The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
Sums included were the average notice period, recruitment fees for hiring replacements and the amount of productivity that is lost once notice has been handed in.
The premium of loyalty remains at a steady 23-25% of a workers’ annual wage, as salary bands increase. And with the survey of 1,002 UK full or part time workers revealing that more than 1 in 5 (21%) have been led to consider getting a new job, too, as a result of a colleague resigning.
Declan Byrne, managing director at One4all Rewards commented:
“Most employers know that having staff resign is not only inconvenient but also costly. But the combined total of the recruitment costs, productivity losses and more that are associated with this may come as a bit of a shock, and it is no meagre sum. To avoid such costs mounting up, it is important that businesses take employee morale seriously, and actively take steps to ensure staff feel happy, motivated and appreciated. Even something as simple as an annual token of appreciation, such as a bonus, can go a long way.“ The research also revealed the aspects that play the most significant parts in workers’ decisions to stay at a company for the long term (e.g. five years or more). The top three things likely to have the most significant impact on workers’ sense of loyalty are:
a nice working environment; regular pay rises; and long term benefits such as pensions and health insurance.
Monetary rewards such as gift cards and cash bonuses were also key for 1 in 3 workers.
Read the Loyalty Premium Report 2017 .
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Acas workplace guidance 15 March 2017
A reminder that Acas publications are free to download, use and share in your organisation.
Some of the publications, tools and templates available include:
Holidays and holiday pay Discipline and Grievances at work How to manage performance Equality and diversity guides Mental health at work Stress at work
Challenging conversations and how to manage them Homeworking: a guide for employers and employees Varying contracts of employment Flexible working.
View the full range of Acas publications , free to download and share.
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