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Digital Toolkit  - Financial implications of expanding your team

The Financial Implications of Expanding Your Team


Lynne Spalding, Katrina Puranik, Jackie McRae


Financial Implications of Growing & Expanding Your Team


Lynne Spalding is the owner and director of Business Wellness Hub. They are an award winning Bookkeeping and Accounting Services. Lynne illuminates the necessary considerations for expanding your team, covering awards, superannuation, wages and more. 

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Financial Implications of Expanding your Team

Hiring employees has several financial implications for a business. Some of the main financial implications of hiring employees include:

  1. Salary and Benefits: One of the biggest financial implications of hiring employees is the cost of their salaries and benefits. Employers are required to pay their employees a minimum wage, and may also offer benefits like health insurance, and time off.
  2. Taxes and Payroll Expenses: Employers are responsible for withholding and paying various taxes, including PAYG Taxes Employers must also cover payroll expenses such as workers' compensation and superannuation. 
  3. Recruitment and Training Costs: Finding and hiring the right employees can be a costly process. Businesses may need to pay for job postings, recruitment agencies, and background checks. Additionally, new employees often require training, which can also be expensive.
  4. Overhead Costs: Hiring employees can also increase a business's overhead costs, such as rent, utilities, and office supplies. This is especially true if a business needs to expand its physical space to accommodate new employees.
  5. Productivity and Revenue: While hiring employees can be expensive, it can also lead to increased productivity and revenue. Having a larger workforce can help a business take on more projects and generate more sales.

Overall, hiring employees can have a significant impact on a business's financial bottom line, both in terms of costs and potential revenue. It's important for businesses to carefully consider the financial implications of hiring employees before making any hiring decisions.

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