Staff retention failures costing businesses £42bn a year
British business is losing £42bn a year through its failure to retain key staff, according to reseach from accountancy firm PricewaterhouseCoopers (PwC)
PwC found nearly a quarter of UK employees are either actively looking or planning to look for a new job because of unhappiness about expected pay and conditions in the coming year. Around 10.4% of UK workers in any one year quit their posts in favour of new opportunities compared to 7% in the US and just 5 % in France and Germany.
PwC says that the UK economy would be £42 billion better off if firms could improve employee retention. With an average UK annual salary of £25,000. a rise of just 1% in the resignation rate heaps £8bn of costs on to businesses.The cost of replacing those workers equates to around a year of the lost employee's salary when taking into account lost skills, productivity, and the combined costs of recruitment and training.
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