I attended the November 2020 networking breakfast meeting this morning which was sponsored by Fidler and Pepper, a local law firm.
One of the partners Mr Russell Jones from Fidler and Pepper made a presentation to the members called ‘Good HR Makes you Money!’
I was staggered to see that staff turnover costs the UK economy £4.1 Billion per year!
It also takes an average of 28 weeks to get new members of staff up to a level of productivity that starts to pay their costs. These are powerful facts that show the cost to the business bottom line!
Russell went on to say that poor management of Human Resource (HR) issues is one of the major causes of employee dissatisfaction. Employment litigation is a major cost and headache for any business but can be crippling for the small business with little or no experience of people management.
The true cost of replacing a member of staff is £4,800 to the business, considering that this is an average cost then some employers will pay considerably more than the £4,800 shown here.
Recruiting the best fit employee in the first place goes a long way to insulating you from the horrendous costs of poor employment; it also reduces the stress of a bad fit employee being asked to leave the business.
Whilst we cannot guarantee that everyone we assess as fit for role will become a model employee, we can get 90% of the way there. There is good evidence to support that using occupational psychometric assessment of prospective candidates for employment will improve the quality of recruitment decisions and the candidates appointed will usually be more successful in the role that they are an ideal fit for.
Call us today on 01623 345119 to talk about your sfaffing needs.