(FREE) Mastering Employee Compensation: Accurate Calculation, Part 2
Salary + bonus. PTO. Additional perks.
Commentary directly from the video (regular type)
My commentary (italics)
As I mentioned last week - the spreadsheet I made to accompany the above video got to be a bit more involved than anticipated. So, I split the post up into two parts. This is, of course, the second part and it will go into detail on how to use the free complementary spreadsheet.
Read Part 1 here:
Mastering Employee Compensation spreadsheet
The Mastering Employee Compensation spreadsheet includes a number of different worksheets - each of which addresses a different aspect of employee compensation. There is also a Summary & Comparison worksheet that allows for the comparison of all of your employees' total compensation.
Salary Calculation
This spreadsheet provides a comprehensive overview of employee compensation details.
With this spreadsheet, your businesses can efficiently track and calculate various aspects of employee compensation, including regular and overtime wages, Annual Salaries, Bonuses, and total annual earnings.
Benefits & Contributions
This worksheet provides a comprehensive summary of employee benefits and their associated values.
Input the relevant data, such as the Employee's Name, Title, and Type of Benefit.
Then the spreadsheet calculates the Annual Benefit Value based on the Employer's Contribution Percentage or the monthly contribution amount.ย
Additionally, the spreadsheet summarizes each employeeโs Total Annual Benefits.
PTO Tracker
This worksheet offers a comprehensive overview of various aspects related to employee leave and compensation.
This worksheet allows your business to track and manage employees' Annual Vacation, Sick/personal, Holiday, Parental, and Other types of Leave Hours. By inputting the corresponding data, your business can monitor the Total PTO Hours Available and Taken by each employee.
Additionally, the worksheet includes columns for Regular Annual Wages and the Effective Hourly Rate, enabling your business to calculate Total PTO Value. This provides a monetary representation of the value of your employeesโ accrued and utilized paid time off.
Additional Perks
This worksheet provides a concise summary of various additional perks and flexible benefits offered to employees.
By utilizing this sheet, your business can list different types of perks and flexibility options they provide to employees. Examples of benefits may include gym memberships, cell phone allowances, car allowances, tuition assistance, and more. The Annual Benefit Value column allows businesses to specify the monetary value associated with each benefit.
Summary & Comparison
This spreadsheet provides a comprehensive overview of employee compensation and allows for comparative analysis.
Every piece of relevant data is automatically pulled into the spreadsheet so that it can calculate and displays the Total Compensation for each employee. It provides a comprehensive summary of their Total Annual earnings, Benefits, PTO Value, Additional Perk Value, and overall Total Employee Compensation.
Additionally, the sheet allows for comparative analysis by providing a side-by-side comparison of different employees' compensation packages. This enables businesses to evaluate and compare the total compensation values for multiple employees, facilitating better decision-making and ensuring equitable and competitive compensation practices
Feedback
Substack wonโt allow embeds in posts. Soโฆ.
Have more to say? Comment below!