Compensation Table: Tracking Pay Rate by Pay Period (5/22/2017)
Last year we beefed up our Pay Rate in the compensation table by adding the "paid per" qualifier. This made our pay rate a true rate rather than a plain old amount. For example, in the past it was unclear what a pay rate of $12,000 represented. Was it an annual salary amount? A monthly amount? An hourly amount (that would be nice)? Paid per enabled our users to specify exactly what the amount represented such as $12,000 PER month ($12,000/month). Paid per is different from pay period (also in the compensation table). Pay period tells you how often someone receives a paycheck (weekly, every other week, twice a month, etc.) where paid per only tells you what time frame the $ amount represents. Think of it as the units portion of a pay rate, kind of like 14 feet or 25 minutes. Don't forget to add the units!
Our paid per options originally included per day, hour, week, month, quarter, or year. However, this list was missing a "per pay period" option which prevented our users from displaying a per pay period pay rate if that is how they wanted to track everything. We are now adding a per pay period option that makes this possible.
This example should help:
$55,000/year with a semi-monthly pay period = 55,000/24 = $2291.67 per pay period
Some customers want to see the $2291.67 amount in the compensation table. This will soon be possible by replacing "year" in the example with "pay period".