Total Cost of Employee Benefits

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Posted by Global Healthcare Resource on Jan 9, 2023 1:58:34 PM
While salaries, taxes and overhead expenses are obvious costs associated with growing your workforce, many companies are surprised to learn the true cost of employee benefits.

Based on data from the Bureau of Labor Statistics,  benefits account for 29.6% of a healthcare employee's total  compensation. Below is a benefits breakdown example for a medical billing professional earning $22/hour ($45,760 annually). The breakdown includes, paid leave, supplemental pay, savings programs, insurance and other required government benefits such as social security, medicaid etc. 

The total compensation (wages + benefits) for an employee hired at $22/hour is $65,000 annually. 

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Breakdown of Benefits (3)

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