Staff Retention Crisis & Hidden Costs
UK retail faces the highest turnover rates of any industry at 57.3% annually (British Retail Consortium 2024). With replacement costs averaging £20,114 per employee – including recruitment and lost productivity (Oxford Economics) – a 1,000-person retailer typically spends over £10 million yearly on turnover alone, severely impacting both budgets and customer experience.
Read our blog on how to reduce turnover in larger retail businesses.
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