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Hire a marketing agency or an in-house marketing director? During the life cycle of a business today, this question will inevitably come up. To the majority of business owners, this is a conundrum wrapped in a mystery. If you feel the same way, you can’t be blamed for feeling confused.
For many business owners, the decision hinges on expense. It can seem like it’s more expensive to hire a marketing agency as opposed to hiring a Marketing Director that has what you feel is the required experience.
Below is a detailed examination of some of the costs you are likely to save by hiring a marketing agency.
Marketing Directors are very expensive hires.
● Payroll Tax
Anytime you onboard a new employee, you inevitably have to grapple with payroll taxes.
● Training Cost
This is an often-overlooked cost. Every person you hire will need to go through a period of orientation in order to understand how the business works.
● Medical Insurance
According to research conducted by the Kaiser Family Foundation, the average cost an employer incurred to provide an employee with medical insurance in 2019 was $7,188.
● Workers Compensation and Employers Liability
States have workers’ compensation laws enacted that govern how much an employee should be paid in the event they get injured, disabled or die at work.
● Cost of Employee Turnover
It’s a statistical fact that 50% of new hires fail within 18 months.
● Cost of Firing
It isn’t immediately apparent to most business owners and executives but there is actually a cost to firing an employee.
● Cost of Managing Employees
Managing employees is tough. For every employee you take on, you must designate a supervisor. You must also put in place appropriate systems to manage the employee.
● Lower Capital and Operating Expenses
Since a marketing agency will operate from their own space, you will need smaller office space as well as fewer desks and computers.