Cost to move hourly wages to market median

Charles0412

New Member
Hello! I am trying to calculate the cost to move wages to the 50th Percentile. I need to compare the cost to moving them in 1 year vs 2 years. Trying to solve for how far off the wages are from market and what's the recommended glide path to get the wages to the 50th P.
Scenario 1: Would like to calculate the cost of moving wages to the 50th Percentile in year 1. what is the 12 month cost to close gap?
Scenario 2: Would like to calculate the cost of moving wages within 25% of Market in year 1 and then to the 50th Percentile in year 2.
Scenario 3: Would like to calculate the cost of moving wages within 25% of Market in year 1, within 10% of market 6 months later, then 50th percentile in year 2.

Assumptions - 1) market movement 3% each year. 2) employee automatically receives \$0.25 base rate increase every 3 months based off hire month 3) Increase Month April

 Employee Position Base Rate/Hr Market - 50th Percentile (hourly rate) Hire Month 123 Abc \$12.25 \$15 Jan 404 Abc \$16/ \$15 Feb 312 Abc \$14.50 \$15 Mar 256 Abc \$12 \$15 Apr 522 Def \$14 \$18 Apr 621 Def \$16 \$18 Nov 755 Def \$17 \$18 Dec

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