How To Calculate New Hire Location Factor in Deltek Vision | Arithmix

Calculating the new hire location factor is an important step in determining the appropriate salary for new employees. This factor takes into account the cost of living in the area where the employee will be working, and adjusts their salary accordingly. While some companies may use a standard factor for all locations, it is often more accurate to calculate the factor based on specific data for each location. Here's how to do it:

What Is New Hire Location Factor?

The new hire location factor is a percentage adjustment made to an employee's salary based on the cost of living in the area where they will be working. For example, if an employee is moving from a low-cost area to a high-cost area, their salary will be adjusted upward to account for the increased cost of living. Conversely, if an employee is moving from a high-cost area to a low-cost area, their salary may be adjusted downward.

Calculating the new hire location factor requires data on the cost of living in the area where the employee will be working. This data can include information on housing costs, transportation costs, and other expenses that vary by location. By adjusting the employee's salary based on this data, companies can ensure that their employees are able to maintain a similar standard of living regardless of where they are located.

When Is It Valuable To Calculate New Hire Location Factor?

The new hire location factor is particularly valuable for companies that have employees working in multiple locations, or that are expanding into new areas. By calculating the factor for each location, companies can ensure that they are offering competitive salaries that take into account the cost of living in each area.

For example, if a company is expanding into a new city, they may need to hire employees who are already living in that area. By calculating the new hire location factor, the company can ensure that they are offering a salary that is competitive with other employers in the area, while also taking into account the cost of living in that location.

Similarly, if a company has employees working in multiple locations, they may need to adjust salaries periodically to ensure that all employees are being paid fairly. By calculating the new hire location factor for each location, the company can make these adjustments in a way that is consistent and fair for all employees.

Overall, calculating the new hire location factor is an important step in ensuring that employees are being paid fairly and that companies are able to attract and retain top talent in all locations.

How Do You Calculate New Hire Location Factor in Deltek Vision

Deltek Vision itself isn’t naturally geared towards letting you calculate complex metrics like New Hire Location Factor. As an alternative, teams typically use products like Arithmix to import data from Deltek Vision 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 Deltek Vision, combine it with data from other systems, and create calculations like New Hire 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 Location Factor in Arithmix

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

Arithmix is designed to give you the power to build any calculations you want on top of your Deltek Vision 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.