Financial Implications of Hiring Staff

A few weeks ago I was having a conversation with a virtual PA I know, about the cost of hiring staff. teamwork 1

One of her clients wanted to hire a permanent member of staff ‘ready for when’ his business expanded. The virtual PA was suggesting to him that it would probably be worth hiring freelancers to do the jobs he wanted doing, as they would be specialists in each field, rather than training one person to be an all rounder.

I ran through all the obvious implications of hiring staff, office space, salary, employers NI, staff benefits etc that I could think of to give her some idea of what to explain to her client.

Then recently I came across this article 5 financial implications of hiring additional staff (I am not affiliated to this company’s website) and it made me realise that there are even further implications, the cost of running a payroll, insurance etc.

Do any of you have employees, did you realise the extent of the additional cost when you took them on?

LilyIris Bookkeeping takes every care in preparing material to ensure that the content is accurate and up to date. However no responsibility for loss to any person acting or refraining from acting as a result of this material can be accepted by LilyIris Bookkeeping. You should always ask your accountant to give you specific advice which is tailored to your personal and business circumstances and properly implemented.
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SamanthaFinancial Implications of Hiring Staff

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