Top 10 HR Calculators – How They are Useful
Every HR department has a lot of specific tasks to manage. To successfully pull off important HR roles like recruitment, accounting, and management, a great capacity for HR planning, recording, and tracking is required. And that’s where HR calculators come in. Those are tools used for calculating metrics, scores, and data to measure employee performance, daily rates, work time rendered, and more. Lastly, what makes these calculators so useful is the fact that its increased capacity for accuracy is unsurpassed by the limitations of humans.
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Top 10 HR Calculators – How They are Useful
Before you start looking at just any calculator, you need to learn the specifics of HR calculators. With that said, here are overviews of the top ten variants:
Free Cost Per Hire Calculator
While it isn’t given much thought, hiring new employees also costs money. When you think about it, there has to be an allotted budget for the advertisements needed to draw them in, as well as sign-in bonuses, travel expenses, etc. With a cost per hire calculator, the HR department can figure out how much budget they will need for their recruiting endeavors. Since company money is involved here, there should be no room for human error. That is why using a cost per hire calculator is much more preferable than having the HR staff manually calculate it.
Free Holiday Entitlement Calculator
Every employee deserves a break from work; not only does it help them de-stress, but it can also give a boost in employee engagement. An employee is entitled to a holiday break, but it all varies with the company’s operations schedules and their place of work. All HR departments, however, keep a holiday entitlement calendar to accurately calculate the holidays all the employees are entitled to. That way, HR can determine the frequency of the employees leaving and take the right measures in dealing with the continuity of workflow in the office.
The leave calculator calculates the payment of employees while taking their vacation leaves into account. The amount of leaves granted to an employee varies greatly from one company to another. A paid leave entails the same as the daily rate of the employee. And as the name suggests, unpaid leaves mean there is a deduction equal to the daily rate as well. With a leave calculator, HR can determine how much the employee has earned for their payoff by taking the days they were present for work, along with their paid and unpaid leaves into account. This enables the company to fairly reward the employee for the exact amount of work they have done for a particular cutoff period.
An employee gets paid based on the number of hours they did work. With a time calculator, this enables the HR team to calculate accurately the number of hours rendered by the staff during office hours. Using this, HR can analyze the timesheet of employees, calculate the work hours they have rendered. They also use this to accurately determine how long an employee took their lunch break and other personal breaks. With the time calculator’s features, HR can determine the salary with ease, and figure out if any deductions or additions are needed, suppose the employee did undertime or overtime, respectively.
Employee turnover is the frequency of employees separating from the company. Calculating the rate of employee turnover is important so that employee management can determine the urgency of this issue. It also allows the company to see whether employee relations, along with the management of the business, are effective in terms of keeping employees. Depending on the results, the company may have to improve on certain aspects in order to reduce the employee turnover rate.
Of course, it is important to give employees the exact amount, as stated in their contract. However, there is a lot to calculate before placing in your employee’s bank accounts, which is why the HR team uses a salary calculator. To calculate the salary properly, incentives and bonuses have to be added in. Not only that, but any deductions from taxes and unpaid leaves are also factored into this as well. With all these numbers to keep in mind, it is much easier to use a salary calculator since it has no chance of human error. Using a salary calculator is also more efficient for the HR team to use, rather than calculating it manually.
Labor Cost Calculator
Labor Cost refers to the total cost of all the labor used in a business. This includes the annual payroll taxes and other expenses used by the company. This is one of the important costs that a business has to handle, so it is very important that the numbers are all calculated without any human error. That is why a labor cost calculator is much preferable to utilize when dealing with the total labor cost.
Redundancy Payment Calculator
While it is unfortunate, some jobs are made obsolete or redundant due to the changes in a company, or advancements in technology allow a job to be done by a machine. This means management often has to let go of redundant employees since it is costly to keep them on a job when they can go for a cheaper alternative. That said, the employee receives an amount of payment for all the work they have done, that is the redundancy payment. It is important to calculate this accurately to give the employee a fair payment before letting them go.
Bradford Factor Calculator
There are days when employees don’t show up to work, and there are a lot of reasons to explain that. With the Bradford Factor calculator, HR can measure the absenteeism of an employee, and determine how much will is deducted in their payout. All in the interest of fairly paying for how much work the employee renders.
Employee Productivity Calculator
A productive workplace is a good thing for the whole company. When a lot of work gets done, people feel accomplished and satisfied. To keep track of that, HR uses an employee productivity calculator to put it all in numbers so that both employees and management can see whether their performance is up to the company’s standards of productivity.
With a lot of HR calculators being utilized, the HR department can have an accurate and reliable way to keep track of where the company is in terms of all the aspects mentioned above. The reason why an HR calculator is useful is that, at the end of the day, the numbers don’t lie.