Simple Shift Cost Calculator
Simple Shift Cost Calculator
This is a very general way to calculate costs.
On the plus side, it is very quick and easy to do.
On the downside, it is not very accurate. It does not take into account things such as burden rates, absentee coverage or even variable pay weeks.
Use it if you need a “shoot from the hip” solution quickly but not for long term budgeting.
Shift Cost Calculator #2
Improved Shift Cost Calculator
This is a more complex way to calculate labor costs.
On the plus side, it is very accurate. Notice the difference in costs between the “simple” and the “improved” calculator.
On the downside, it can take considerable effort to get right.
At a minimum, it should account for vacations, FMLA, FUI and SUI, FICA. Workman’s compensation, bonuses, Holidays (worked and not worked), shift differential, paid and unpaid absenteeism, 401K and other pension-related costs.
Making good decisions requires good math. This particular calculation is one of the first things we do at Shiftwork Solutions. From it, all other schedule-related costs are derived.