Total Employee Compensation Package Calculator for Small Business Owners

9/20/2020

Your employees are the backbone of your business, and you’ll want to make sure they are compensated fairly for their hard work.

How will your employee benefits package affect your bottom line? Can you offer more benefits or do you need to wait until your business grows a bit more?

To calculate an employee’s impact on your budget, you will need to factor in their base salary; medical, life and dental benefits; 401(k) contributions; and other fringe benefits that you intend to offer. Adding all factors is the difference between a $75,000 employee and a $98,000 employee. Once you have an estimate, you can make a clear offer of employee and understand how the new hire’s costs will fit into the business’s budget.

Frequently Asked Questions

How do you calculate total employee compensation?

Employers can calculate their employee compensation package by adding benefits costs to the annual salary offered. Benefits include medical, disability and retirement.

How do you evaluate a compensation package?

On top of the annual salary, a compensation package can include paid time off, a signing bonus, relocation assistance, and benefits including health insurance, life insurance and retirement savings options.

Did you know SouthState offers benefits for your employees? Learn more about checking accounts, health savings accounts and retirement planning.

Take care of your competitive advantage.

Boost your benefits package with a little help from SouthState.

Learn More

This calculator is an illustrative tool meant for educational purposes only. The default figures and examples shown are hypothetical and may not be applicable to your individual situation. Furthermore, these calculations may not reflect the terms available for any loan, investment or other financial product offered by SouthState Bank, N.A. (the “Bank”). The calculations do not infer that the Bank assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.
This content is general in nature and provided for informational use only. Content may be used in connection with the advertising and marketing of products and services offered by SouthState Bank, N.A. and its subsidiaries and affiliates. This is not to be considered legal, tax, accounting, financial or investment advice. You should seek individualized advice from personal financial, legal, tax and/or other professionals, as appropriate depending on the specific facts of your situation. We do not make any warranties as to the completeness or accuracy of this information and have no liability for your use of this information.