Question: calculating the cost of fulltime and parttime employment in your...
Calculating the cost of Full-Time and Part-Time Employment
In your role as a compensation analyst, you have been assigned to calculate and compare the estimated costs of hiring full-time and part-time employees in anticipation of staffing a project. It will take 100,000 work hours to complete the project, and the project must be completed within a 5-workweek period. The workweek runs Monday through Friday, within the daily hours of 8 am to 4 pm. Full-time workers provide 40 hours of weekly service. Part-time workers provide 20 hours of weekly service. Assume that the hourly wage rate for full-time workers is $20, and the rage is $12 for part-time workers. Both categories of workers perform the same sets of tasks. also , assume that costs of benefits equal the amounts displayed in Table 12-2.
12-9. Based exclusively on employing full time workers, (a) How many are needed to complete the project? (b) What is the estimated total cost of wages and benefits?
12-10. Based exclusively on employing part-time workers, (a) How many are needed to complete the project? (b) What is the estimated total cost of wages and benefits?
12-11. Assume that your company has asked you to calculate the cost of staffing the project with a combination of full- and part-time workers? You’ve already hired 15 full-time workers. (a) How many part-time workers should you hire? (b) What is the total cost of wages and benefits based on employing this mix of full- and part-time workers?