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Our 'True Cost of an Employee' Calculator has been developed in order to show you all of the financial costs that should be factored in if you decide to hire a new employee. Our calculator is targeted for the use of senior staff and management.
Work out the true cost of an employee in the UK. Factoring in Employers National Insurance (NI) and Employers Pension Contributions. This calculator also lets you edit Employers NI contribution percentages, add bonus amounts, and add overtime.
This calculator accounts for all the hidden costs that can easily be overlooked and reveals the true cost of an employee. It will help you identify whether it could be more cost effective to outsource a job and reduce business costs.
Once you have the cost rate by employee, you can calculate average cost rates by level, such as junior, intermediate, senior, director. Or by role, such as account manager or art director, for example. You can then use this in your estimating process to gauge profit before quoting a job.
Discover our England Employment Cost Calculator for 2024: a user-friendly tool designed to accurately calculate the total cost of employment and net take-home pay in England. Ideal for employers and employees seeking a clear understanding of salary breakdowns, taxes, and contributions.
Mar 4, 2024 · The formula is simple: Total Staff Cost = Base Salary + Employer’s National Insurance Contributions + Pension Contributions + Employee Benefits + Recruitment Expenses + Onboarding Costs + Overhead Expenses + Professional Development Costs.
The true cost of an employee calculator can help you estimate how much an employee will cost your small business, taking into consideration the different payroll taxes in each of the 50 states. Determine how much your new employee would cost, beyond their standard wages.
