![]() ![]() The amount this will cost will vary depending on the job you’re recruiting for. Even if it’s just for a few hours, your time is valuable to your business.Īnd then there’s the cost of training staff in their new role. While this won’t cost you much if you do it yourself, you’ll have to give up your own time. You might want to hold an induction for your new employee. They won’t cost much to make for one employee but it’ll soon add up if you need to make them often. You might put together a welcome pack with their offer letter, copies of their contract, details of company benefits and the employee handbook. ![]() Once you’ve found the right candidate, you’ll need to welcome them to your team. This will cost you around £1,000 for each employee you want to replace, according to Oxford Economics and Unum. It will cost you £130 to post a 30-day advert on Monster, whereas on Reed you can get a six-week job advertisement for £79. The cost will depend on the type of advert you choose. But remember, you only need to pay this if you hire someone that the agency puts forward.Īlternatively, you could place a job advert online. You might use a recruitment agency who’ll charge you around 10-20% of the job’s annual salary. It’s not cheap to advertise a new job role, especially if you want the right candidate to see it. Let’s take a look at the charges you might face. The research states that you’ll spend an average of £5,433 on finding a replacement. What makes the cost of employee turnover so high? To help you understand why it’s so expensive to replace a member of staff, we break down the different costs. That means if you replace three employees on this wage in one year, the cost of employee turnover will be close to £92,000. According to research by Oxford Economics and Unum, the average cost of turnover per employee (earning £25,000 a year or more) is £30,614. What would you do with £30K? Buy a luxury sports car? Put down a deposit for a house? Replace a member of staff who’s left? ![]()
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