From the course: Job Market Basics for Business Leaders

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Wage isn't always the only cost

Wage isn't always the only cost

From the course: Job Market Basics for Business Leaders

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Wage isn't always the only cost

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- While the people you hire for your teams get paid their wages, that's not the amount of money you need to budget in order to hire them. There are a number of other costs that you should plan to incur. This includes administrative costs that you might need to pay to hire them as well as the other costs for overhead, for things like office space as well as other administrative tasks within your company. Plus there's also fringe benefits that you need to pay your employees as well as the equipment they might need, their computers as well as software licenses, and you might need to pay for travel and entertainment. There are other different costs that you can incur for workers and not just their wages. Even if what the employee receives is their wages and their fringe benefits, there's a lot more you need to plan for as you build a budget waterfall for your team.

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