Are you considering hiring staff in another country but unsure about the additional expenses involved?
Maybe you have specific territories and staffing numbers in mind – or perhaps you just want to compare hypothetical scenarios.
Our user-friendly Employee Cost Calculator is an essential tool to help you arrive at the right decisions for your business.
What is the Employee Cost Calculator?
The tool has been developed to help businesses like yours better understand the total costs involved in employing someone in a particular country.
That means taking into account not just the projected base salary but also additional considerations, such as:
- Social security contributions
- Mandatory benefits
- Other employment-related expenses
First, enter details such as ‘annual base salary’ and the ‘country of employment’ into the Employee Cost Calculator.
It will then provide an accurate estimate of the total monthly and annual employment costs.
Who is the Employee Cost Calculator for?
The Employee Cost Calculator helps users budget more accurately and avoid unexpected expenses.
It has also proven valuable for HR and recruitment professionals in helping determine the cost of hiring new employees in different countries.
Often, the total amount is subject to more than just the available budget and may also need to take into account compliance with any local regulations.
CFOs and other financial leaders can use the tool to plan their payroll expenses, improving decision-making for international expansions.
External business consultants can utilise it during cost analyses, to incorporate outputs into their recommendations with confidence.
And even small businesses and startups taking their first steps into hiring remote or international staff can benefit from the Employee Cost Calculator.
Put simply, it’s an essential facility for anyone involved in recruitment, financial forecasting or any other international business expansion scenario.
What data does it provide and how useful is it?
By factoring in various relevant components, the Employee Cost Calculator is able to provide a comprehensive picture of the total cost of employment.
These variables might typically include:
- Base salary (as agreed upon, or monthly)
- Social Security contributions (Employer contributions to national social security systems, which can vary by country)
- Healthcare and pension contributions (As applicable in the relevant country)
- Holiday and sick pay
- 13th and 14th-month salaries (if applicable)
- Other mandatory benefits such as maternity or paternity leave
- Additional costs like training, equipment, benefits and perks
This holistic view enables businesses of all sizes to fully understand the financial impact of international expansion.
Want to know more?
Of course, this is only a brief overview of the Employee Cost Calculator and its capabilities.
Please contact us today if you’d like further information or have any specific questions.
