Thinking of expanding your business? Just how much does it cost for a company to hire a new employee? Find out the average cost of hiring a new team member and compare the cost of a graduate, and experienced candidate.
Salary Costs
| Sector | Average Graduate / Entry Level Salary | 3 years experience Salary |
|---|---|---|
| Legal | £38,159 | £64,000 |
| Accountancy | £24,760 | £30,181 |
| IT & Tech | £19,150 | £30,000 |
| Retail | £18,399 | £24,754 |
| Media/Advertising | £19,835 | £24,172 |
Pension Costs (Employer Contributions)
| Sector | Graduate | 3 years experience |
|---|---|---|
| Legal | £5,068 | £13,271 |
| Accountancy | £3,090 | £6,017 |
| IT & Tech | £2,206 | £5,693 |
| Retail | £1,707 | £4,143 |
| Media/Advertising | £2,309 | £5,206 |
Recruitment Costs
| Sector | Attraction and Marketing | Selection and Assessment |
|---|---|---|
| Legal | £5,191 | £1,516 |
| Accountancy | £1,793 | £1,070 |
| IT & Tech | £1,617 | £543 |
| Retail | £800 | £1,777 |
| Media/Advertising | £1,722 | £750 |
Time To Get Up To Speed (In Weeks)
| Sector | Weeks to OP - Graduate | Weeks to OP - Moving Within Sector | Weeks to OP - Moving from Different Sector |
|---|---|---|---|
| Legal | 24.0 | 8.0 | 15.60 |
| Accountancy | 21.30 | 7.40 | 21.30 |
| IT & Tech | 21.40 | 5.90 | 21.40 |
| Retail | 15.60 | 6.40 | 13.00 |
| Media/Advertising | 18.60 | 3.80 | 11.30 |
How Many Years on Average an Employee Will Stay With a Company
| Sector | Graduate Expectancy | 3 Years Experience Expectancy |
|---|---|---|
| Legal | 4.15 | 6.48 |
| Accountancy | 3.90 | 6.23 |
| IT & Tech | 3.60 | 5.93 |
| Retail | 2.90 | 5.23 |
| Media/Advertising | 3.64 | 6.73 |
Supplementary Statistics
| Sector | Change in Graduate Hires since 2007 | Number of Universities Targetted by Employer |
|---|---|---|
| Legal | -29% | 23 |
| Accountancy | 3% | 35 |
| IT & Tech | 96% | 16 |
| Retail | 10% | 24 |
| Media/Advertising | -61% | 16 |
Sources:
- http://www.elevationnetworks.org/wp-content/uploads/2018/01/Graduate-Recruitment-Spend-18.01.18.pdf
- https://www.grb.uk.com/employer-services/graduate-recruiter-faq/what-is-the-average-cost-to-hire-a-graduate
- https://www.cipd.co.uk/Images/over-qualification-and-skills-mismatch-graduate-labour-market_tcm18-10231.pdf
- http://www.bbc.co.uk/news/education-22268809
- https://www.accountingservicesforbusiness.co.uk/calculators1/true-cost-of-an-employee/
- https://www.prospects.ac.uk/job-profiles/chartered-accountant
- https://www.payscale.com/research/UK/Industry=Engineering_Services/Salary#by_Years_Experience
- https://news.efinancialcareers.com/uk-en/305748/graduate-pay-banking
- https://www.citb.co.uk/product-service-accreditation/site-safety-plus/become-a-training-provider/fees/
- http://www.hrreview.co.uk/hr-news/recruitment/it-costs-over-30k-to-replace-a-staff-member/50677
- https://www.learndirectpd.com/courses/retail-knowledge-rqf
- http://www.employeebenefits.co.uk
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