Hiring new employees can be very costly, especially if you are hiring the wrong candidates for open positions. You do not want to waste the time of your hiring managers or the candidates, which is why your screening process needs to be incredibly strong. Part of that process is determining what the cost of your new hire is going to be from the minute they start working the job. You can do this using the hiring calculator that can be found on the Resources page of our website, in the Client Toolbox.
Eliminate Bad Hires
One of the benefits of the calculator tool is eliminating bad hires at your company. Bad hires include workers who leave the position after one year or less on the job, those who do not last a week and those who hurt the corporate culture of the company while employed. These bad hires will cost you not only time, but also money. Your hiring manager is getting paid for conducting interviews and training sessions and that money is wasted when it turns out to be a bad hire.
Cost of Hiring Calculator
The cost of hiring calculator from B. Loehr Staffing can help you figure out how much money your company can save when hiring using B. Loehr’s Temp-To-Hire program. All you need to do is plug in the appropriate information and then calculate the costs.
Take for example, an employee who makes $15 per hour at one of your jobs. All you do is enter this salary in the compensation per hour box and the calculator figures out the rest, including the employee’s annual salary. The rest of the calculator then computes FICA, state unemployment tax, federal unemployment tax, fringe benefits, recruitment and hiring costs, administrative costs all based on state or national averages. To customize the results, you can override the average rates with your company’s actual costs.
The final box of the calculator shows the actual salary, cost and benefits. So, despite an employee being paid $15 per hour at $31,200 per year, the company actually pays $51,532. To determine how much your company can save when using B. Loehr Staffing to recruit and hire employees, you need to call for their hourly pay rate. You then can plug that rate into the calculator and find out how much your company will save when using B. Loehr Staffing.
If you are looking a recruiting firm in St Louis that can help you hire great new employees contact our team today.