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Several components influence the determination of an employee’s take-home pay. These components may vary depending on the business sector or company but, in general, include basic salary, allowances, and additional elements like bonuses, overtime payments, and performance-based incentives.
To track employee salaries, companies use salary charts which serve as a helpful tool. These charts allow businesses to keep track of expenditures related to wages and other staff-related expenses, helping them manage their budgets more efficiently. Salary charts are also used to determine the salary structure for each employee category by tracking the amounts paid to employees.
There are a variety of salary charts available that employers can use to set the salary structure for employees. In this context, we have identified the most popular charts used by businesses worldwide.
Let’s explore these content-ready and customizable templates!
Template 1: Incentive Policy Chart Month-Wise Target Salary
Introducing the incentive policy chart with month-wise target salary! This chart contains some of the most crucial elements of the salary structure, including the Target achieved, Salary, Incentives, Self-Income Sources, Advisor Business Income, and Incentives for New Employees.
The template lets you design salary structures using the elements for up to six months and more. As the name suggests, it is an incentive policy chart that comes with monthly target salaries; therefore, if you are looking for a salary chart template with crucial salary structure elements, then this salary chart could be just the template you need.
Template 2: Employee Promotion Policy Chart Template
Here, we have the employee promotion policy chart with a base salary and years of employee experience. The template can come in handy when promoting employees to higher positions. It even includes the job title and promotion criteria, which are vital consideration aspects.
The template incorporates the base salary since it is a crucial criterion for deciding employee promotions, especially for creating the salary structure. The promotion criteria could include vital points from the entry point section, which may be the employee's qualifications. That is, whether the employee getting promoted is an undergraduate or postgraduate.
The template can be helpful for those employers wanting to promote their employees and even for hiring new candidates.
Template 3: Human Resource Analysis Dashboard with a Salary Range
The four charts show vital details, such as the number of employees in each department, their salary ranges and breakdowns, the average salary of each employee within their respective departments, and the salary breakdown of each department.
This salary chart is helpful for HR professionals who want to know the salary details of employees working in the different departments within the company. It gives them valuable insights and perspectives about employee salaries, and they can use it to create better salary structures based on the position, service area, and department.
Template 4: Post-wise Salary Structure Clustered Bar Chart
The post-wise salary structure clustered bar chart stands true to its name and shows the salary structure for each job the organization offers. However, that's not all this chart shows; you also have other valuable features. For instance, the Key Observations section to the right gives valuable insights into the salary structure. These could include the minimum and maximum salary, the positions that are getting the highest and lowest salaries, average salaries, and whether the minimum wages have increased over time.
Organizations can use this chart to determine how much they are paying their employees and whether they are paying a minimum salary and make the necessary changes depending on the insights they gain.
Conclusion
Salary charts can help create a salary structure, depending on the position, qualification, base salary, and various other criteria, but also for analyzing, drawing inferences, and, more importantly, implementing the changes. Human resources can also use the information to know how much each employee gets so that they can set the wages accordingly.
If you have not downloaded these salary charts yet, do it without further ado. We bet you won’t regret this investment.Â
PS. If you are looking for Payroll Services Templates, here’s a handy guide with the most popular samples and examples.
FAQs on Salary Chart
What is a salary chart?
A salary chart is a tool that outlines the details of employee salaries. Different types of salary charts can give various insights into employee salaries. For instance, an incentive policy chart shows how many incentives or bonuses an employee gets. Similarly, a post-wise salary structure chart can help determine if a company pays employees minimum wages. So likewise, there are different salary charts that key company personnel, such as human resources, can use to determine salaries and create salary structures.
What are the basic salary types?
You have different salary types, including gross, net, CTC, fixed, and variable pay. Besides these basic salary types, you also have additional pay types, such as bonuses, allowances, and gratuities.
How is salary calculated?
Different companies may calculate salaries in different ways. However, most companies consider gross and net wages, bonuses, and allowances.
There are two formulae for calculating salary, each for gross and net wages. You can estimate the gross pay of an employee using the following formula.
Gross Salary = Basic salary + Allowances
Similarly, you can determine the net salary an employee gets using this formula.
Net Salary = Gross salary – Deductions (Professional tax, income tax, etc.).
Organizations in the private sector usually determine the CTC or cost to the company using the following formula.
CTC = Gross Salary + PF + Gratuity + Other Indirect Benefits
How to create a salary chart?
You will need to consider many things when creating a salary chart. These may include the gross and net salary, bonuses, and allowances. However, they may also have other income sources, the current position of the employee, and his qualifications, not to mention the department to which they are assigned.
