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Staffing Costs Calculation Spreadsheet + Accompanying Instructions for Staff
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Understand the true cost of employment.
The Employee Cost Calculator Template is an Excel spreadsheet designed to help HR and business owners accurately calculate the total cost of employee, resulting in better budgeting, planning, and decision-making.
Simplify workforce budgeting with the Employee Cost Calculator template.
Hiring and retaining talent is one of the biggest investments a business makes. The Calculating Employee Costs spreadsheet template is a useful tool for HR to gain a clear picture of the total cost of your employees. By inputting various data points such as salary, benefits, and other employment-related expenses, it provides a comprehensive breakdown of an employee’s actual cost to the business.
Why total compensation matters.
Many employees only consider their take-home salary when evaluating their compensation, but the total compensation—including benefits, taxes, and other perks—is often much higher. The Calculating Employee Costs spreadsheet not only helps your business understand these costs but also provides a tool to transparently communicate the value of employee benefits.
Who uses the Calculating Employee Costs spreadsheet ?
This calculation spreadsheet is especially helpful for:
- Budgeting and Planning: Understand workforce costs for accurate financial forecasting.
- Hiring Decisions: Evaluate the affordability of new hires or roles.
- Transparency: Communicate the total value of compensation to employees, beyond just base salary.
- Cost-Saving Measures: Identify areas where adjustments might reduce expenses.
This template is brought to you by the HR Toolkit for Small Business.
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