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Feb
13

Don’t Forget These Expenses If Hiring Employees

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When you become an employer, there are various costs you need to consider. Apart from paying your employees a fair wage, you also need to think about additional expenses that might be required too. There are those that you’re required to pay and the minimum costs to keep your business running, and then there are expenses that can help you to improve your company and treat your employees better. If you’re starting to hire people, you need to plan for any costs that you might incur on top of their salaries. Start with the expenses below to work out how much you might be paying.

 

Taxes

It’s your duty to pay Social Security/FICA expenses for your employees. In 2018, employers pay 6.2% on the first $128,700 of wages. Medicare tax or Hospital Insurance is paid at 1.45% on the first $200,000 of wages and 2.35% over that amount. There’s also unemployment insurance tax to take into account. Worker’s compensation is also essential to consider, but the costs will vary depending on the jobs your employees carry out. These expenses are essential to think about when you hire someone as an employee, before you start considering any other costs. You can find out more at irs.gov.

 

Benefits

There are various benefits you might choose to offer to your employees. While they’re not essential, an attractive benefits package will help you recruit and keep better employees. You might consider offering health insurance, disability insurance, a retirement program and other beneficial things. It’s also worth considering benefits that might be less practical but can still be attractive to potential employees. For example, some employers choose to offer gym memberships to their staff. These kinds of benefits aren’t essentials, but they can help you stand out from other employers and demonstrate the kind of work culture you have.

 

Uniforms and Work Tools

Your employees are likely to have various things they need to do their jobs. There are some costs you might be able to ask them to take care of themselves, such as uniforms, but it’s important to check what you can and can’t ask them to pay for. If you do buy supplies for them, ordering from specialist stores like UniformsAndScrubs.com will help you get quality products and save money. You might need to ensure your employees all have computers and software, or stationery and other necessities.

 

Workspace

If you’re hiring people to work onsite, you need to have enough space to accommodate them. This might mean paying more for a larger workspace so that you can provide deskspace or other facilities for everyone. You might also need extra equipment or furniture to make sure everyone can do their jobs. These costs might need to be considered long before you hire new people so that you can be in an appropriate workspace when you welcome them onboard.

The costs of hiring a new employee involve more than just paying their salary. It’s essential to think about the other expenses it incurs.

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