The Methodology behind Contra's Project Cost Calculator
Here for the secret sauce behind Contra's Project Cost Calculator? Let's pull back the curtain on the inputs that power your personalized results.
Project timelines
How do we offer a timeline that's more than a shot in the dark? We analyzed a wealth of completed projects on Contra from November 2021 to August 2023. When data is scarce, we lean on the averages of similar projects. No magic ball, just calculated foresight.
Labor Costs
Independent costs
Based on Contra's real-world data, we provide you with an average hourly rate that considers variables like skills, location, and experience.
Full-time employee costs
This is where it gets nuanced. We start with Pave's 2022 salary benchmarks. Since we're in 2024, we've upped those figures by 1.7% to account for inflation, courtesy of the latest BLS stats. Additionally, we factor in extra costs that employers often overlook—like benefits, insurance, payroll tax, and worker’s comp.
These costs are incorporated into the total employee cost, which is then amortized over the project's duration as a percentage of total annual hours. Unlike these ongoing costs, the average cost-per-hire is considered an upfront, one-time expense. All these elements are based on data from SHRM and the SBA to ensure a realistic comparison between full-time and independent labor costs.
The bottom line
Our calculator shows you what you can save by hiring an independent versus a full-time employee. The goal? Smarter, not just cheaper, hiring decisions.
Time to impact
Independents
Our benchmarks spotlight how quickly an independent can influence your project. We calculate this by assessing the average time between project approval and independent application acceptance on Contra between November 8th 2021, to August 1st 2023.
Full-time employee
Thanks to LinkedIn’s Workforce Report, we estimate how long it'll take to onboard a full-time employee and get them to the point where they're truly contributing.
Time Saved
We crunch the time-to-impact for both independents and full-time employees. The result? A clear picture of time saved on your project when you opt for project-based hiring.
Contra’s independent marketplace
Consider this calculator your gateway to a universe teeming with vetted, top-notch independent talent, all ready to make your next project soar. From cutting-edge website designs to compelling B2B content, our network of 100,000s of skilled independents across 100s of skills are ready to elevate your next project.
Your move
You’ve got the insights from our calculator, now what's your next power move? Learn how to power your projects with a pipeline of skilled independents—download our ultimate guide to project-based hiring.
Disclaimer
Contra makes no guarantees regarding the accuracy of the calculator for specific individual scenarios. The calculator is intended as a general guide and should not be the sole basis for decision-making. Users are encouraged to seek professional advice tailored to their particular circumstances.
