We surveyed over 220 leaders of privately owned UK businesses, as well as 200 of their employees to better understand employee attrition and get a balanced view of how employers retain staff, and what really motivates them to stay.
KPMG’s latest quarterly survey of privately owned, middle market businesses reveals that surprisingly few companies take a systematic approach to talent retention. In fact, half don’t plan at all.
The cost of this approach is startling - by some estimates, the average expense of saying goodbye to one employee and welcoming their replacement is more than £30,000. The process of getting that new staff member up to speed takes nearly half a year.
The report found that businesses are taking too long to deal with the toxic worker, but also offers suggestions on dealing with employees that 53 percent of leaders say cost their business between £2000 and £10000 a month.
Businesses need a more structured approach to talent retention - dealing with both the good apples and the bad to get the best yield.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.