6 Reasons Why You Should Get Serious About Attrition
The average logistical cost of
Lost productivity can reach
Only 1 in 3 leaders believe their
Replacing an employee can cost up to 15x their salary
UK businesses turnover
More than half of employees don't know how they contribute to company goals
When one of our clients – a fast growth SME – asked us to recruit their tenth replacement in two years,
we sat down with them to put a price on their turnover problem.
We looked at a range of costs including hiring, onboarding, training, lost productivity, management time and client loss due to staff shortage.
Having lost ten people in two years, we discovered their true cost of attrition was over £700,000 – circa 25% of their annual turnover.
Clearly, this is an enormous sum of money; cash that could have boosted the bottom line, hired additional headcount to grow the business, or been invested in new technology and training to improve productivity. Despite the huge financial implications, the lost opportunity proved to be even more significant.
We’ve developed a unique service which combines your real data with industry expert advice
to ensure you get the best from your employee journey.
Ready to unlock the potential in your business?
Meet The Team.