Many organisations have not developed systems for recording hours and calculation of personnel costs. They are only concerned with total salary costs per month, quarter or annually and the effect on overall profit and cash flow, rather than the cost per hour or per day for each individual member of staff.
Without a system of calculating the hourly cost, the calculation of personnel costs for FP6 projects, even where hours have been correctly and efficiently recorded, will not be correctly calculated or recovered.
A leaflet has been produced on “How to Calculate Employer Personnel Costs” by EFPConsulting Ltd. jointly with the Finance-NMS-IST EU IST Project, Contract Number: 015481
To view the leaflet click here.
EFPConsulting are the coordinators of the Finance-NMS-IST Project which runs the Finance Helpdesk.