Charles0412
New Member
- Joined
- Oct 4, 2020
- Messages
- 1
- Office Version
- 365
- Platform
- Windows
- MacOS
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!
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 |