How much does it cost to hire a worker

When we talk about adding a new team member, we must consider how much it will cost us to hire a new worker. This, above all, will be determined by the characteristics of the profile we are looking for. It is not just a matter of covering a salary and complying with the legal parameters established for the protection of employees.

Initially, it is essential to have a clear understanding of the company’s cash flow and its respective profits. Accordingly, the labor required to maintain and increase them. Companies stand by their human capital and choosing the right people should be a priority for all companies to implement.

Social security

previsión financiera

In legal terms, one of the major expenses involved in hiring a new employee is social security, which corresponds to the common contingencies that may arise while the employee is registered with the company. This percentage ranges between 32% and 38% of the gross monthly salary and is paid by both the employer and the employee in different percentages.

These percentages may vary according to the salary of each employee. It is not the same value for the company’s CEO as it is for the interns. Additionally, it can also be modified month to month, depending on the contribution bases and the percentage of each base.

Working hours

To give you an idea, in addition to having a worker on the payroll, there are certain extra expenses that must be taken into account and that can represent a significant outlay of money when hiring personnel. These are fringe benefits, in addition to salary. Examples include bonuses, extra pay in June, Christmas, etc.

Full-time employment represents payment for 8 hours of work per day, 40 hours per week. Similarly, a part-time contract reflects a payment for a lower amount. This should be taken into account when agreeing on conditions that benefit both the employee and the employer.

From TalentFY we recommend digital tools, such as hiring calculators, that allow you to estimate how much money your next employee could cost you. These calculators take into account important variables such as withholdings, contributions, gross salary, length of contract and type of working day. Adapt it to your needs!

Time Vs. Results

It is not only about the costs in legal terms that the company is obliged to comply with, but also about those costs that are involved in the process and become indirect expenses.

The time it takes for a hiring process can take approximately 4 to 6 weeks, in the best case scenario. This includes the notice period at the new employee’s previous company (if applicable), tests and interviews, contract documentation and social security registration.

In general, IT profiles are candidates who are not looking for a new job, however, they are not closed to the opportunity of receiving better conditions. At TalentFY we save you time in the whole process, without sacrificing the results that the candidate will give you. Our goal is to help companies like yours find the ideal candidate in less than 10 days.

Go ahead and hire through our platform!

Now that you know that with TalentFY you not only save time, but also the money that can represent an excessive delay in failed selection processes, what are you waiting for to schedule a demo and see how it works?

Try TalentFY in a Live Demo

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