Employees Cost More Than Their Paycheck [Infographic]
How much do you think an employee costs your business? Hint: it’s more than just the number on their paycheck!
There are the obvious costs, like employer taxes and workers’ comp. Then there are the less obvious ones, like retirement plan matches and daily coffee. For a visual of the true cost, check out the below infographic from our friends at Patriot Software.
Depending on your company and the perks you offer, your cost per employee may include many more factors and be much higher. The true cost of an employee is important to keep in mind at all times, but especially when you are:
- Considering pulling the trigger on a brand-new hire, or
- Contemplating whether to let an under-performing employee go and hire afresh.
The bottom line is this: a bad hire costs your company much more than just their salary. Make sure to evaluate candidates carefully before AND after they are hired.
Need to expand your candidate pool so you don’t give off that “we’re desperate to hire!” vibe? Sign up for a job fair this year!