I shared this via a tweet this morning and I wanted to share it here as well:
One of the more surprising things that new / first-time founders encounter as they build a growing business is the
actual cost of carrying health benefits and insurance for your team.
Adding a "nuclear family" (two parents + 1-2 kids) and providing coverage can be an additional
$4-5k per month!! It really does blow your mind.
So, as a simple mathematical example, if you hire a new employee @ $40k per year and provide health insurance on top of their base salary, it could effectively cost the business upwards of $90k per year for the full-time hire (and their family).
Naturally, these are costs that we must think of before we make the commitment to hire staff. But, it's also an exciting signal that things are headed in a positive direction.