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Calculate the true costs of adding a new employee
Deciding to hire an employee has financial implications that many small businesses don’t consider - until it’s too late. The tax implications, the value of the time spent advertising, screening, interviewing, reference-checking, negotiating, hiring, training and managing an employee... of the vacation, sick, statutory and training days you give employees... Many small businesses pay 50% above salary, just to have an employee. Sometimes it's even the right decision - but it's important to know all of the facts, first. Download MOGL's spreadsheet calculator to figure out if hiring an employee really is right for your small business. Whether you are an established small business with a growing team of staff or contemplating your first hire, deciding to hire an employee is a serious financial obligation. Many small business owners pay between 1.5 - 2x an employee’s salary, each year, as part of their employer responsibilities.
cost, hiring, employee expense, calculate
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MOGL / Grow  / Calculate the long term cost of hiring an employee
Calculate the true cost of hiring an employee

Calculate the long term cost of hiring an employee

Posted on May 3, 2015
in Grow
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Some decisions cost more than we realize – hiring an employee included.  Did you know that in the first year of recruiting (if you do it yourself), hiring, taxes, benefits, vacation pay, statutory holidays, onboarding, training, managing and retaining a new employee, you will likely spend 1.5 – 2 x their salary?  That’s $90K – $120K for a $60,000/yr employee.

In this article you’ll learn the hidden costs of hiring an employee, access a (free) downloadable spreadsheet to calculate what it costs your business to hire a new employee – and some suggested alternatives if you’re looking for temporary / on-call / part-time business expertise in Ottawa.  Read the full article here or simply download the spreadsheet.

 

 

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