How To Calculate New Hire Location Factor in Microsoft Dynamics | Arithmix

If you're an HR professional, you know that calculating new hire location factor is an important part of the hiring process. It helps you determine the appropriate salary for a new hire based on the cost of living in their location. But how do you calculate this factor in Microsoft Dynamics? Let's dive in.

What Is New Hire Location Factor?

New hire location factor is a percentage that is added to or subtracted from the base salary of a new hire based on the cost of living in their location. This factor takes into account various factors such as housing costs, transportation costs, and taxes. It helps ensure that new hires are paid a fair and competitive salary based on the cost of living in their area.

When Is It Valuable To Calculate New Hire Location Factor?

Calculating new hire location factor is valuable in a variety of situations. For example, if you're hiring for a remote position, you'll want to ensure that the salary you offer is competitive based on the cost of living in the location where the employee will be working. Additionally, if you're expanding your business to a new location, you'll want to ensure that you're offering competitive salaries to attract top talent in that area.

Calculating new hire location factor is also valuable when you're hiring for positions that require specific skills or experience. For example, if you're hiring for a position that requires a specific degree or certification, you'll want to ensure that the salary you offer is competitive based on the cost of living in the location where the employee will be working.

So, how do you calculate new hire location factor in Microsoft Dynamics? The first step is to gather data on the cost of living in the location where the employee will be working. This can include data on housing costs, transportation costs, and taxes. Once you have this data, you can use it to calculate the new hire location factor.

One way to calculate new hire location factor is to use a formula that takes into account the cost of living index for the location where the employee will be working. This formula can be customized based on your specific needs and requirements.

Another way to calculate new hire location factor is to use a software program that is designed to calculate this factor. There are many software programs available that can help you calculate new hire location factor quickly and easily.

Regardless of the method you choose, it's important to ensure that you're calculating new hire location factor accurately and consistently. This will help you ensure that you're offering competitive salaries to new hires based on the cost of living in their location.

In conclusion, calculating new hire location factor is an important part of the hiring process. It helps ensure that new hires are paid a fair and competitive salary based on the cost of living in their area. By using Microsoft Dynamics or other software programs, HR professionals can easily calculate new hire location factor and ensure that they're offering competitive salaries to new hires.

How Do You Calculate New Hire Location Factor in Microsoft Dynamics

Microsoft Dynamics 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 Microsoft Dynamics 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 Microsoft Dynamics, 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 Microsoft Dynamics 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 Microsoft Dynamics 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.