Thanks Galaxiom...the formula worked.
I need to further expand this since employees only get reviews once a year and fractions for number of years to the new rate will not work. Also, based on where the employee's pay is in a pay range, the percent merit increase changes. As you can see...
Good Afternoon:
Can you help me with a formula to find the years it would take to get from one rate to the next rate using a standard compounding percent increase each year. For example:
Minimum Salary: $10.20
Next Rate: $11.23
Percent Increase Each Year: 3%
Answer should be...
Hi Everyone...I am new to this forum. I live in Texas and have been working in Human Resources for over 20 years handling compensation and report writing. I have advanced knowledge in Microsoft software but admit that many of the formulas stump me :rolleyes:. I will be posting a question...