Research reveals the average cost of a lifetime of work
12 Jun 2018
A lifetime’s wages add up to £1,260,720 – just enough to fill one suitcase with £50 notes.
The average person will earn up to £1,260,720 in wages in their lifetime. However, of this, over quarter of a million (£252,144) will be paid in taxes, that's more than the average UK house price (£234,794) recorded in 2017.
According to findings published by DPG plc (Developing People Globally), the average employee will spend a total of 82,068 hours working over their lifetime, the equivalent of a 9.4 year shift or 3,420 days of non-stop working.
Over that time, the average employee will get just 4 per cent more time with their partner or family than they do with their work colleagues.
DPG’s analysis also found that the average UK worker will drive 218,150 miles, which will cost £19,444 in fuel (and get you 91.3 per cent of the way to the moon!) A lifetime of commuting would also amount to a 15-month nonstop journey.
A spokesperson from DPG says: “The fact that you only spend 4 per cent less time at work than you do at home just goes to highlight how important it is to create a positive work environment. Management and HR hold the power to make this significant proportion of our lives as productive and enjoyable as possible.”
For many clients, a major challenge is to recruit and retain quality teams that will drive their businesses forward. In recent years companies have had to become more resourceful in how to keep these teams together, as the challenging economic environment has made traditional methods, such as bonuses, more difficult for companies to afford.
At Beavis Morgan, we have put in place a number of Enterprise Management Incentive schemes for our clients.
One that particularly stands out is a client who, despite solid profits, was struggling for cash flow. In order to keep their team together, they offered HMRC Approved Share Options. This involved no initial cash flow outlay by the company, but ensured that the employees were able to participate in any profits derived from the founder shareholders’ planned future exit.
The team is now more focused on delivering growth and equity value, as they will participate in any strategic exit or listing.
Speak to us today about your options in relation to recruiting and retaining the best employees through tax favoured and flexible incentives.