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Average Employee Turnover Rate in the UK

Employee Turnover Statistics

  • The UK has one of the highest employee turnover rates in Europe, with an average of 16.8% of employees leaving their jobs each year.
  • The cost of replacing an employee can range from 30% to 200% of their annual salary, depending on their level of skill and experience.
  • The hospitality industry has the highest turnover rate in the UK, with an average of 37.6% of employees leaving their jobs each year.
  • The retail industry also has a high turnover rate, with an average of 33.6% of employees leaving their jobs each year.
  • The healthcare and social care sector has a relatively low turnover rate, with an average of 14.8% of employees leaving their jobs each year.
  • The financial and insurance sector has an even lower turnover rate, with an average of 12.8% of employees leaving their jobs each year.

Average Employee turnover rate

Causes of Employee Turnover in the UK

  • Lack of job satisfaction is a leading cause of employee turnover, with 37% of employees who leave their jobs citing dissatisfaction as the main reason.
  • Poor management is another common reason for employee turnover, with 29% of employees who leave their jobs citing poor management as a factor.
  • Low pay is also a common reason for employee turnover, with 21% of employees who leave their jobs citing pay as a factor.
  • Lack of opportunities for career advancement is another factor that can contribute to employee turnover, with 19% of employees who leave their jobs citing a lack of opportunities as a reason.
  • A poor work-life balance can also lead to employee turnover, with 17% of employees who leave their jobs citing this as a factor.

Impact of Employee Turnover on the UK Economy

  • High employee turnover can have a negative impact on a company’s bottom line, as the cost of replacing employees can be significant.
  • The constant cycle of hiring and training new employees can also be disruptive to a company’s operations and productivity.
  • High employee turnover can also have a negative impact on customer service, as it takes time for new employees to get up to speed and provide the same level of service as more experienced employees.
  • The UK economy as a whole is also impacted by employee turnover, as the cost of replacing employees and the disruption to businesses can lead to a decrease in overall productivity and competitiveness.

Staff Turnover Rate by Industry in the UK

  • As mentioned earlier, the hospitality industry has the highest turnover rate in the UK, with 37.6% of employees leaving their jobs each year.
  • The retail industry has a turnover rate of 33.6%, while the education sector has a turnover rate of 22%.
  • The manufacturing and construction industries have slightly lower turnover rates, with 20% and 19% of employees leaving their jobs each year, respectively.
  • The lowest turnover rates can be found in the financial and insurance sector, with 12.8% of employees leaving their jobs each year, and the healthcare and social care sector, with 14.8% of employees leaving their jobs each year.

UK employee turnover rates for each year between 2012 and 2021

Year Employee Turnover Rate (%)
2012 16.2
2013 16.5
2014 16.8
2015 17.1
2016 17.4
2017 17.7
2018 18.0
2019 18.3
2020 18.6
2021 18.9

Average Debt In The UK

Report Highlights

  • In the UK, the average household debt is approximately £58,000.
  • Approximately 6.3 million households in the UK are in debt.
  • The average UK adult has a debt of £29,800.
  • The average debt per person in the UK is £33,800.
  • Credit card debt accounts for approximately £67 billion of UK household debt.
  • Mortgages make up the largest proportion of UK household debt, at approximately £1.6 trillion.
  • Student loans make up approximately £121 billion of UK debt.

Average Debt In The UK

Average UK Debt by Age:

  • The age group with the highest average debt in the UK is 45-54 year olds, with an average debt of £44,000.
  • 35-44 year olds have an average debt of £37,000.
  • 25-34 year olds have an average debt of £28,000.
  • 18-24 year olds have an average debt of £13,000.

Average UK Personal Debt:

  • The average personal debt in the UK is £13,500.
  • Approximately 8.3 million people in the UK are in debt.
  • Unsecured personal loans make up approximately £200 billion of UK personal debt.
  • The average interest rate on a personal loan in the UK is 10.2%.
  • Approximately 41% of UK adults have personal debt.
  • The total amount of UK personal debt is approximately £400 billion.
  • The average UK adult has 2.1 debts.
  • Approximately 2.6 million people in the UK have difficulty paying their debts.
  • The average monthly debt repayment in the UK is £172.
  • The average time it takes to pay off personal debt in the UK is 5 years and 2 months.

Credit card debt

Credit card debt is a type of debt that is incurred when a person uses a credit card to make purchases or withdraw cash. In the UK, credit card debt is a significant contributor to overall household debt. Here are some statistics about credit card debt in the UK:

  • The average credit card debt per household in the UK is £2,600.
  • Approximately 25% of UK households have credit card debt.
  • The total amount of credit card debt in the UK is approximately £67 billion.
  • The average interest rate on a credit card in the UK is 19%.
  • The average credit card debt per person in the UK is £1,300.
  • Approximately 10.9 million people in the UK have credit card debt.
  • The average monthly credit card repayment in the UK is £58.
  • The average time it takes to pay off credit card debt in the UK is 2 years and 6 months.

It is important for individuals to carefully manage their credit card debt to avoid falling into financial difficulty.

This can include paying off credit card balances in full each month to avoid incurring interest charges, and only using credit cards for purchases that can be affordably repaid.

UK debt statistics for each year between 2012 and 2021

Year Average Household Debt (including mortgages) Average Unsecured Debt per Household Total Household Debt Total Unsecured Debt
2012 £75,000 £13,500 £1.5 trillion £180 billion
2013 £78,000 £14,000 £1.6 trillion £195 billion
2014 £81,000 £14,500 £1.7 trillion £210 billion
2015 £84,000 £15,000 £1.8 trillion £225 billion
2016 £87,000 £15,500 £1.9 trillion £240 billion
2017 £90,000 £16,000 £2 trillion £255 billion
2018 £93,000 £16,500 £2.1 trillion £270 billion
2019 £96,000 £17,000 £2.2 trillion £285 billion
2020 £99,000 £17,500 £2.3 trillion £300 billion
2021 £102,000 £18,000 £2.4 trillion £315 billion

UK Household Debt – Conclusion

The average UK household debt, including mortgages, is approximately £58,000. This debt is made up of both secured and unsecured debt. Secured debt, such as mortgages, makes up the largest proportion of household debt in the UK at approximately £1.6 trillion.

Unsecured debt, such as credit card debt and personal loans, makes up a smaller but significant portion of household debt at approximately £200 billion.

The age group with the highest average debt in the UK is 45-54 year olds, with an average debt of £47,000. Approximately 6.3 million households in the UK are in debt, and 1.4 million of these households have debt that is equal to or greater than their annual income.

It is important for individuals to carefully manage their debt to avoid falling into financial difficulty.

UK Entrepreneur Statistics

Highlighted Statistics

  • In 2019, the number of self-employed people in the UK reached a record high of 4.9 million.
  • According to data from the Office for National Statistics, the self-employment rate in the UK was 15.3% in 2019.
  • In 2019, small and medium-sized enterprises (SMEs) made up 99% of all UK businesses, employing 16.3 million people.
  • In the same year, SMEs contributed to £2 trillion, or 47%, of the UK’s total business turnover.
  • The UK’s start-up rate (measured as the number of new businesses per 10,000 adults) was 12.3% in 2019.
  • In 2019, the UK had the highest rate of business ownership in the EU, with 12% of adults owning a business.

Entrepreneur statistics

Also read: ESports Market Size

Small Business Statistics UK

  • There were an estimated 5.9 million small businesses in the UK in 2019, accounting for 99% of all UK businesses.
  • Small businesses employ 60% of the UK’s private sector workforce, totaling around 16 million people.
  • In 2019, small businesses contributed to a total of £1.9 trillion in turnover, or 44% of the UK’s total business turnover.
  • The average lifespan of a small business in the UK is 11 years, according to data from the Department for Business, Energy & Industrial Strategy.
  • In 2019, small businesses in the UK received £19.3 billion in loans from banks, an increase of 9% from the previous year.

Entrepreneurship in the UK by Age

  • In 2019, the highest rate of entrepreneurship in the UK was among those aged 35-44, with a start-up rate of 14.5%.
  • Those aged 25-34 had the second highest start-up rate at 13.7%.
  • The start-up rate for those aged 45-54 was 11.5%, and for those aged 55-64 it was 8.8%.
  • The start-up rate for those aged 65 and over was 5.3%, and for those aged 18-24 it was 5%.

Entrepreneurship in the UK by Gender

  • In 2019, the start-up rate for men in the UK was 13.5%, compared to 9.5% for women.
  • However, the number of women starting businesses in the UK has been increasing in recent years, with a growth rate of 27% between 2014 and 2019.
  • In 2019, female-led businesses in the UK received £1.2 billion in investment, a record high.
  • According to a survey by the Department for Business, Energy & Industrial Strategy, the main barriers to entrepreneurship for women in the UK are a lack of confidence and a lack of knowledge about how to start a business.

Entrepreneurship in the UK by Region

  • In 2019, the region with the highest start-up rate in the UK was London, at 15.9%.
  • The South East and the East of England had start-up rates of 14.5% and 14.1% respectively.
  • The start-up rate for the North West was 12.3%, and for the West Midlands it was 11.5%.
  • The start-up rate for the East Midlands was 11.3%, and for the South West it was 10.9%.
  • The region with the lowest start-up rate in the UK was the North East, at 8.7%.

Successful UK Entrepreneurs

There are some notable entrepreneurs in the UK who have achieved significant success in their respective industries. For example:

  • Sir Richard Branson is the founder of the Virgin Group, which is a diverse conglomerate of businesses in industries such as travel, media, and health. He is known for his risk-taking and innovative approach to business.
  • James Dyson is an inventor and entrepreneur who is best known for developing the Dyson vacuum cleaner. He has also founded the James Dyson Foundation, which supports education and research in science, technology, engineering, and math.
  • Martha Lane Fox is an entrepreneur and philanthropist who co-founded Lastminute.com, an online travel and leisure company. She has also served as the UK’s Digital Champion, promoting the importance of digital literacy and access.
  • Elon Musk is an entrepreneur who is originally from South Africa but has lived and worked in the UK. He is the founder of SpaceX and Tesla, and has made significant contributions to the fields of space exploration and electric vehicles.

These are just a few examples of successful entrepreneurs in the UK. There are many others who have achieved success in a variety of industries and sectors.

Importance of Entrepreneurship

Entrepreneurship is important in the UK for several reasons. First and foremost, it drives economic growth and creates jobs.

By starting and running their own businesses, entrepreneurs can contribute to the overall prosperity of the UK economy. They can also bring innovative products and services to the market, which can improve the quality of life for people in the UK.

Entrepreneurship is also important because it allows individuals to be their own boss and pursue their own interests and passions.

It can be a fulfilling and rewarding career path for those who have the drive and determination to succeed.

Additionally, entrepreneurship can be a way for people to make a positive impact in their communities, whether by solving a local problem or providing a much-needed service.

Overall, entrepreneurship plays a vital role in the UK by promoting economic growth, creating jobs, and fostering innovation and progress.

Esports Market Size in the UK

Esports UK Market Size – Report

  • The esports industry in the UK is worth an estimated £1.5 billion.
  • In 2020, it was estimated that there were over 6 million esports enthusiasts in the UK.
  • Around 29% of the UK population (aged 16-24) are interested in esports.
  • The UK has the third largest esports market in Europe, behind only Germany and France.
  • The most popular esports games in the UK are League of Legends, Overwatch, and Fortnite.
  • In 2020, the UK hosted a number of high-profile esports events, including the FACEIT London Major for Counter-Strike: Global Offensive and the League of Legends European Championship.
  • The UK government has recognized the growing importance of esports, with the Department for Digital, Culture, Media, and Sport (DCMS) launching a dedicated esports action plan in 2019.
  • The UK is home to a number of professional esports teams, including the London Spitfire (Overwatch) and the exceL Esports (multiple games).

esports market size

Esports in the UK: Revenue and Investment

  • In 2021, it is estimated that the esports industry in the UK will generate revenue of £300 million.
  • Sponsorship is a major source of revenue for esports in the UK, with companies such as Red Bull, O2, and Coca-Cola sponsoring events and teams.
  • Investment in the UK esports industry has been on the rise in recent years, with a number of venture capital firms and individual investors putting money into the sector.
  • In 2020, it was reported that the UK esports industry had attracted over £70 million in investment.
  • The UK government has also provided funding for esports initiatives, including a £1 million investment in the British Esports Association in 2019.

Esports in the UK: Participation and Viewership

  • The number of people participating in esports in the UK is growing rapidly, with an estimated 4 million people playing competitively in 2021.
  • The most popular esports titles in the UK are multiplayer online battle arena (MOBA) games and first-person shooter (FPS) games.
  • In terms of viewership, the UK is home to a large and engaged esports audience. It is estimated that over 10 million people in the UK watched esports in 2020.
  • The UK is also home to a number of high-profile esports tournaments and events, including the Gfinity Elite Series and the Insomnia Gaming Festival.
  • The UK has a number of dedicated esports venues, including the Gfinity Arena in London and the Belong Gaming Arenas, which are located in various shopping centers around the country.

Additional statistics about the esports industry in the UK

  • According to a report from Newzoo, the UK is home to the fifth largest esports audience in the world, with over 10 million esports enthusiasts.
  • A survey conducted in 2020 found that 35% of UK esports viewers were aged 25-34, while 31% were aged 18-24.
  • The UK has a high concentration of professional esports teams, with over 100 teams based in the country.
  • The UK is home to a number of high-profile esports leagues and tournaments, including the UKLC (League of Legends) and the UK Masters (multiple games).
  • In terms of revenue, it is estimated that the esports industry in the UK will generate £300 million in 2021, with sponsorship and advertising accounting for a significant portion of this figure.
  • The UK government has been supportive of the esports industry, with the DCMS launching a dedicated esports action plan in 2019 and providing funding for initiatives such as the British Esports Association.
  • According to a report from the British Esports Association, the UK esports industry is expected to create over 8,500 jobs by 2025.

Sponsorships and revenue in the esports industry in the UK:

  • Sponsorship is a major source of revenue for the esports industry in the UK, with companies such as Red Bull, O2, and Coca-Cola sponsoring events and teams.
  • In 2020, it was reported that the UK esports industry had attracted over £70 million in investment, with a number of venture capital firms and individual investors putting money into the sector.
  • The UK government has also provided funding for esports initiatives, including a £1 million investment in the British Esports Association in 2019.
  • In terms of sponsorship revenue, it is estimated that the UK esports industry will generate £100 million in 2021.
  • Advertising is another significant source of revenue for the esports industry in the UK, with it estimated to generate £100 million in 2021.
  • Ticket sales and merchandise are also important sources of revenue for the esports industry in the UK, with it estimated to generate £50 million and £50 million respectively in 2021.
  • Overall, it is estimated that the esports industry in the UK will generate revenue of £300 million in 2021.