Employee Retention Calculator

Pensions are the benefit that’s most likely to influence employees to stay in their role. Our calculator shows how much your organisation could save in employee turnover costs by improving your pension scheme.

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Tell us two things about your company

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Your results

By improving your pension you could save
£64,289 per year

Here's how we worked that out:

£30k

This is the average cost of an employee leaving your organisation
1. Oxford Economics & Unum

14%

These are the employees who can be influenced to stay in their role by the quality of their pension
2. Lattice, 3. Penfold

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Find out how to save £64,289 every year by improving your pension

Get in touch for a free consultation on improving retention with your workplace pension scheme

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How do I use the employee retention calculator?

Just enter the number of employees at your organisation and your average annual employee turnover. The calculator shows you how much you could save on employee turnover costs by improving your pension scheme.

How is the influence of pensions on employee retention calculated?

The average cost of employee turnover in the UK is £30,614, so multiplying this by your total employee base, and then introducing your annual turnover rate shows the likely cost of turnover on your business each year.
 
Our report into the impact of benefits on retention showed that 90% of employees claim pensions are an important benefit that influences their decision to stay in a role, while a report released by Lattice showed 16% of employees leave because they are unhappy with the benefits offered by their employer. Multiplying 90% by 16% shows that 14% of employees can be influenced to stay in their role by their pension

What is the cost of employee turnover?

The average cost of employee turnover in the UK is £30,614 per employee, according to a study from Oxford Economics and Unum. That includes the cost to recruit and train their replacement, along with the dip in productivity as they leave their role vacant.

What is the average annual employee turnover?

According to a study from Monster, average annual employee turnover is 15%, though you can add a percentage that better reflects turnover at your organisation to our calculator.

How do pensions influence employees to stay in their role?

Our study from June 2022 on the benefits that are most likely to influence employee retention shows that pensions take the top spot, with 90% of employees reporting that their pension is an important influence in their decision to stay in their role. We found that since the cost of living crisis hit the UK, employees are increasingly interested in longer-term financial benefits over employer perks such as gym memberships and regular socials.

How can Penfold help with employee retention?

Of all the reasons businesses fail, two of the biggest fall on the shoulders of the people department: not being able to hire the right people, and not being able to keep the right people.
 
In the current economic climate, employers' focus has moved from acquisition to retention, and we're seeing forward-thinking people leaders finally realise the potential of pensions to retain their best people. They've recognised that by investing in their employees’ long-term future, employees will be more likely to invest in their organisation's success.
 
Read more about employee engagement and retention.
We're offering free pension consultations to help you design the right scheme for your business, benchmark your current scheme against your peers and step up your pension offering as you grow. Claim yours above.