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Employee Cost Calculator

With the 'Employee Cost Calculator', you can get a complete picture of the true cost of hiring a new employee (labor burden estimator). From compensation and benefits to recruiting, training, office equipment and other costs, this easy-to-use calculator accounts for those typical expenses you may not necessarily think about when hiring a new employee. Simply use the default values provided or enter your own numbers to come up with an effective hourly rate for your prospective employee.

Employee Expenses

Under the 'Employee Expenses' section the 'Employee Cost Calculator' covers information like:

  • Total Compensation costs including Annual Salary, Commission, Overtime Pay and Bonus
  • Insurance costs including Health, Dental, Vision, Life, Disability and Long-Term Care
  • Mandated Benefits costs including Workers' Compensation, Social Security, Medicare, Unemployment Insurance and FUTA Tax
  • Work/Life costs like Employee Assistance Program, Tuition Reimbursement and Training
  • Recruitment cost like Placement Fee, Job Board costs, other Recruiting Costs and Relocation Allowance
  • Office Tools and allowances for Computer, Software, Cellphone, Car and Gas expenses

Employee Utilization and Hourly Rate Costs

Under the 'Employee Expenses' section the 'Employee Cost Calculator' covers information like:

  • PTO (Paid Time Off) costing including Vacation, Holidays, Sick Leave, Jury Service and other Leave
  • Overhead Percentages include:
    • Overhead [Overhead is an estimate of the time your prospective employee will spend on activities such as setting up a computer or phone, attending to personal emails and calls, browsing the Internet, and personal interactions with coworkers.] 
    • Downtime [Depending on the type of position you are hiring for, you may wish to account for possible downtime between assignments while the employee is waiting for more work.] 
     
  • Other Hourly Deductions including Training, Seminars, Trade Shows and Conferences

Employee Effective Hourly Rate

Finally the 'Employee Cost Calculator' will provide you with the 'Effective Hourly Rate' by calculating the Total Employee Expense divided by the Total Productive Hours in a simple and easy to read report.

 

 

Started Calculating the True Cost of Hiring a New Employee'

 

 


 

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