Now is an Expensive Time to be Hiring – Get to Grips with the Real Cost of Staffing

Wednesday, August 16th, 2017

As your business grows the need for staff becomes more urgent, and although you may have factored in a new salary into your expenses, have you really thought through the overall cost of hiring staff- it’s higher than you think?!

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Have you gotten to grips with the true cost of hiring a new staff member? Having a clear and accurate view of your financial obligations when it comes to hiring is essential if you’re not to overstretch yourself and put unnecessary strain on your business.

There’s the obvious initial costs such as advertising your new role, training, office space and new equipment, then ongoing costs such as maternity, sick days and holiday. However, until you hire your first member of staff you may not be aware of additional costs imposed by the government for employers.

As an employer you are obligated to pay National Insurance for each member of staff you employ, Class 1 National Insurance standard rate is currently at 13.8% of their wage, this has to also include any bonuses or overtime.

As part of the newly introduced pensions scheme, all employees are now automatically enrolled in a company pensions scheme. As an employer you now have to pay 1% of your employee’s monthly wage into a pension. From April 2018 your contribution will increase to 2% and then 3% in April 2019. All staff (unless they are self-employed) will be automatically enrolled into this new workplace pensions scheme if they are over 22 and earning over £10,000, even if they only work part time for you. Also be aware that those earning under £10,00 have the right to opt in too!

A great little article from the Undercover Recruiter states that if you budget for the UK average salary of £27,600 for a new recruit, you’ll actually end up paying something closer to £50,000!

Daunted by the prospect of hiring, it’s worth considering a virtual receptionist service which allows you to benefit from a team of trained staff without worrying about the financial obligations beyond a simple and predictable monthly subscription cost. No hiring and training stresses, sickness and holiday hurdles or costly employer obligations.

Our professional team is based in Brighton, we can handle your incoming calls, make simple outgoing calls on your behalf, manage your diary and even take payments and process orders. We’re a helping hand when you need it most – without the financial strain.

To find out how our service can help your business call one of our team on 01273 741400.


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