How to use the Cost Calculator

Article author
Nneka
  • Updated

The Cost Calculator gives our customers an estimate of how much it costs to hire someone in a particular country. The cost of employment includes: the employee's base salary, the statutory contributions, core benefits (if any) and Remote's management fee. From the Remote dashboard, only the company owner and super admins have access to the Cost Calculator.

This article will cover the following topics: 

How to generate the cost of employment for one employee

  1. From your dashboard, go to the Cost calculator tab.
  2. Input the employee's employment details, such as their salary and country of residence.
  3. You can choose to view a cost estimate based an annual salary or your total hiring budget for the role.
  4. Click on Begin estimate
  5. A report will be generated showing the breakdown of how much it costs to employ this employee. 
  6. You can proceed to export the report as a PDF or reset the report to start over. 

    generate_cost_of_employment.gif

How to add additional employees to your cost of employment report

  1. When you generate a Cost of Employment report for the first employee, from the Cost Calculator page, you can generate estimates for additional employees (as many as you want!). 
  2. To do this, fill out the employment details of the additional employee, then click on Add to estimate

    generate_cost_of_employment_2.gif

  3. This will add their cost of employment estimate to the current report you have generated. You can keep doing this for as many employees that need to be included on a single report. 
  4. Each employee's cost of employment will be broken up into individual sections. 

How to compare of employment costs by country

When creating a cost of employment report, instead of selecting one country, you can select Worldwide which will display a table with the cost of employment from all the countries based on the gross salary or hiring budget you indicate. 

worldwide_cost_of_employment.png

Making changes to the Cost of Employment report

When you generate a report for a particular employee, it is possible to change the details of their employment and generate an updated report.

  1. On the Cost Calculator page, click on the 3 dots icon. 
  2. Click on Edit

    edit_cost_calculator.png

  3. A dialogue box will pop up to allow you to change the employment details. 
  4. Once complete, click on Update

Understanding the Cost of Employment report 

From the Cost Calculator page, you can view the details of the report without downloading it. The report contains a summary overview section and individual summary sections. 

Summary overview 

The summary overview contains the total cost of employment for all the employees included in the report. It will also show a breakdown of the total cost of employment for employees per country. The figures displayed will be in your billing currency. 

summary_overview_cost_calculator.png

Summary section

Each employee has a dedicated summary section that shows the breakdown of their annual or monthly cost of employment. The figures displayed will be in the employee's local currency as well as the Company's billing currency. 

summary_section_cost_calculator.png

Estimating the Employee's annual net salary

To have an estimate of an employee's net salary/take home pay, this new feature in the cost calculator estimates the net salary for a potential employee based on their gross salary amount. It considers a subset of employee contribution categories for each country to arrive at the estimated annual net salary. This feature is available for a select group of countries and we will keep adding more countries to the list.

net_salary_cost_calculator.png

The net salary feature is currently available for the following countries: 

  • Germany 🇩🇪 
  • Hong Kong 🇭🇰
  • Ireland 🇮🇪 
  • India 🇮🇳
  • Mauritius 🇲🇺 
  • Mexico 🇲🇽 
  • Netherlands 🇳🇱 
  • Nigeria 🇳🇬 
  • Portugal 🇵🇹
  • Singapore 🇸🇬  
  • South Africa 🇿🇦 
  • Spain 🇪🇸 
  • United Kingdom 🇬🇧

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