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Calculating the salary of an employee based on their hourly rate of pay is known as the hourly to salary conversion. Calculating the hourly to salary rate is done using the following formula:
A comprehensive HRIS can facilitate automatic payroll calculations such as above based on pre-configured pay policies. This usually require Time Tracking, and Payroll modules to work together and avoids any room for human error which can result in large costs for the company in the long run.