The cost of an employee to an employer can vary significantly depending on a range of factors, including the employee's salary, benefits, taxes, and other expenses associated with hiring and managing staff.
Some of the most significant expenses associated with hiring and managing employees include:
Salary and wage
- Benefits, such as health insurance, retirement plans, and paid time off
- Payroll taxes and other employment taxes
- Worker's compensation insurance
- Recruitment and hiring costs, such as advertising, background checks, and onboarding expenses
- Training and development expenses
- Technology/ equipment costs, such as computers, phones, and other tools necessary for the job
- Overhead costs, such as office space, utilities, and other expenses associated with maintaining a workplace.
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