High staff turnover costing business £4billion

The cost to British businesses of bringing in new staff is at least £4.13 billion – as new staff don’t reach peak productivity for eight months, according to new research.

Oxford Economics and income protection firm Unum say that the 28 weeks it takes for a new member of staff to reach optimum productivity costs £25,182 in wages – couple with an average of £5,433 for agency and advertising fees the grand total is £30,614.

Legal workers are the most expensive to replace at an estimated cost of £39,887 and they will take longer (32 weeks) to reach peak performance.