Early Careers Basic Financial Planning Tool

It’s important to be able to work out how much a new early careers employee would cost your business every year. The below table identifies the core costs of employing someone, and can help you to calculate what the annual cost of an employee will be.

Calculation breakdown	Actual Cost (£)	Notes
Hourly rate x working hours per week x 52 weeks per year	Consider paying above the recommended minimum wage. This will go towards safeguarding losing your newfound talent to other employers.
Yearly NI contribution and pension contribution figures.	All employees (including apprentices, trainees and graduates) will incur the same contributions as other paid employees.
Training costs	Record here costs that you will incur for the training of the recruit. This can include induction, health and safety and other initial training, as well as any formal training through your training provider.
Record here costings that you incur for the providing appropriate PPE, tools and uniform.
Specific to you as the employer.