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An employee’s hourly wage is how much money they receive from their employee for one hour’s work. It is often the standard measure for assessing how well a job is paid. The higher the hourly wage, the more an employee will earn on a yearly basis. Of course, this will also depend on the number of hours they work.
An hourly wage calculator lets you see how much you earn over different periods. It is a flexible tool that allows you to convert your annual (or other period) remuneration to an hourly rate. An hourly wage calculator often does this very quickly and easily, saving time and effort.
Looking for a new job is a tough and stressful task. You need to change your workplace, co-workers, skills, and even habits. But a job change can be essential for financial freedom. But how do you compare a potential new job to your current one, especially if the pay rates are given over different periods? One way would be to convert the salaries into an hourly rate.
There are many benefits to using an hourly wage calculator. These include:
1. Less effort. Using an hourly wage converter can save a lot of effort. They are often incredibly easy to use and guide you through the process of converting the wage with simple questions.
2. Less time-consuming. Time is money, right? Imagine if you didn’t need to do all these boring calculations required to work out hourly rates or compare salaries manually. Most hourly wage calculators give results in seconds.
3. Less errors and more accurate. The formulas behind the scenes in hourly wage calculators are tried and tested. This means they are incredibly accurate and less likely to give errors. This vital if you are wanting to compare the hourly rates of multiple roles.
This depends on the period of time you wish to convert to an hourly wage. Let’s have a look at the maths behind the calculations for a few specific time frames.
Annual Salary to Hourly Rate
(Salary per year / 52 weeks) / number of hours worked per week = wage per hour
Monthly Wage to Hourly Rate
(Salary per month * 12 / 52 weeks) / number of hours worked per week = wage per hour
Weekly Wage to Hourly Rate
Salary per week / number of hours worked per week = wage per hour
Daily Wage to Hourly Rate
Salary per day / number of hours worked per day = wage per hour
As you can see, the calculations for working out your hourly wage can be complex. This is where an hourly wage calculator can be a godsend as it does all the calculations easily and quickly.
This will depend on the software used. Generally speaking, an hourly wage calculator will ask the following questions:
1. Salary over the specified period. This could be the salary earned over a year, month, week, or day. Some calculators will allow the user to choose the time frame to suit their needs.
2. The time frame the salary was earned over. As mentioned above, the calculator software will ask the user for the period of time that they earned the salary over.
3. Number of hours worked in this time frame. This is important for the software to work out the hourly rate.
Whether online, via app or mobile, Papershift will collect all of your logged times and store them in one place.
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Read more about:Staff Leave Planner, Payroll, Staff Time Tracking