Quick Tip for Using
the Salary Projection Option in Munis™
by Edris Humphrey
PSST Client Success Manager, Education & Training
& Susan Farlee
PSST Client Success Advisor
Have you ever been asked how much a 2% (or 1%) raise would cost your employer?
If you are in a financial leadership position, you have been asked this question every year as part of the financial planning process for the next year.
For many employers, such as with school districts, it is not as simple as adding a percentage to the current budgeted salaries. Step increases, grade increases, etc., should be taken into consideration in determining future salaries. The employer-share of salary benefits also should be calculated. Many times, the salaries and related expenses for employees constitute the majority of an entity’s budget—as much as 75% to 80% of the total budget. Employers and administrators need to have the most accurate information available to make sound financial decisions.
Using The Salary Projection Option in Munis™
The Salary Projection option in Munis™ provides finance personnel the tools needed to be make informed recommendations or decisions. Multiple projections can be created for the same year. Current grade/step information is increased for the next year and salaries and benefits are calculated using new salary tables created for the increase. A report is generated that provides current year salary, projected salary and the amount of the increase for each employee, with total costs at the end of the report. (An answer for the question…How much will it cost?)
Salary projections can be merged into a Budget Projection or removed from a Budget Projection with a single click. Salary projections can be inserted into multiple Budget Projections if different scenarios are being considered for future planning. As you move into the new year, job pay records can be updated with salary information from a salary projection. And the great thing…These are all projections–the “what if” part of planning—and can be regenerated or deleted with the push of a button.
The Salary Projection option in Munis can be used to simply calculate the costs of an increase or to go as far as creating the new job pay records for the next year; but either way, it can be made to work for you.
Learn more tips for using Munis™ Salary Projection
at the 2017 PSST Academy K12 Summit, October 19-20.
What to learn more? Munis™ Position Control is just one of 25 training sessions at the 2017 PSST Academy K12 Training Summit, October 19-20, 2017. The Munis™ Position Control session will be lead by PSST Senior Client Success Advocate Dianna Gainey, former Kentucky K12 Human Resources Director. Click here for more information and to register. For more information about PSST, visit psst.com.