The cost of an employee is more than their salary. Hiring an employee often involves paying a portion of their social security, Medicare and unemployment taxes. Many companies offer benefits in terms of various insurance programs where the company may contribute to retirement plans, pensions and other fringe benefits that add to the hiring cost. When calculating salary, it’s important to look at all of these costs rather than just the direct salary.
Use this calculator to determine the cost of a total employee compensation package.
