ARMI | BioFabUSA is working to reduce your cost related to hiring and workforce training. Please tell us what you need!
While hiring costs vary by both industry as well as region, the actual monetary cost of hiring an employee can be staggeringly high. The cost to hire a single employee can be as much as $5,000 or more, which does not include the additional funds required to train new hires. The 2017 Training Industry Report estimates that the average training budget for small companies is over $300,000 per year and this expense can be into the millions of dollars for mid-size or larger companies. This doesn’t include the added expense of a bad hire, which is estimated to be greater than $25,000.
This can leave many companies feeling the financial burden when they are growing their company with many new hires in a given year, and this is especially true for small to mid-size companies, where attempts to conserve budgets are of high importance.
These costs can be particularly daunting in a nascent industry such as tissue engineering and regenerative medicine (TERM) because few of the prospective employees have the skills necessary to be productive on day one of their employment. These skill gaps, both current and future, need to be met readily to not only decrease the cost associated with each hire, but to also allow the TERM field to grow at its anticipated rate.
ARMI | BioFabUSA’s Education and Workforce Development (EWD) and the New Jersey Center for Biomaterials at Rutgers University have partnered to develop a survey that allows for identification of the skills that are essential for persons entering the TERM industry. Your input from the survey will influence the development of the regenerative manufacturing EWD Roadmap and the activities of BioFabUSA.
The roadmap will be used to guide future focus areas in workforce education and training in this emerging field, ultimately providing industry with “good hires” and trained individuals that can hit the ground running once they join your team.
If you are a company in the regenerative manufacturing field, we ask you to please take a few minutes to fill out the survey to provide us with information regarding your company’s needs and how you are currently trying to meet those needs.
Finally, remember that the ARMI | BioFabUSA “Talent Exchange” on our community portal highlights current career opportunities in the tissue engineering industry. With a high volume of traffic to this site, and with that figure growing daily, we encourage you to contact us if you are interested in having your job postings appear on our portal.