The Minnesota 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 Minnesota and, together with iCalculator™'s Minnesota Payroll calculator for 2024, provide the gross employment costs of your current staff in Minnesota, help you budget employment costs in Minnesota for your financial year, anticipate staff costs for future expansions in Minnesota and review past costs in order to gauge future employment costs in Minnesota.
Understanding the calculations behind the Minnesota Recruitment Cost Calculator 2024
Whether you are the Director of a multi-million organisation, setting up a new company in Minnesota , or have a business venture in Minnesota, knowing where your money goes and how much you spend on employment resources is essential. Staff costs in Minnesota 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 Minnesota 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 Minnesota
- sc = Salary Costs in Minnesota
- bc = Benefit Costs in Minnesota
- oc = Onboarding Costs in Minnesota
- fc = Facilities in Minnesota
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 Minnesota' in 2024" which explains the associated costs computed within this calculator.
The True Cost of an Employee in Minnesota Calculator is similar to the Cost Per Hire Calculator with the addition of live income tax and salary deductions for an employee working in Minnesota in 2024.
Minnesota Cost of Employment: Tax Years available
We currently support the following tax years for employee cost calculations in Minnesota, if you require additional tax years, please get in touch and we can add them to the list of available tax years.