Answered step by step
Verified Expert Solution
Question
1 Approved Answer
solve 8-10 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
solve 8-10
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 $25, and the rate is $15 for part-time workers. Both categories of workers perform the same sets of tasks. Also, assume that the costs of benefits are $12.80 per hour for fult-time workers and $4.27 per hour for part-time workers. 8. 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? 9. 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? 10. 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 20 full-time workers. (a) How mamy 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 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started