Nearly a quarter (24%) of UK employees are seeking or plan to look for a new job because they are not paid enough, according research by PwC.

PwC research shows the cost of replacing a competent member of staff equates to roughly a year’s salary, reflecting all costs associated with lost skills and productivity, cost of replacement and training of new recruits.

As annual staff resignations in the UK averages 10.4% and the average salary around £25,000, the UK’s failure to retain talent to the level of other mature economies costs British business around £42bn per annum or around £8bn for every 1% increase in resignation (assuming a 31m working population), while resignation rates average 7% in the US and around 5% in France and Germany.