SHOULD YOU HIRE A NEW EMPLOYEE?
Before diving in, make sure you understand the cost and benefit of a new employee before you hire. When figuring out the potential cost you will want to include the following:
• Recruiting costs. This will include things like advertising, travel expenses, etc. • Salary. Be sure to research salary ranges for the job so you know what the average is. • Taxes. This is one you might not think about. It includes worker's compensation, social security, unemployment and Medicare. • Benefits. Add up the costs of all the benefits you plan on offering for the position. • Office Supplies/Equipment. Add up the cost of any additional supplies and equipment you'll need to buy if you add another employee. • Onboarding. How long you'll be paying the employee before they're productive.
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