Employees cost much more than their salary. Most employers underestimate the employment cost over and above the gross salary or even get confused with all the employment laws and policies when entering a new market. Now the number you need is right at your fingertips thanks to our quick, free employee cost calculator, which shows the monthly employment cost after taxes, insurances, & other factors customized to the labor legislation of Vietnam, Cambodia, and Myanmar.
Let say you are about to conquer the Vietnam market and the local labor cost is in your to-do list. Now, it takes you a huge amount of effort for all the research of Vietnam labor law and calculation to come up with the final number. Not to mention you are not so sure if you have covered all the areas of labor cost and the most updated policy or not. This can be a total nightmare.
That is when NVM Group’s free ‘Employment Cost Calculator’ comes into the scene. It is a web-based tool that helps you to get a complete picture of the true cost of hiring a new employee in Vietnam, Cambodia, and Myanmar. From SHUI (Social, Health and Unemployment Insurance), Trade Union, and other factors added up, this easy-to-use calculator accounts for those typical expenses you may not necessarily think about when hiring a new employee in these countries. And all expenses are formulated based on the most updated labor policy of each market. Simply enter your own gross monthly salary numbers with 3 currency options to choose (VND, KHR, and MMK), you eventually come up with an effective total cost per month for your local prospective employee.
After using the device, compare the expected cost with the quality you think a new worker can offer. They’ll probably be worth the extra money if their abilities help you grow your company into new markets or get you more jobs. If not, don’t worry. You can consider re-evaluating the business model to figure out where revenue can be improved, and expenses can be deducted.