Total talent management: the workforce mix
- Total talent cost for the year
- $4,434,000
- Total people in the workforce
- 57
- Contingent share by headcount, percent
- 21
- Employee cost for the year
- $3,510,000
Every figure on this page is computed from the inputs entered, by the method stated below it. Ninebix publishes no rating rule, no pay benchmark, no replacement-cost rate and no time-to-fill figure: the counts and the assumptions are yours, and the defaults are a worked example to replace with your own figures.
The figures above start from a worked example ($4,434,000). Change any input and the answer updates as you type.
Download the Total talent management: the workforce mix worked example (CSV)
This is a total talent mix worksheet that puts the whole workforce on one line, for a company that uses contractors and contingent workers beside its employees. Enter the employees on payroll and your own average loaded annual cost per employee, then the contractors and contingent workers, their average day rate and the average days each works in a year, and it returns the total people in the workforce, the contingent share by headcount, the employee cost and the contingent cost for the year, the total talent cost and the contingent share by cost. Every count and rate is yours; the worksheet publishes no benchmark for loaded cost or day rate and decides nothing about how anyone should be classified. Free, on the page, no account; the paid plan keeps contractors and employees in the same people record.
The workforce as one count: the contingent share by headcount
Forty-five employees and twelve contractors is fifty-seven people, and a contingent share of 21% by headcount. Total talent management is the name for looking at that number as one workforce rather than a payroll and a purchase ledger; the worksheet counts the people you enter and asks nothing about their contracts.
The two costs and the total
Forty-five employees at your own $78,000 loaded cost is $3,510,000; twelve contractors at your own $550 a day for 140 days is $924,000; the total talent cost for the year is $4,434,000. The loaded cost covers whatever yours does, salary plus employer taxes and benefits; the day rate and the days are from your own invoices. The worksheet multiplies and adds.
The contingent share by cost, the figure the headcount share hides
Twelve contractors are 21% of the people and $924,000 is 21% of the cost, so on the worked example the two shares agree; on many workforces they do not, and a contingent share by cost well above the share by headcount is the thing to notice. The worksheet shows both so the review can read which workforce it is running.
Total talent management: the workforce mix: common questions
What is total talent management?
Managing employees and contingent workers as one workforce: one count, one cost, one plan for who does what. The worksheet does the counting and the costing from your own figures; the classification of anyone as an employee or a contractor is a question for your adviser and the worksheet decides nothing about it.
How do you calculate the cost of a contractor for a year?
Day rate times the days worked: $550 a day for 140 days is $77,000 for one contractor, and $924,000 for twelve. Both figures are yours from your own invoices; the worksheet multiplies and publishes no benchmark rate.
What is a loaded cost per employee?
Salary plus the employer's taxes, benefits and other costs of employing the person, as one annual figure. The worked example uses $78,000 to show the arithmetic and nothing more; enter your own figure from your payroll and the employee cost and the total recompute.