The Northwest Territories Recruitment Cost Calculator provides a "True Cost of an Employee Calculation" for the first year of employment when factoring holistic employment and startup costs. The calculator is designed to provide insight into the full costing model for employing a new employee in Northwest Territories and, together with iCalculator™'s Northwest Territories Payroll calculator for 2024, provide the gross employment costs of your current staff in Northwest Territories, help you budget employment costs in Northwest Territories for your financial year, anticipate staff costs for future expansions in Northwest Territories and review past costs in order to gauge future employment costs in Northwest Territories.
Understanding the calculations behind the Northwest Territories Recruitment Cost Calculator 2024
Whether you are the Director of a multi-million organisation, setting up a new company in Northwest Territories , or have a business venture in Northwest Territories, knowing where your money goes and how much you spend on employment resources is essential. Staff costs in Northwest Territories are one of the biggest expenditures for a company, but it isn’t just wages that cost the business money, there are additional expenditures, known more commonly as 'on-costs' or 'onboarding-costs'.
Calculating the true cost of an employee in Northwest Territories can seem very complex but, as with most financial calculations with multiple elements, they can each be placed into simple cost buckets which allow us to provide a simple working formula:
tce = sc + bc + oc + fc
where:
- tce = The True Cost of an Employee in Northwest Territories
- sc = Salary Costs in Northwest Territories
- bc = Benefit Costs in Northwest Territories
- oc = Onboarding Costs in Northwest Territories
- fc = Facilities in Northwest Territories
Each of these costs includes a number of sub elements which are defined within the calculator where you can enter specific amounts or a percentage rate for benchmarking expenditure. Please review the supporting guide "Calculating the 'True Cost of an Employee in Northwest Territories' in 2024" which explains the associated costs computed within this calculator.
The True Cost of an Employee in Northwest Territories Calculator is similar to the Cost Per Hire Calculator with the addition of live income tax and salary deductions for an employee working in Northwest Territories in 2024.
Northwest Territories Cost of Employment: Tax Years available
We currently support the following tax years for employee cost calculations in Northwest Territories, if you require additional tax years, please get in touch and we can add them to the list of available tax years.