We all know that payroll can be one of the biggest expenses a small business has to meet … but how expensive is it really? The Bureau of Labor Statistics answers that question in their 24-page report (Employer Costs for Employee Compensation – March 2014). We have taken some highlights from the report and created an infographic (below).
You may be surprised by some of the statistics. For example, the increase in the cost for health insurance benefits from 2004 to 2014 may be less than you think. Also, how much difference do you think there is between the per-hour cost for health insurance benefits in a small business and the cost for larger firms?