first_img Losing talented staff costs UK £42bn a year Sunday 3 October 2010 10:19 pm whatsapp whatsapp UK EMPLOYERS are facing an annual £42bn bill to replace top talent, while almost a quarter of employees are looking for a new job because of insufficient pay. According to new research from audit giant PricewaterhouseCoopers (PwC), the cost of replacing a competent member of staff equals roughly a year of that person’s salary – on average £25,000 – for each company.The figure reflects the costs associated with lost skills and productivity, replacement charges and training of new recruits.Twenty-four per cent of the 1,148 workers polled by PwC said they were either looking or intend to look for another job because pay is insufficient. “Companies often vastly underestimate the financial benefits of retaining existing employees… Many employees who sat tight during the downturn may now be looking for new opportunities elsewhere,” said Richard Phelps at PwC.Meanwhile, more workers are quitting their jobs in the UK compared to other mature economies, with annual resignations averaging 10.4 per cent. That figure is seven per cent in the US and five per cent in both France and Germany. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrapcenter_img Tags: NULL KCS-content Share Show Comments ▼last_img

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