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If I was to make you guess how much it costs to replace an employee, what figure would you go for?
If you said between 33% and 50%, you are about right.
On average, it costs an employer 33% of an employee’s yearly salary for their exit, with entry-level employees typically costing 50% of their salary to replace.
This is a large chunk of money to be spending on your recruitment and general upkeep of the business, and spending this long term could be detrimental to the longevity of your organisation. It demonstrates the need to change how you operate with new recruits from the beginning, or to change up your recruitment process, as having the right culture fit for your team is just as important as their skill set.
A workplace survey conducted by LinkedIn found that 94% of surveyed employees responded that if a company invested in helping them learn, they would stay longer. Now it makes you question, would you rather spend the money by investing in your employees to help form and mold them into fill that skills gap or would you rather let them go as they are and then have to pay the money trying to find the ‘perfect’ new recruit who requires little training.
A strategy we have seen many companies undertake to help with their recruitment process and to find the best talent, is adapting their workplace strategy to hybrid working. This includes implementing hybrid working models and adapting their space to suit hybrid working.
Stickyeyes, one of our latest projects, has done exactly that – having emerged from the pandemic with a hybrid and forward thinking approach to how their staff were working, they wanted to revisit how they used the space, shifting from a rigid bank of desks to a more flexible working environment.
They are one of the country’s most successful Digital Marketing Agencies, and have a plethora of awards to back this up, having been ranked #1 for the top 50 prolific north digital agency for 6 years running.
For a fast-moving, technology-based company like them, having the best talent is absolutely crucial to stay ahead of the competition and continue growing the business.
If you are interested in adapting your workspace to facilitate hybrid working, get in touch today – email us on projects@officeinsight.co.uk, fill in a form or give us a call on 0161 233 0030.
