The Average Salary KPI is one of a set of vital HR KPIs we have created in bob to help you track and analyze your organizational HR objectives, and optimize processes such as workplace management, employee programs, and more.
What is Average Salary KPI?
Located in the Finance category of KPIs in the Analytics module, the Average Salary KPI provides you with your company's average salary expenses over time to help you make informed estimates and projections as well as to identify trends.
How is average salary calculated?
- Average salary is calculated based on the employee pay period and normalized relatively according to the chosen view period: monthly, quarterly or yearly.
- Salaries are included from the month of the first effective date.
- Salaries are included only for employees who were employed for the entire month. The salary of a departed employee will not be included the month of their departure.
How to use Average Salary KPI?
View the average salary spent for a particular month.
- Select the period for which you would like to view average salary data in the date field, in one of two ways: a. Preset Range: choose between preset periods like last 6 months or entire company history. b. Custom Month Range: select a From and To month from the calendar picker. *To select a single month click on the chosen month twice.
- Select the time period to view data for. You can choose between monthly, quarterly and yearly.
- Slice, dice and filter your data using the Grouped By and Filter drop-downs to focus on what is most important to you, such as: "what is the average salary spend for the Sales department?"
- Click view more details in any chart to see all of the included employee data, and use the column picker to customize the information you see.
- Export your Time Taken KPI chart or graph as a .png or .svg file and the employee data as an .xls or .csv file.
Tips for optimizing the Average Salary KPI
- Make sure your employees' base salaries and their effective dates are up-to-date.
- Verify your permissions include viewing other employees' work, lifecycle and payroll sections.
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