Recent studies have found that the impact of commuting on the British workforce is costing increasingly staggering amounts of time AND money.
Now that the average commute to work is approximately 54 minutes, a single worker loses as much as 11 weeks a year on journeys to work and back. In terms of the unpaid time used in this state of limbo, a commuter stands to lose as much as £5,722 a year according to recruiter Randstad UK.
The article, with stats taken from a study by Randstad, claims that commuters who value the time spent getting to work as much as being at work are missing out on almost £6,000 in lost productivity.
And while those in the North West are commuting for as long as 54 minutes a day, Londoners are missing out on the most money by paying the largest fares when it comes to time spent travelling.
With so much for commuters to grumble about already – the increasingly sinking standards of service aside – it can be exceedingly difficult for recruiters in big cities to attract talent for their roles.
After all, with London commuters losing as much as a fifth of the average annual salary in lost time alone – not taking into consideration the actual cost of travel – the capital presents a tough nut to crack for local recruitment firms.
It’s even worse in the North West region and East of England, where those percentages creep towards a quarter.
The alternative to the costly commute would be to rent or buy in the city centre – it would save plenty of time for the journey to work, as well as money in many cases.
A study by On Stride Financial broke down the costs of commuting and paying rent in seven British cities to determine which is more affordable – and how best to play it when trying to recruit for a new role across the country.
In three English cities – Leeds, Norwich and Birmingham – it makes more financial sense to rent in the city centre. The difference in Birmingham is negligible but in Leeds, you’d stand to save almost £150 a month on renting in the city rather than commuting there from a suburban rental.
In the English, Scottish and Welsh capitals, as well as Manchester, the table advises commuting in from surrounding areas for work. The saving in Manchester would be about £100 a month – and in London, almost £800.
Recruiters tasked with locating and relocating new prospects stand to gain a lot from knowing what makes their city tick – particularly from a financial standpoint, as potential new recruits will be very money-conscious when it’s time to make the big move.