![]() The formula gives employers an initial estimate of the real costs of employees. An employee with an hourly rate of $20 costs $25 to $28 per hour based on this formula. If you hire a new employee with an annual salary of $52,000, the true cost is between $65,000 and $72,800. ![]() This formula determines the minimum and maximum costs of each employee. To calculate the total cost per employee, you multiply the base salary by 1.25 or 1.4. However, an employee typically costs 1.25 to 1.4 times the base salary. No one formula fits all types of businesses when it comes to employee costs. The total cost of an employee includes the base salary or wage and other expenses that the business incurred to hire a person. Formula to calculate the cost of an employeeįormula to calculate the cost of an employee.
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