Firms have long understood that losing staff is a key risk to success, but the financial cost of staff turnover has received little attention.
Working with Unum, this report analyses the financial impact of staff turnover across five key sectors (IT/Tech, Accounting, Legal, Media/Advertising and Retail). These costs are split into two main components. Firstly, and most importantly, is the cost of lost output while a new worker gets up to the standard expected of them (“optimal productivity”). The second, which is probably more familiar, is the logistical cost of finding and absorbing a new worker.
These costs vary substantially across three key variables – the sector in question, the size of the firm hiring a new employee, and the background of the worker being recruited.
Our report for Unum used a bespoke survey dataset as well as official data from the Labour Force Survey to analyse the costs firms in five key sectors face when they replace professional workers. The report attracted extensive national press coverage, including in the Financial Times, the Independent and the Telegraph, as well as in several recruitment and HR related publications.
Wage rises in 2024 look set to be as high as this year in Japan
More market participants appear to have become confident that the wage-driven inflation is real, which will encourage the Bank of Japan to start normalizing its super-accommodative monetary policy in 2024. We revised up our projection for the spring wage settlement in 2024 to match the strength of the settlement in 2023. We believe that wage increase will continue after 2025, but achieving wage-led 2% inflation is still a long way off.Find Out More
Alternative data can fill the void left by the LFS
The Office for National Statistics' (ONS) recent decision to suspend publication of data from the Labour Force Survey (LFS) has left a big hole in our understanding of the UK labour market. Our proprietary sentiment data suggests the labour market was more resilient than the unadjusted LFS data implied in the summer, though there has been a cooling in labour demand recently.Find Out More
The Economic Impact of U.S. Cable Providers
This report, commissioned by NCTA, shows that cable providers and cable programming providers had a significant impact on the U.S. economy in 2022 in terms of their contribution to GDP, the number of jobs they support, and the tax revenue they stimulate.Find Out More