So, your team member has just had a pay rise – congratulations to them! 🎉 But what does this mean for your project costs and sell rates? Fear not, we’re here to guide you through it! Here’s what you need to know.
First things first, you’ll need to calculate your team member’s new cost rate. If you’re unsure how to do this, check out our article on how to calculate cost rates. Once you’ve got their new rate, you’re ready to go! 💼
Any new jobs or items added to existing jobs will automatically pick up the new cost rates. This means that the cost of your team member's time will increase for any new projects or tasks. 💸 It's important to keep this in mind when planning your project costs and estimating your profit margins.
However, any time logged against existing items or jobs will continue to be charged at the original cost rates. This means that any work your team member did before their pay rise will be billed at the old rate. 📉
But what about sell rates? If your team member has a set role and standard billable rate, their sell rate won’t change unless you update their role's rate in your rate card. Alternatively, you can change their sell rate in their profile screen. It's important to ensure that your sell rate reflects the true value of your team member's work and expertise. 💡
In summary, a pay rise for your team member is great news, but it’s important to factor in the impact it may have on your project costs and sell rates. By keeping these key points in mind and making any necessary updates to your cost and sell rates, you can continue to deliver outstanding work for your clients while ensuring your team member is fairly compensated. 💪