Is your social venture losing its homegrown talent — often to other social ventures? In the past two years, only 30% of open C-suite positions in the nonprofit sector were filled by an internal candidate (the rate at for-profits is 60% of positions). And almost half their replacements came from other nonprofits. This comes at a significant financial and productivity cost to all organizations, as demonstrated by research in corporate settings: Onboarding an external hire can cost up to twice the departing executive’s salary, and the time it takes for an external hire to become productive is twice as long as for someone hired from within.
Nonprofits Can’t Keep Ignoring Talent Development
It’s causing a costly game of musical chairs.
December 17, 2015
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New!
HBR Learning
Attracting and Cultivating Talent Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Attracting and Cultivating Talent. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Discover how to attract, hire, develop, and keep talented people who will grow and thrive throughout their employee journey.