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["Cost-Benefit Analysis Template"]
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["Step 1: Describe your vision and the details for adding an employee. "]
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["What will it help you accomplish if it's successful?"]
["What type of person are you hiring (direct employee or freelance/contractor)"]
["What is their payment strucutre? Salary or hourly?"]
["What is their compensation (Ex: dollars per hour or salary per month, etc)"]
["For direct hires (employees): Are there benefits included? If so, what kind and what level?"]
["How will you know if the employee is a good fit? When will you assess it (ex: after 90 days, etc)"]
["How will you know if the employee is creating revenue or reducing expenses for your company?"]
["What are your biggest concerns? How could you prevent or reduce these issues?"]
["Who could you go to for advice about hiring and managing?"]
["Identify 1-2 people who could and would give you fair and thoughtful feedback on your plan"]
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["Step 2: Identify the tangible expenses and revenue for adding a employee"]
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["TANGIBLE (Can be directly measured and have a dollar amount)"]
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["EXPENSES","Amount","Frequency","Total during (x) time period"]
["Direct compensation costs"]
["   Salary/hourly rate (define payment period ex: Monthly, etc)"]
["   Overtime, tips, commission, bonuses"]
["   Vacation or paid time off"]
["Benefits and Taxes"]
["Benefits may or may not apply to your business and will vary by region and level of benefits"]
["     Employment taxes"]
["     Unemployment taxes"]
["     Workers' Comp"]
["     Health insurance"]
["     Retirement"]
["     Other benefits"]
["Hiring and Onboarding Costs"]
["   Hiring costs (posting, background checks, drug testing)"]
["   Training costs and time lost to due time spent hiring/training"]
["Operational Costs"]
["   Hardware (technology, laptop, cell phone, etc)"]
["   Software (computer programs, online licenses, etc)"]
["   Materials or supplies (uniforms, safety gear, equipment, keys)"]
["   Other misc costs (parking, transportation benefits)"]
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["Total Estimated Costs"]
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["REVENUE","Amount","Frequency","Total during (x) time period"]
["Increase in production "]
["Increase in sales"]
["Other measurable financial benefits specific to your business "]
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["Step 3: Describe the intangible benefits and risks of adding an employee"]
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["INTANGIBLE (Cannot be measured directly in dollars)"]
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["Rate on a scale of 1-5 with 5 being the highest","Score 1 to 5"]
["BENEFIT (Positives)"]
["Better Mental Health and Life Satisfaction: "]
["Improved Employee Morale & Workload Balance: "]
["Better Customer Experience & Satisfaction: "]
["Increased Capacity for Business Growth/Innovation: "]
["Stronger Team Collaboration & Skill Diversification:"]
["BENEFIT TOTAL (Sum of ratings in the Benefits Section)"]
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["COST/RISK","Score 1 to 5"]
["Increased Management/Training Burden: "]
["Potential for Disruption in Workflows: "]
["Cultural Fit Uncertainty: "]
["Risk of Underperformance or Turnover:"]
["Other Risks Unique to Your Situation and Your Business:"]
["COST/RISK Total (Sum of ratings in the Cost/Risk Section)"]
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["Step 4: Combine the information from the sections above. Weigh all of the pros and cons."]
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["Final Decision & Recommendation"]
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["A. Financial Feasibility Check","Cost"]
["      Total Estimated Costs:"]
["      Total Estimated Revenue Gains:"]
["      Net Financial Impact (Revenue - Costs):  "]
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["B. Intangible Factor Consideration","Score"]
["      Total Benefit Intangible Score: "]
["      Total Cost/Risk Intangible Score: "]
["      Overall Weighted Intangible Score (Positive - Negative): "]
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["C. Hiring Decision","Decision"]
["      Proceed with Hiring? (Yes/No): _______________"]
["      Rationale for Decision: ____________________________"]