Keep your staff happy, they cost £30,000 to replace

A recent study by economics consultancy Oxford Economics found that the average cost of replacing a member of staff when they leave is more than £30,000. You need to keep your staff happy!

The survey was carried out in the legal, retail, accountancy, media, advertising, IT and technology sectors and found that the overall financial impact of staff turnover amounts to £4.13bn per year, at an average cost of £30,614 per employee.

On average, workers take 28 weeks to reach optimum productivity, costing £25,181 per employee in wages paid. Companies with under 250 employees are better at this, with new employees only taking 24 weeks to reach productivity. Small firms with up to 10 employees were found to be the best – new employees reached productivity in just 12 weeks.

The actual logistical cost of replacing an employee includes job advertising costs and agency fees, as well as the time needed to interview candidates and prepare paperwork. On average these costs were £5,433 … read more above….

Details of the survey are in our article here.

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The Human Resources Consultancy service for SME's in the UK creative industries

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