Hello,
I have a labor cost model I use for forecasting and budgeting that works pretty well until a new condition to the formula has been recently requested based on employee type with new rates that may occur at anytime of the year depending on each employee.
My original formula was applied to all employees based on hourly rate working 8 hours a day with consideration to start and end dates of employment. In my mind, this was already complicated since I need to calculate exact costs for when an employee is hired and/or terminated which should only include the # of work days remaining. Now, I was asked to also include new rates which could occur randomly but also take into consideration effective date of this new rate.
Attached is the workbook for this Labor Cost model. I have not included the new request - this is where I need assistance and guidance since this new request has proven to be more challenging that I thought. In this workbook, I have listed 2 major items requested. I realize section 2 might be a bit more difficult but throwing it out there if there's a possibility that an equation for this can be presented. I will be beyond elated if anyone can help with item #1.
Any help on this is greatly appreciated.
Josie
I have a labor cost model I use for forecasting and budgeting that works pretty well until a new condition to the formula has been recently requested based on employee type with new rates that may occur at anytime of the year depending on each employee.
My original formula was applied to all employees based on hourly rate working 8 hours a day with consideration to start and end dates of employment. In my mind, this was already complicated since I need to calculate exact costs for when an employee is hired and/or terminated which should only include the # of work days remaining. Now, I was asked to also include new rates which could occur randomly but also take into consideration effective date of this new rate.
Attached is the workbook for this Labor Cost model. I have not included the new request - this is where I need assistance and guidance since this new request has proven to be more challenging that I thought. In this workbook, I have listed 2 major items requested. I realize section 2 might be a bit more difficult but throwing it out there if there's a possibility that an equation for this can be presented. I will be beyond elated if anyone can help with item #1.
Any help on this is greatly appreciated.
Josie