Compensation Cost Widget

What the Compensation Cost Widget does

The Compensation Cost Widget calculates the total compensation cost for selected employees over a chosen period. It takes into account compensation type, employment rate, and payout frequency.

You can choose which types of compensation to include, such as base salary, bonuses, or additional compensation, and you can adjust the displayed currency as needed.

How the widget calculates total compensation cost

The widget adds together the selected compensation types (for example, base salary and bonuses) for all chosen employees within the selected period. The result is a total compensation cost that reflects expenses over that time.

Example:

• 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 20,000 + 26,000 = 46,000.

How the widget handles different salary payout periods

The widget supports several salary payout periods, including annual, quarterly, and weekly. It standardizes all of these to a monthly equivalent so that costs can be compared consistently.

The widget converts each payout period to a monthly amount as follows:

• Annual salary: Divides by 12 to calculate the monthly equivalent.
• Quarterly salary: Divides by 3.
• Weekly salary: Multiplies by 4.3452 (the average number of weeks per month).
• Hourly rate: Multiplies by 173.808 (the standard number of working hours per month).

How the widget adjusts for employment rate and hourly employees

For part-time employees or employees paid an hourly wage, the widget calculates a full-time equivalent (FTE) rate or monthly estimate based on the employee's employment rate and hours worked.

Example:

• Employee A has an hourly rate of 200 SEK and an employment rate of 80%.
• A full-time week is assumed to be 40 hours (8 hours a day over 5 days).
• For a month with 22 workdays, the compensation cost is calculated as:
  22 days × 6.4 hours/day (80% of 8 hours) × 200 SEK = 28,160 SEK.

How currency conversion works in the widget

You can select the currency in which you want compensation displayed. If an employee's compensation is defined in a different currency (for example, EUR) but you display the widget in another currency (for example, SEK), the widget automatically converts the amount using the current exchange rate.

What you can customize in the Compensation Cost Widget

When you create 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: Narrow down data by departments, employment types, and other criteria.
• Additional filter: Select specific compensation types (for example, base salary, bonus, or additional compensation) to tailor the cost view.
• Chart type: Choose between a line chart or a bar chart for visualization.
• Name of the chart: Set a custom name for the widget as it appears on your dashboard.

Note: New widgets may take a moment to load as data is processed.