Cost of Employees

Employing staff is a major investment for any business. Understanding the full cost of hiring and retaining employees is crucial for effective financial planning, product costing and ensuring long-term sustainability. Beyond base salaries, businesses must account for various direct and indirect employment costs, which can significantly impact profitability, compliance, and workforce planning.   

NOTE: The True Cost of Employee Article was updated on 20th June 2025 with updated  NSW Workers Compensation Premium rates for 1st July 2025 % increases. ACT has not released changes to 2024-2025 rates.

The Employee Cost Calculator Spreadsheet has been updated with NSW WIC codes. 2025-2026 Award rates will be updated once Pay Guides have been released in July.