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With Riskcast, you can set up varying labor rates to calculate real time job cost from the data you're capturing on the time cards.
Riskcast allows you to track your labor cost as defined under a Pay Class. These Pay Classes can be associated with one or multiple employees. While we store labor rates at the Company level, our system allows you to have variations at your project level. Prevailing wage contractors generally use our Project Defined Pay Classes to track these variation for their separate jobs.
Within your company we can support:
- Unions
- Trades
- Classes
The combination of these data entities creates a unique Pay Class where you can define labor rates per each hour type (i.e. Regular, Overtime, and Other Time).
To create a Trade:
- Navigate to the Organization Tab, then to the Pay Classes Icon on the left hand panel.
- Select the Trades Tab.
- Click Tool Icon to Create a new entry
- Trade Code and Trade Name are required fields, whereas Union Code and Union Label are not required.
To create a Pay Class:
- From the Organization Section, navigate to the Pay Classes Section, and select the Pay Classes Tab.
- Click the Cap Icon to create a new entry.
- From the dropdown, select the "Trade/Union" that this class is associated with.
- For your entry, Class 01 and Display Name are required fields.
- You may also enter additional classifications, each rate per hour type, and a description.
If you are using a Payroll Integration, it is important to note that these fields (i.e. Trade, Union, Class) must match the accounting system classifications, to ensure that data is communicated correctly between Riskcast and your accounting system.
Questions? Contact [email protected] and we will be in touch with you.
