When you hire a new employee, you likely have some idea of how much that employee is going to cost your company. Between training, wages, taxes, workers’ compensation, and other onboarding costs, a new employee may be a significant cost to your company, though good employees are frequently worth more than the upfront cost. When you’re calculating how much a new hire will cost you, one additional thing to consider is the cost of employee benefits. But what do employee benefits cost?
National Average Cost of Employee Benefits
Every year the Bureau of Labor Statistics from the U.S. Department of Labor releases a report of average costs for employee compensation, including the costs for several types of employee benefits. For example, according to the 2021 report, employers pay an average of $12.52 per hour in benefits for civilian workers. The report factors in different industries as well as different types of employees. If you don’t currently offer group benefits, the information in this report may be helpful.
Health Benefit Costs Per Employee
Health benefit costs depend on a few different factors. The type of plan (or plans) you choose to offer, the health plan carrier or administrator, the provider network, and the size of your group can all impact the rates. If you currently offer group benefits, you can get an estimated cost for health benefits for new employees, you can look at the cost of providing benefits to other employees in your company through your current provider.
Other Fixed Costs
There are other costs involved when hiring a new employee. One of these fixed costs is required or consistent training. If you offer safety, harassment, or other types of training on a regular basis, you will need to factor that cost in. Depending on the position, uniforms, equipment, software licenses or certifications may also be required for your new employee. Office perks like wellness programs or free lunches can also be included in the cost of a new hire.
Manage Employee Benefits with Helpside
Helpside offers a variety of employee benefits plans at a competitive price. Included in our services are various supplemental benefits such as dental, vision, life, and disability that can improve your employees’ loyalty, safety, and motivation. If you are interested in learning more about offering benefits through Helpside, or if you have questions about benefits, reach out to Helpside at firstname.lastname@example.org.