Today, my solo cup is filled with Simple Math.
I define 'simple' math as basic addition and subtraction (one reason I majored in English). It's my topic of discussion because it's the foundation of what you need to know to understand the pros of hiring me (CJ Creative Solutions) as a subcontracted team member rather than bringing in a new full time creative employee. We know that the cost of hiring a new employee is more than the face value of an offered salary - check. So allow me to work through an equation to demonstrate your potential savings (high-level yet very conservative):
Cost of Recruiting - Advertising + HR Interviewing Time + Second Interviews/Other Personnel + Drug Screening + Background Checks = Reasonable Estimate $3500
Cost of Training - Allocating trainer's time + time new hire is in training and not productive + materials = Reasonable Estimate $1200 (For informal training, that is)
Cost of Salary + Benefits - Average Salary for Mid-level Marketing Manager = Reasonable Estimate $62k Salary + Annual Benefits $15K = $77k Total Annual Salary
> New Hire = $81,700 per year (and who knows how productive they will be - 20% of your employees do 80% of the work - this one could be in the bottom half - sad face):
> CJ Creative Solutions = $75 per hour of WORK. (No Charge for breaks, sick days, vacation days, coffee, supplies, workspace, benefits, taxes, stability ball, personal errands, bathroom trips.....and the list goes on)
Maybe it's time to review?
Entrepreneur and consultant, Scott Allen defines a simple way to understand training cost:
"Calculate the cost of both structured training (including materials) and the time of managers and key coworkers to train the new employee to the point of 100% productivity."
According to Joe Hadzima, a columnist for the Boston Business Journal and lecturer at MIT's Sloan School of Management, the salary plus benefits usually totals "in the 1.25 to 1.4 times base salary range."
Something to ponder. In the meantime, I invite you to learn more about the cost of hiring a new employee.
Read more: The Cost Of Hiring A New Employee
Let's schedule a call soon - email@example.com
Christina, our President & Director of Content, loves to write about anything. The only thing missing is the assignment. Just give her a topic and she's off - to stimulate her word generator and exercise her research skills to deliver content that is entertaining, relevant, and timely.