If you’re looking to take on staff to tackle a new project you want the most cost-effective solution available. Understanding whether you need a full-time employee or an interim is key.
On a day to day basis, a full-time employee may often cost less than a freelancer. However what if your project only lasts for three months? Is this still cost effective? What about the procurement processes, interviews and notice periods required?
A freelance role may work out more cost effective as you won’t need to pay for recruitment costs or benefits such as insurance, holiday pay, sick pay and retirement. But don’t forget about IR35 – always check with the agency or freelancer.
We have developed a free and easy to use employee cost calculator to help you make an informed choice.
- Set your total budget
- Select the number of interim staff you might need, their day rate and project length
- Select how many full time staff you would need, their average salary, expected on-costs (usually 20% of the salary) and how many you would hire
- Compare the two different options in the total area
Want to calculate more than one set of job roles at a time?
Download our employee cost calculator Excel or Google Sheets spreadsheet here!