How much does an employee really cost?

TLDR: 2x Base Salary

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The decisions we make about our workforce can have significant financial implications.

When it comes to handling specialised projects, many organisations find themselves at a crossroads: should they hire a full-time employee or bring in an expert on a temporary basis?

Here are 5 reasons why hiring an expert can be not only a smart move but a financially beneficial one too.

Cost Efficiency

Maintaining a full-time employee means more than just a salary. There are additional costs to consider, including benefits, payroll taxes, and sometimes even training.

When you hire an expert for a specific project, you pay only for the work done. This can lead to significant savings since you’re not shouldering the financial burden of an ongoing salary when the project may only require a short-term commitment.

Imagine being able to allocate those saved funds elsewhere in your business - whether it’s for marketing, product development, or even saving for future expenses.

2. Specialised Skills at Your Fingertips

Experts bring a wealth of knowledge and specific skill sets to the table, often acquired over years of experience in their field. This means you can tap into the latest trends, specialised tools, and advanced techniques without needing to invest time and resources into training someone new.

Plus, the freshness of an expert’s perspective can often lead to innovative solutions, enhancing the quality of your project and potentially saving you even more money in the long run.

3. Flexibility and Scalability

When you hire an expert, you have the flexibility to scale your workforce according to the needs of your project. This is particularly useful for businesses with fluctuating demands or those that operate in industries with seasonal peaks.

By bringing in an expert as needed, you can ensure that you're never overstaffed during slower periods, which can help keep your operational costs down.

4. Focus on Core Business

Bringing in an expert allows your internal team to focus on core business activities instead of getting pulled into projects for which they may lack expertise. This concentration can lead to better productivity across your organisation, further increasing your bottom line.

5. Quick Turnaround Time

Experts are usually accustomed to hitting the ground running. They come prepared and ready to make an impact almost immediately. This can significantly reduce the time it takes to complete a project compared to onboarding a new full-time employee, which often includes a learning curve and a settling-in period.

A faster project turnaround can not only result in cost savings but can also help you seize market opportunities promptly.

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Conclusion

It's clear that hiring an expert for a project can offer substantial financial benefits compared to retaining a full-time employee. From cost savings and specialized skills to increased flexibility and quicker results - these advantages paint a compelling picture for businesses seeking to optimise their workforce strategy.

If you're considering how best to approach your next project, remember that sometimes, bringing in a specialist can be the best decision for your business’s success. Your finances, your team, and ultimately your project outcomes will thank you for it!

Calculating the true cost of hiring a new employee

A good rule of thumb is that employing someone costs the company around 2x base salary

Every company has different needs and costs, and some items are hard to predict, so it is an impossible task to calculate the exact figures for your specific circumstances. This is not an exhaustive list but hopefully it's a useful guide for potential employers when considering the financial implications of recruiting full time staff.

Financial costs:

Recruitment

Onboarding

Training & development (and associated lost productivity)

15% Employers NI
Minimum 5% pension contributions
Performance bonuses
Other benefits (events, bike/car etc)
Insurance
Cover for absence (holidays, sickness, paternity, maternity)
Specialist equipment (Camera, lights, sound)
PC (high-end for editing)
PC software licences
IT support
9-12 sq/m of office space + parking
A desk & chair
Heating, power and other amenities

Productivity costs (Paid but non-productive time):

28 days holiday
5.7 days sickness absence (Statista 2022)
Average paternity/maternity leave
Employee turnover/ staff retention
An actual productive time of 70% (if we're being very generous)

My example: Aquarius Creative

Aquarius Creative is £35 per hour, billed to the nearest minute for editing, and £45 per hour on location.

My equipment costs are not insubstantial, so I will use the above example of 2x base salary.

This would be the equivalent of employing staff at £17.50 and £22.50 per hour respectively. For that you get:

Over 20 years of industry experience.
Professional high-end equipment
No on-going costs once the project is complete

Why Choose Aquarius Creative for Your Video Production Needs?

1. Expertise that Delivers Results

Aquarius is dedicated to professional video marketing, understanding what it takes to create videos that not only look good but also inspire action.

Experience in the marketing and sales realm allows a tailored approach to meet your specific objectives, ensuring that your videos are not only aesthetically pleasing but also strategically sound.

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2. Customised Solutions for Your Business

Your business is unique, and so are your needs. Aquarius offers a range of video production services from promotional videos to corporate training materials - designed to resonate with your audience. It's a collaborative process, taking the time to understand your brand, your audience, and your goals.

The result? Videos that reflect your vision and drive real business results.

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3. Staying Ahead of the Curve

Keeping up with trends is vital. Aquarius Creative is committed to staying at the forefront of technology and marketing strategies.

Whether it’s using the latest in technology, engaging animation, or interactive video, we ensure your content is fresh, innovative, and tailored to the way your audience consumes media today.

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4. Results-Driven Approach

We all know that the ultimate goal is to drive sales and increase brand awareness. The content and video production services on offer come with measurable results, from tracking viewer engagement to evaluating conversion rates.

Analytics can help you drive decision making by understanding the impact of your content, this arms you with the insights you need to refine your marketing efforts.

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5. Seamless Integration with Your Marketing Strategy

Video is only effective when it’s part of a larger marketing strategy. Aquarius will work with you to ensure that your videos complement and enhance your existing efforts, whether it’s content marketing, social media campaigns, or email marketing.

This holistic approach means you’ll see your videos performing not as standalone products, but as integral pieces of your marketing puzzle.

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Don’t Just Take Our Word for It!

We’ve helped countless businesses like yours amplify their message and achieve their marketing goals. But don’t just take our word for it, our reviews and portfolio below showcase successful projects that illustrate the power of effective video production.

Get inspired by the possibilities and envision what we can create together.

Lets Talk!

Ready to boost your brand with compelling video content? Get in touch today to learn more about our services and how we can help you succeed. Reach out to us and let’s create something extraordinary together.

Tel: 07801 351 864

Email: pete@aquariuscreative.uk

Remember, the right video production company can make all the difference. Choose wisely, choose Aquarius Creative and watch your brand soar.

Conclusion

The era of visual storytelling is here, and it’s time for your business to embrace it. By choosing Aquarius Creative, you're investing in high-quality video production that speaks to your audience's hearts and minds. Don’t leave your marketing to chance; partner with us and create videos that resonate and drive results. Because at the end of the day, it’s not just about views - it's about engagement, connection, and ultimately, conversion.

Elevate your brand today!