The true cost of staff: The 9 things you need to consider (and how to work it out)

Hiring staff and team members is the one -- if not 'the' -- most important parts of running your own business. In this Australian Business Podcast episode your host Owen Rask talks with accountants Jordan Kidis and Danil Goloubev about what it really costs to hire people, how to manage the expense, how to calculate the cost and more. Don't forget these things when you hire someone: PAYG withholding - paid by you Super - monthly or quarterly Worker's comp and other insurances, which vary by state (but is typically based on your total wages) Subscription/software additions for each team member Rent/Equipment upgrades needed for extra team members Training and development, both time and cost Inefficiencies from scaling Recruitment costs, this can be as high as 15%! On $80k that's like $12,000! Stress - yes, this is the real cost of a bigger team! Australian Business Podcast resources Owen Rask’s free business course Ask a question Get a business health check from Grey space This Australian Business Podcast Episode is for founders, business owners and investors in private companies. Join 2,300+ students in our free business course! If you liked this episode, don’t forget to consider taking our free business course and tuning into the Australian Business Podcast episode one, in which I shared my journey. Love the Australian Business Podcast? Let me know about it by leaving a review on Apple or Spotify.  If you want to help me out with the course, right now the best thing you can do is subscribe and review this podcast in Apple or Spotify. Please use the “Ask a question” menu link on the Rask websites, or leave your questions in the Apple Reviews. ✅ Grey Space Advisory – accounting today for a smarter tomorrow Do you get stuck worrying about your business’ finances? Or what needs to be paid to ATO, employees, Super funds and so on? The Australian Business Podcast is proud to announce that our sponsor, Grey Space Advisory, is offering all business owners a financial health check. Jordan and Danil’s expert team of accountants will conduct a review of your tax structure, bank set-up, ATO obligations and reporting, business insurance and provide some advice on how to manage all of this — for just $99! Book a $99 business health check with the Grey Space Advisory team and tell them Owen sent you. ☕️ Rumble Coffee Roasters — our OG sponsor & coffee genius! Rumble Coffee Roasters is dedicated to helping you drink better coffee. Knock-out blends, world-class single origins, bold espressos and flavour-filled filter roasts. Rumble Coffee prides itself on personal relationships with producers and customers alike. Tell them Rask sent you.  *** The information on this website and in our podcasts is general financial and tax information only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser or tax agent. Learn more about your ad choices. Visit megaphone.fm/adchoices