How to add a standard rate to your organization
What is a standard rate?
A standard rate is a "rate classification". When you add a new employee, instead of choosing "custom hourly rate", you would choose a rate class to be applied to this employee. When that rate class gets a raise, each employee with that setting will receive the raise.
For example, a restaurant hires all new servers at $11.50/hour and assigns them a standard rate of Server1. After their first year, they get a raise to $12.00. When a server is moved up, instead of updating their compensation policy, update their standard rate classification to Server2.
At the beginning of a new year, the restaurant decides to raise all new servers to $12.00 and experienced servers to $12.50. They would update the standard rate on Server1 and Server2 directly, and all servers' compensation policies would be updated at once.
How to set up a new standard rate
1. Select Payroll in the top menu, and Payroll Setup under the Payroll heading.
2. Select the tab Standard Rates and click Add Standard Rate to create a new one, or Edit to adjust an existing rate.
3. Add the basic information for this standard rate:
Code: This short form version of the description is used as a preface to the name.
Name: This long form version of the description is used to explain to whom this rate applies.
4. Click Save.
5. Click Add or Disable Rate.
6. Add the rate information:
Rate: This is how much all employee's assigned this standard rate will get paid per hour.
Effective Date: This specifies when the rate takes effect. Especially useful if you are increasing the rate.
7. Click Save.
8. You will see the details of the standard rate appear. Click Save and you are complete! This is now available to be added to employee profiles.
How do I setup or adjust an employee's compensation?
Add a new, or update a current compensation policy If this employee is brand new and has no existing compensation policy, there are just a few steps to complete. Navigate to the employee maintenance page. Click on "Compensation". ...
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