The Trinidad and Tobago Recruitment Cost Calculator provides a "True Cost of an Employee Calculation" for the first year of employment when factoring holistic employment and startup costs. The calculator is designed to provide insight into the full costing model for employing a new employee in Trinidad and Tobago and, together with iCalculator™'s Trinidad and Tobago Payroll calculator for 2024, provide the gross employment costs of your current staff in Trinidad and Tobago, help you budget employment costs in Trinidad and Tobago for your financial year, anticipate staff costs for future expansions in Trinidad and Tobago and review past costs in order to gauge future employment costs in Trinidad and Tobago.
Understanding the calculations behind the Trinidad and Tobago Recruitment Cost Calculator 2024
Whether you are the Director of a multi-million organisation, setting up a new company in Trinidad and Tobago , or have a business venture in Trinidad and Tobago, knowing where your money goes and how much you spend on employment resources is essential. Staff costs in Trinidad and Tobago are one of the biggest expenditures for a company, but it isn’t just wages that cost the business money, there are additional expenditures, known more commonly as 'on-costs' or 'onboarding-costs'.
Calculating the true cost of an employee in Trinidad and Tobago can seem very complex but, as with most financial calculations with multiple elements, they can each be placed into simple cost buckets which allow us to provide a simple working formula:
tce = sc + bc + oc + fc
where:
- tce = The True Cost of an Employee in Trinidad and Tobago
- sc = Salary Costs in Trinidad and Tobago
- bc = Benefit Costs in Trinidad and Tobago
- oc = Onboarding Costs in Trinidad and Tobago
- fc = Facilities in Trinidad and Tobago
Each of these costs includes a number of sub elements which are defined within the calculator where you can enter specific amounts or a percentage rate for benchmarking expenditure. Please review the supporting guide "Calculating the 'True Cost of an Employee in Trinidad and Tobago' in 2024" which explains the associated costs computed within this calculator.
The True Cost of an Employee in Trinidad and Tobago Calculator is similar to the Cost Per Hire Calculator with the addition of live income tax and salary deductions for an employee working in Trinidad and Tobago in 2024.
Trinidad and Tobago Cost of Employment: Tax Years available
We currently support the following tax years for employee cost calculations in Trinidad and Tobago, if you require additional tax years, please get in touch and we can add them to the list of available tax years.