The
investment
Taking on a full
time employee will
take up time and
money. The financial
cost of employment
includes:
• Basic salary
• National Insurance
Contributions (NIC)
and Pay As You Earn
(PAYE)
• Employee benefits
(eg car/mobile
phone)
• Company
expenses/travel
costs
• Cost of
accountants
performing monthly
payroll
• Cost of lawyers
drawing up
employment contracts
Add to this the time you’ll spend in managing, training, and motivating employees.
The upside
If you’ve found the
right person, what
you’ll get in return
is commitment,
desirable skills
and, depending on
their role, a new
viewpoint in the
business.
If this outweighs the investment in time and money required, you’ll soon be uttering the words ‘you’re hired