How To Calculate New Hire Average Location Factor in JD Edwards | Arithmix

Calculating the new hire average location factor is an essential task for any organization that wants to ensure fair and competitive compensation for its employees. This factor helps to adjust the salaries of new hires based on the cost of living in their location, which can vary significantly from one region to another. By calculating the new hire average location factor, organizations can attract and retain top talent, reduce turnover, and maintain a positive employer brand.

What Is New Hire Average Location Factor?

The new hire average location factor is a calculation that takes into account the cost of living in a specific location and adjusts the salary of new hires accordingly. This factor is typically expressed as a percentage or a multiplier that is added to the base salary of a new hire. For example, if the base salary for a position is $50,000, and the new hire average location factor for the location is 1.2, the adjusted salary for the new hire would be $60,000.

The new hire average location factor is based on various factors, such as the cost of housing, transportation, food, and other living expenses. These factors can vary significantly from one location to another, making it essential to calculate the new hire average location factor for each location where the organization has a presence.

When Is It Valuable To Calculate New Hire Average Location Factor?

Calculating the new hire average location factor is valuable for organizations that have a presence in multiple locations, especially those with a significant difference in the cost of living. By adjusting the salaries of new hires based on the cost of living in their location, organizations can ensure that they are offering fair and competitive compensation packages that reflect the local market conditions.

Moreover, calculating the new hire average location factor can help organizations attract and retain top talent in different locations. By offering competitive salaries that reflect the local market conditions, organizations can increase their chances of attracting and retaining top talent, reducing turnover, and maintaining a positive employer brand.

Overall, calculating the new hire average location factor is a crucial task for any organization that wants to ensure fair and competitive compensation for its employees, attract and retain top talent, and maintain a positive employer brand. By taking into account the cost of living in different locations, organizations can adjust their compensation packages to reflect the local market conditions, ensuring that they remain competitive in the talent market.

How Do You Calculate New Hire Average Location Factor in JD Edwards

JD Edwards itself isn’t naturally geared towards letting you calculate complex metrics like New Hire Average Location Factor. As an alternative, teams typically use products like Arithmix to import data from JD Edwards and build out dashboards.

What is Arithmix?

Arithmix is the next generation spreadsheet - a collaborative, web-based platform for working with numbers that’s powerful yet easy to use. With Arithmix you can import data from systems like JD Edwards, combine it with data from other systems, and create calculations like New Hire Average Location Factor.

In Arithmix, data is organized into Tables and referenced by name, not by cell location like a spreadsheet, simplifying calculation creation. Data and calculations can be shared with others and re-used like building blocks, vastly streamlining analysis, model building, and reporting in a highly scalable and easy to maintain platform. Data can be edited, categorized (by dimensions) and freely pivoted. Calculations are automatically copied across a dimension - eliminating copy and paste of formulas.

Arithmix is fully collaborative, giving your entire team access to your numbers and the ability to work together seamlessly.

Calculating New Hire Average Location Factor in Arithmix

Calculating metrics like New Hire Average Location Factor is simple in Arithmix. Once you've created your free account, you’ll be able to import your JD Edwards data, and use it to create natural language formulas for metrics like New Hire Average Location Factor.

Arithmix is designed to give you the power to build any calculations you want on top of your JD Edwards data, while also being easy to use and collaborate on. You can share your dashboards with users inside and outside of your organisation, making it easy to empower your whole team.