An investigation commissioned by income protection provider Unum found that the 28 weeks it takes for new workers to reach optimum productivity has an attached cost of £25,181 per employee. They suggest this figure, on top of recruitment fees and time lost to interviewing candidates, makes it far more economical for bosses to invest in boosting current staff satisfaction.

However, Unum chief executive Peter O’Donnell warned: "For businesses trying to do this, financial reward is not always the answer – we know that staff increasingly value long-term employee benefits such as income protection so they should look at their entire benefits offering to help them keep their best people."

Overall, replacing staff costs the legal, retail, accountancy, media & advertising and IT & tech sectors some £4.13bn every year.

Source: https://www.healthinsurancedaily.com/health-insurance/product-area/group-risk/article437318.ece