Job-hopping costs the UK economy £71.6 billion a year, says an online employee referral recruitment platform based on figures from the ONS and research by Glassdoor.
Real Links investigated how much recruiting costs via traditional methods after research showed a 39% uplift in retention rates when employee referral recruitment is used.
Statistics show that hires made as a result of employee referrals enjoy greater job satisfaction and stay longer at companies – 46% of employee referral hires stay for more than one year compared to only 33% of hires through career sites.
There are currently 32.53 million people in work in the UK and, on average, UK workers will change job every five years. With figures suggesting it costs employers an average of £11,000 per person hired, the overall cost of job-hopping to the UK economy is £71.6 billion each year.