Traditionally, January is the most popular month for changing jobs. Whether it’s the effect of the Christmas holidays (and a reassessing of the usual work routine) or the idea of “New Year, New Start”, it means that over the next few weeks, many organisations are likely to see a number of staff handing in their notice.
This leaves employers with quite a headache. All companies strive to retain their best employees, and with the on-going skills shortage in digital construction, doing so is crucial to the success and financial stability of the business.
Look for the Hidden Costs of Staff
Staff salaries together with generous benefit packages have always been far and away the largest expense for any company. But it goes beyond this. To assess the true cost of each member of staff, we need to see the bigger picture.
Online calculators such as Good Calculators’ HRM calculator look at the top line salary, tax and employer’s NI. For instance, a skilled and experienced BIM technician working in London/South East can earn in the region of £40,000-£50,000 per annum, according to Pay Scale. Even taking the lower figure, the employer’s costs on this will already be an additional £4,000+ per year. Benefits such as private medical insurance, annual bonus, and company pension schemes all add to the equation. For those SMEs who in the past may not have had their own pension scheme, the recent introduction of auto-enrolment must also be taken into account (both the statutory 3% contribution and the administration fees).
Other expenses which may be incurred include upgrading IT equipment and prog