Overview
The Compensation Cost Widget calculates the total compensation cost for selected employees over a specified period, taking into account different types of compensation, employment rates, and payout frequencies. This widget provides flexibility by allowing you to choose specific compensation types, such as base salary, bonuses, or additional compensation, and to adjust for currency conversions as needed.
How is the Compensation Cost Calculated?
The widget sums up the selected compensation types (e.g., base salary, bonuses) for all chosen employees within the selected period. The final result is a total compensation cost that reflects expenses over that time.
Example Calculation:
Employee A has a monthly salary of 20,000.
Employee B has a monthly salary of 26,000.
The total compensation cost for these two employees is calculated as: 20,000 + 26,000 = 46,000.
Handling Different Salary Periods
The widget supports various salary payout periods (e.g., annual, quarterly, weekly) and standardizes them to a monthly equivalent to ensure consistency.
Example Calculations for Different Frequencies:
Annual Salary: Divides by 12 to calculate the monthly equivalent.
Quarterly Salary: Divides by 3.
Weekly Salary: Multiplies by 4.3452 (average weeks per month).
Hourly Rate: Multiplies by 173.808 (standard working hours per month).
Adjustments for Employment Rate and Hourly Employees
For part-time employees or those with hourly wages, the widget calculates a full-time equivalent (FTE) rate or monthly estimate based on the employment rate and hours worked.
Example for Hourly Employees:
Employee A has an hourly rate of 200 SEK and an employment rate of 80%.
Assuming a full-time week is 40 hours (8 hours/day over 5 days), we calculate as follows for August (22 workdays):
Compensation Cost = 22 days × 6.4 hours/day (80%) × 200 SEK = 28,160 SEK
Currency Conversion
You can select the currency in which you want compensation displayed. If compensation is defined in a different currency (e.g., EUR but displayed in SEK), the widget automatically converts it using the current exchange rate. -> Is it true ?
Customization Options
When creating a Compensation Cost Widget, you can customize the following:
Date Range: Select the period for which you want to display data.
Group by Category: Organize data by categories, such as departments or teams.
Filter: Apply filters to narrow down data by departments, employment types, and more.
Additional Filter: Select specific types of compensation (e.g., base salary, bonus, additional Compensation) to tailor the cost view.
Chart Type: Choose between line or bar charts for visualization.
Name of the Chart: Set a custom name for the widget as it appears on your dashboard.
Pro Tips
Note: New widgets may take a moment to load as data is processed.
How to give feedback!
You can always give feedback through the messenger app.