Experiencing high staff turnover?
Does your business experience high staff turnover? Do you know how much this is costing?
Recent studies show that the average logistical cost of replacing an employee is £5,433.00!
These costs consist of;
- Hiring temp prior to replacement £3,618
- Management time spent interviewing candidates £767
- Recruitment agency fees £454
- Advertising new role £398
- HR time spent processing replacement £196
So, even if your business is replacing only 5 staff per annum this is costing £27,165. If you do not hire temps to backfill whilst you are searching for replacements the annual cost for 5 people is still £9075.
Can your business continue to waste money on this avoidable expenditure? And even if profit margins allow for this cost why would you want to continue?