It’s a lot more than just their salary.
At Fast Growth Consulting, we work with startups every week that are scaling fast, hiring critical roles, and burning through cash without always realising the full cost of a new team member. So I’ve created a free Hiring Cost Calculator to make this simple for you.
👉 Download the calculator here
It covers:
- Salary and bonus
- Employers’ National Insurance (or your region’s social costs)
- Pension contributions (also known as Superannuation or 401K)
- Kit and onboarding costs (yes, even the hoodie counts)
- Subscriptions, benefits, and parties (hello, team Christmas dinner)
- Recruitment fees (if you’re using an agency, brace yourself)
- Year 2 cost planning, including annual salary increases
You can tweak assumptions to reflect your own business. The assumpations that I have included in this calculated are designed for UK startups and scale-ups, and based on what I typically see across the sector. However, you can change the assumptions to suit any region. It’s just a good starting point.
And to help you actually use it (not just stare at it), I’ve recorded a quick video walking you through the spreadsheet, step by step. Watch the walkthrough video here or see below.
This will help you:
- Budget realistically for your next hire
- Understand what you’re actually committing to
- Make confident, strategic hiring decisions
And yes, I may have thrown in a cheeky example of how expensive a full-time CFO is… just in case you’re wondering why founders work with fractional CFOs like us.
Let me know what you think and use the tool before making your next hiring decision.
