£48bn cost of UK’s high staff turnover rate

A
new survey of HR professionals shows that it costs UK companies on average
£9,766 to recruit and train a new employee.

The
research, conducted by Momentum Financial Services, also shows that with an
average staff turnover in the UK of 17.9 per cent, the cost to companies across
the UK is a massive £48bn.

Other
findings reveal that 86 per cent of employers believe that a good benefits
package attracts and retains high-quality staff and that UK businesses could
save more than £2bn each year in turnover costs by communicating their employee
benefits to staff better.

John
Robbie, flexible benefits director at Momentum, said: "A flexible benefits
package allows the employee to decide on the most suitable benefits and for the
employer to see a real return on its investment through improved recruitment,
retention and motivation of staff."

By Ross Wigham

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