Comments

Recently published research from PricewaterhouseCoopers (PwC) evidences the substantial cost to business of poor retention rates. The current national resignation level in the UK is 10.4% which trails the U.S. at 7% and Germany and France at around 5%.

The PwC study suggests the cost of replacing a competent employee equates to approximately a year of that individual’s salary. The estimation is reflective of the costs associated with lost productivity, lost skills and the cost of replacing and training new staff.

Recruiting people who stay has a fundamental impact on the bottom line. The selection process itself will not guarantee high retention rates as clearly an appropriate integration programme must be in place. Getting the selection process wrong almost inevitably means turnover will be high. Inappropriate process recruits unsuitable people. 

Professional recruitment and selection practices with an embedded focus on integrity, quality and calibre substantially increase the likelihood of delivering long term talent to the business. But that is not enough; the difference is the appropriateness of the entire process. Outsourcing that to a Consultancy such as ours can seem a brave step but the benefits can be substantial. Cost per hire is not just the Consultancy fee; it is also factored in retention benefits.

Contact us if you would like to learn more about what we can do.