The cost of additional staff turnover could total as much as £17bn for businesses in the UK and Ireland as staff look to change jobs.
Research conducted by HR software solution firm Personio found 38% of employees are looking to change roles within the next year or once the economy has strengthened – rising to 55% for 18-34 year olds.
It also showed that 45% of employers are worried staff will leave once the job market improves, while only 26% say talent retention is a priority for their organisation.
If Personio’s figures turn out to be accurate, businesses could face extra costs equating to £10,076 per business, while SMEs alone would face costs of up to £5.7bn.
The research also suggests that many employees (29%) are considering leaving their job because of a lack of career progression opportunities and appreciation for the work they do.
A further 23% of employees blame a worsening work/life balance for their wanting to leave, while 22% put it down to a pay freeze or cut.
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