium report reveals that many supply chain industries are seeing higher turnover, particularly in planning, procurement, and manufacturing due to outsourcing and closures.

While millennials continue to pave a path in the industry, it is interesting that the most successful employees either came from another company or as internal candidates making cross-functional moves.

There is also a struggle in supply chains to find the right talent with specialized skill sets. At the same time, current talent is being lured elsewhere for more money.

Since the original Supply Chain Talent Report was released, the Consortium has published five industry breakout reports, including third-party logistics (3PL), consumer packaged goods manufacturers, retail, industrial manufacturing, and distributors/wholesalers.

Be proactive and discover the strengths and weaknesses for talent in your industry. With employee turnover cost rates potentially reaching 400%, we should all be doing our homework on this topic.

More Resources

Podcast: Company Leaders on Supply Chain Talent and the Effects of the Recession

Survey Indicates High Priorities and Warning Signs for Supply Chain Talent in Industrial Manufacturing

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Jim Tompkins

Chairman & Founder at Tompkins Ventures

Jim Tompkins is an international authority on leadership, logistics, material handling, outsourcing, and supply chain best practices. He is Chairman and Founder of Tompkins Ventures. Previously, he built Tompkins International from a backyard startup into an international consulting and implementation firm. He has written or contributed to 31 books, including his latest, Insightful Leadership. Jim has been quoted in hundreds of business and industry magazines, including The Journal of Commerce and Fortune, and has spoken at more than 4,000 international engagements.