As any business owner or hiring manager knows all too well, hiring is expensive. In fact, with the various costs associated with bringing on new employees, each new hire could cost you up to twice as much as their starting salary. While adding good talent to your team is absolutely worth the associated costs and more, it is important to understand how hiring costs break down to make sure the candidates you plan to extend the job offer will be worth their expenses. Beyond the base salary, major hiring expenses include:
- Taxes. When hiring new employees, you should plan to pay at least three separate taxes. The first tax will be half of each employee’s 12.4% social security tax on their first $113,700 earnings. You will also be responsible for one half of each employee’s Medicare tax, which applies to all earnings and is not capped like social security taxes. The third tax you will be responsible for is unemployment insurance with a standard rate of 0.6% for the first $7,000 of earnings.
- Benefits. Benefits account for approximately 30% of each employee’s hourly compensation cost. That 30% is comprised of health insurance, retirement benefits, paid leave, and supplemental leave and other miscellaneous costs. Although it is uncertain how the Affordable Care Act may or may not impact these current costs, 30% is still a fair line to benchmark per each new hire.
- Training. Training and other additional costs can add up fast when bringing on new hires. Even if you do not need to bring in an outside source to bring your new employees up to speed, the valuable time you or your other core employees will need to take to train your new hires can cost you in production or daily output. You will also want to consider if you will need any additional supplies, equipment, or office space for your new hires that will result in extra costs.
If the total cost of bringing top quality employees on board seems too high for your business, try consulting with a niche staffing firm. FootBridge Energy knows the ins and out of the energy sector including where to find the best candidates and how to get the best outcome with your hiring budget. Contact FootBridge Energy today to consult with the energy industry’s most experienced staffing partner!
Although the energy industry as a whole continues to thrive and flourish, some doubts have recently come to surface in regards to changes in the nuclear power sector. With the cancellation of new nuclear plants and the decommissioning of others, where will we make up the power? What does this mean for jobs and potential nuclear builds in the future? While these points may make the future of nuclear power seem bleak, that is just not the case.
Nuclear power is one of the most cost-effective and safest base loads of zero-carbon energy. Over the last year alone, nuclear energy provided the United States with 180 times more power than the solar energy sector as a whole. Despite the recent decommisioning plans of several nuclear power plants such as the highly publicized Crystal River 3, the U.S. continues to employ 100 operable units with three new plants under construction; this contributes to our nation’s current status as the world’s largest leading producer of nuclear power, accounting for more than 30% of the world’s total electricity generation.
While the nuclear power sector may not be flawless, it has and continues to learn from its mistakes. Decommissioning a plant is no small feat. The Nuclear Regulatory Commission has very strict rules governing nuclear power plant decommissioning, including the cleanup of radioactively contaminated plant systems and structures as well as the removal of radioactive fuel. From start to finish, nuclear power plant decommissioning is a several year commitment at minimum. As a result of the recent decommissionings, the NRC has placed emphasis on preventing premature decommissioning of current and future power plants by placing stringent regulations on plant operation requirements beginning as early as the initial design phase.
When the economy was facing its biggest hurdle on a national level, the push for more wind and solar power generation changed the competitive landscape, lowering wholesale prices in some markets at a time when older nuclear plants began to struggle with rising costs. As time has passed, it has become increasingly more apparent that wind and solar power need to viewed as a separate entity from nuclear power all together. In addition to its low overall costs, impeccable safety regulations and improved future planning, nuclear energy cannot just go away. Because power plants are typically built in less populated rural areas, nuclear power quickly becomes a key contributor to a community’s regional economy, providing tax revenue and hundreds of well-paying jobs as well as large amounts of electricity that cannot be replaced on short notice.
The last few years have been challenging in the history of nuclear power, however, trends and statistics lead us to believe the best is yet to come. With power plant construction on the rise both nationally and internationally in the upcoming year, it is important to make sure you are partnering with a trusted staffing firm that understands the trends, changes, and where the energy industry is headed. If you’re ready to find your next career in the energy sector, contact the energy staffing experts at FootBridge Energy today!
One common myth surrounding the natural gas and oil industry is that all major booms and job openings are occurring in Texas. While Texas is definitely rich in natural gas and thrives when it comes to energy industry job creation, it is not the sole producing state in the U.S. In fact, big name natural gas processors including MarkWest Energy, Dominion Resources, and M3 Midstream have invested approximately $12- billion worth of infrastructure quite a distance away from Texas in Ohio.
Although Ohio may not be top of mind for many natural gas workers, drilling is nothing new to the Midwestern state. While recent advancements in horizontal drilling and fracking now allow for greater exploration in the Marcellus and Utica shale formations, more than 280,000 wells have been drilled throughout Ohio dating all the way back to 1861; however, it has only been over the past decade that experts have truly begun to realize how deep these wells run. This realization has led to one particularly huge advancement for natural gas workers throughout the Midwest: a new influx of job opportunities.
With energy gurus speculating Ohio is poised to be the site of the next big boom, many natural gas workers have begun to migrate to Ohio in the hopes of landing a better paying, stable job. Just this past year, Ohio was named among the top 10 producing states for job creation, with a whopping 38,830 jobs already created by fracking alone – and natural gas workers aren’t the only job seekers benefiting. Indirect jobs, including financial and administrative services and real estate are also poised to reap the benefits of oil and gas extraction in a seemingly unlikely region.
Knowing the truth about natural gas booms, where to find them, when they will hit, and what this means for you as an energy professional are all key points to finding success and elevating your career in the natural gas sector. This is why it is so crucial to partner with a niche energy staffing firm like FootBridge Energy. Whether you are a natural gas worker or run a company in the energy sector, FootBridge Energy brings more than a decade’s worth of industry specific experience, knowledge, and insight imperative for helping you thrive in your career. For further information on natural gas booms and their impact on your energy career, contact the experts at FootBridge Energy today!
Shale boom may create jobs in nonfracking states: Report below
Employees whose highest level of education is a bachelor’s degrees and work in full-time, civilian positions with majors in STEM fields — science, technology, engineering and math — are the most profitable after graduation according to a survey by PayScale.
“Year after year we see STEM fields dominate the top of the list,” says Katie Bardaro, lead economist at PayScale. “These jobs offer high pay for two reasons: There is a relatively limited supply of graduates in these fields, and there is a high demand for their skills. Both work together to drive up pay rates.” Click on the link below for the full story:
The energy sector has played no small part in the improvement of our National economy in recent history. When viewed as a whole, however, the industry is still only scratching the surface of its vast potential. Thanks to the abundance of energy resources, many more opportunities to revive our economy through creating a great wealth of jobs across the U.S. continue to present themselves. In fact, many industry experts believe that natural energy will be the key component in economic recovery and the projected National job boom.
Perhaps one of the most notable pioneers in what is proving to become the energy revolution is shale gas. Shale gas formations have a rich and longstanding history in the U.S. and recent technologies have given us the ability to capture this dispersed natural resource in huge quantities nearly everywhere in the country. New horizontal drilling techniques and improved hydrofracturing methods have unlocked access to previously unimagined amounts of natural gas and oil that had been trapped inside shale rock formations, in turn, providing near infinite amounts of oil to the U.S. and creating a demand for more energy specific jobs in the process.
Recently, the International Energy Agency (IEA) released a forecast predicting that the U.S. will surpass Saudi Arabia as the world’s largest oil producer and Russia as the world’s largest natural gas producer by 2020, both largely due to shale gas and oil. This abundance of natural gas and oil on U.S. soil has led to a huge decline in the domestic cost of energy, often giving the U.S. a three-to-one advantage in energy costs versus other countries from which we receive imported goods. The combination of job demand and low-cost energy are equally contributing to opportunities to rebuild our Nation’s middle classes and achieve economic growth by finally getting our National debt under control.
An energy industry job boom on the horizon means professionals with experience in the sector will be more in demand than ever before. With many enticing opportunities at your fingertips, it is vital to understand what you need to advance your career in the direction that will prove most beneficial to your personal goals and professional growth. FootBridge Energy is the energy sector’s top resource for industry news, trends, and hiring. For an honest assessment of where your energy career will take you next, contact the energy hiring experts at FootBridge Energy today!