Twin Protocol for Business Use

According to a recent report by the Express Employment Professionals and The Harris Poll, employers anticipate employee turnover in the US to continue to increase in 2024. The cost of replacing an individual employee is also significant, ranging from 50% to 200% of the employee's annual salary, depending on the industry and position. (Source: Gallup) For example, in a 100-person organization with an average salary of $50,000, the estimated turnover and replacement costs for 2022 and 2023 could range from $1 million to $2.5 million per year. This represents a significant expense for companies of all sizes, and when extrapolated to the U.S. economy as a whole, the annual cost of employee turnover is projected to exceed $1 trillion by the end of 2024.

Given these high costs, it is critical for organizations to leverage innovation solutions like Twin to minimize the negative impacts of attrition and minimize the costs associated with employee turnover and attrition. By creating digital twins of their employees, organizations can preserve the unique skills and knowledge of their workforce, even in the face of high turnover rates.Twin's innovative system employs AI and blockchain technology to capture and retain institutional knowledge. A digital twin can also play an important role in training new employees, allowing them to tap into past institutional knowledge and critical expertise - revolutionizing how companies manage the complexities of human capital management. Through the implementation of Twin, companies not only safeguard their intellectual assets but also foster a culture of continuous learning and innovation.