The cost of an employee is more than their salary. Hiring an employee often involves paying a portion of their social security, medicare and unemployment taxes. Many companies offer benefits in terms of various insurance programs, where the company may pay a portion of the cost, contributions to retirement plans or pensions and other fringe benefits that add to the hiring cost. When looking employee compensation, its important to look at all of these costs rather than just the direct salary.
Wellness category
Wellness category
Total Employee Compensation Package
Information presented in the Northwest Financial Wellness Center is provided for educational purposes only and is not related to actual Northwest products or services. Northwest makes no representations as to the accuracy, completeness or specific suitability of any information presented. Information provided should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. Northwest recommends you consult a professional for any specific guidance you are seeking.