Total Back Office Solutions can give you recruitment agency formation advice

The UK may be losing £42 billion per year due to staff turnover, according to new research, which may interest those looking to set up a recruitment agency.

Figures released by PricewaterhouseCoopers (PwC) today (October 4th) show that, in 2009, 10.4 per cent of employees left their jobs - a figure which costs the UK £42 billion per year.

The study looked at 1,148 employees and was based on an average salary of £25,000. The figure projection takes into account lost productivity as well as the costs of finding replacement staff and their subsequent training.

"Companies often vastly underestimate the financial benefits of retaining existing employees," comments Richard Phelps, human resources services partner at PwC.

The Telegraph notes that these figures are particularly significant as the research also shows that new positions are being sought by 24 per cent of UK workers due to dissatisfaction with pay.

A recent study by Robert Half shows that the financial sector is struggling with hiring the right staff, as well as retaining them.

Outsourcing back office solutions may help give recruitment agencies more time to help their clients hire suitable staff.