I have posted this question in the more appropriate formula assistance
forum, but since it seems infrequently visted compared to this forum, I
thought maybe someone here could offer some advice.
I have several employees that work for me at $7.00 per hour.
They want to
work more hours per week at this same wage, but I am unable to afford
overtime for them.
Department of labor laws state that every hour over 40 per week must be paid
at 1.5 the normal hourly rate. My employees have agreed to take a cut in pay
to enable me to pay them whatever amount is necessary if, when overtime is
applied, they average out to $7.00 per hour. In other words, they are
willing to work for 40 hours per week at x amount and a variable number of
hours for x*1.5 as long as the x +(x*1.5) averages $7.00 per hour.
This number x will change with each schedule
since they will work a
different number of hours per schedule (ie an employee may work 55 hours in
week one, 50 hours in week two, 60 hours in week three, and so on). Can
anyone help with a formula that will solve for x based on these changing
hours with the average rate of pay still staying at or around $7.00 per hour?
Brad in Dallas