Firms using facilities management cost reduction processes could be losing out due to staff turnover.
October 4th 16:02 Cost Management
Savings made using facilities management cost reduction processes could be jeopardised by failing to hold on to staff, a new report has suggested.
According to a study by PricewaterhouseCoopers (PwC), the failure to retain competent members of staff is costing UK companies a total of £42 billion a year.
It found that in any one year around 10.4 per cent of British workers leave their jobs in favour of new opportunities, compared to seven per cent in the US and five per cent in France and Germany.
The cost of replacing these workers equates to around a year of their annual salary, including costs related to the lost productivity of the worker and in having to find and train a replacement.
"Companies often vastly underestimate the financial benefits of retaining existing employees," said Richard Phelps, human resource services partner at PwC.
"With many businesses eager to maintain or grow staff levels as the economy starts to recover, it is crucial they consider the full costs of losing staff through resignation."
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