Cost to move hourly wages to market median

[Charles0412]

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

Thanks in advance!

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