|
|
|
|
|
|
|
|
|
|
|
|
Employees are more productive when they are fulfilled in their jobs and have a realistic workflow.
Using temporary/ consulting employees allows you to have present staff who are not overburdened with too many projects.
Principal Asset can help you determine the current dynamics of your situation by learning about the department and discussing whether hiring temporary/ consulting employees is the right choice to keep your team fulfilled. |
|
Hidden costs of hiring employees include:
- Medical insurance coverage
- Dental insurance coverage
- 401(k) participation
- Payroll taxes
- Vacation time
- Holiday and sick time
In a company of 100 employees,
it is estimated that 30% above
and beyond the salary goes toward these costs. |
|
|
|
|
Using temporary/consulting employees makes sense because it can save you time and money.
Principal Asset will work with your staff budget to determine the best method to staff your projects.
If you have a budget to hire someone at a salary of $68,000, you are really hiring someone at $88,400. How? There are hidden costs involved in hiring permanent employees that contribute to a higher overall cost. |
|
|
Hidden Costs: $20,400
Total Employee Costs: $88,400 or $48.57/hour
$48.57/hour = ($88,400 ÷ 52 weeks) ÷ 35 hours |
|
|
|
|
|
|
|
Because actual budgets are 1.3 times greater than a permanent salary, you have a higher budget to work with when hiring a temporary/consulting employee.With this new rate, a temporary/ consulting employee can be hired to complete the project within your timeframe and budget.
There are no additional payroll costs or other hidden expenses. Therefore, an informed decision can be made about the most cost-effective method of staffing your project in a timely manner. |
|
|
|
|
|
|
|
|