Staff Turnover costs the UK £42BN per year! What are you doing about it?


A new report is out this week from PriceWaterhouseCoopers.  It is a frightening read.  In the last 12 months, despite one of the toughest economic climates on record and rapidly rising unemployment,

“an average of 10.4 % of UK staff resigned from their job in the last year”.

That is a staggering number.  Can you imagine losing 10% of your staff in one year of their own volition?  What would be the impact on your business?  Do you know?

The cost to UK Plc of staff turnover in the last 12 months has been a staggering £42 billion!

The cost to business of staff turnover is huge.  Yet this cost would appear to be largely ignored.  So many espouse the virtues of people as the organisations greatest asset.  Yet how many are truly focused on having a great hiring strategy?  What about engagement?  Retention?

To much of hiring is left to chance.  No other business process would be treated in the same way.  Why?

You would never take a chance on a business critical pitch.  You would give it your all to ensure you got your new customers signature on the contract.  Once you’ve got them, you’ll move mountains not to let them go.  Why not do the same with staff?  What’s the difference?  Do we work any harder to attract customers?  Attracting retaining and engaging talent is crucial.  The same survey highlights

24% of UK employees are looking or intend to look for a new job.

Look around at your workforce today.  One in every four is looking for a new job.  Can you afford to lose them?  What are you going to do about it?

Take your hiring seriously.  Invest in your people.  Do it from today.  Do it every day.

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4 Comments

Filed under Employee Engagement, Hiring

4 responses to “Staff Turnover costs the UK £42BN per year! What are you doing about it?

  1. Retain staff by helping them to manage pressure and stress.

  2. Help your staff to manage stress and to perform under pressure.

    • Thank you Martin for getting involved in the conversation. I think there is much to be done to engage with employees key amongst them must be to create the conditions and environment that encourages great performance. Managing stress is crucial to the long term welfare of employees and as a consequence the long term, sustainable success of the business. Thank you for your contribution, I really do appreciate it.

      • sids

        the root goes to hiring ,.. so hire those who r looking for a career not those who are just looking for as job, try to motivate your staff, working environment should be friendly and open and chain of command shouldnt be very wide. retain your best buddies and try not to loos them

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