The True Cost of Employment Calculator
Have you ever been quoted on an agency fee, only to find that the charge rate is a couple of pounds per hour higher than the employees pay rate? It can seem quite high!
The reason for this is because we have to include things such as ENIC (Employer’s National Insurance Contributions) Sickness and Holiday pay and also pension pay. These fees are all legally required to be paid by the employer, so the total amount (pay + ENIC + sick and holiday pay + pension) is known as the ‘True Cost of Employment’. Of course there is also a charge for our service included in the quote you would receive.
There are also many other factors that you may wish to consider when hiring a new member of staff, such as their benefits package (will they recieve a company car, phone, expenses?) Maternity/Paternity leave, bonus payments, training courses, software licenses, additional IT/Phone requirements and more.
The below calculator has been designed to highlight the additional costs of employment and plan ahead for the financial year. Whether you’re looking at taking on a new hire or increasing a current member’s salary, the calcuator will be able to help!
True cost of Employment Calculator
To discover the true cost of employment please enter the weekly hours your employees work and the basic pay rate you currently pay them.
The rest is automatically calculated for you……to give you the real hourly rate you pay.
For comparisons on what we charge then please contact your local Essential office.
The Cost of Employment Calculator works best on a computer rather than a mobile device