Promotion rate calculator is a free to download and use excel calculator template. It comes with pre-defined formula to compute the percentage of promotions that is taking place in the company during a specific period of time. The value or rate is computed by simply taking two figures, i.e.
- Number of promotions
- Number of employees eligible for promotions
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About promotion and its purpose
Promotion is appraisal given to an employee in terms of his responsibility, salary and position. It is usually given when an employee performs work as per the expectation.
Furthermore, The purpose of promotions can be summarized as –
- helps the managers to recognize the employees’ commitment towards company
- encourages employees to perform well and enhance efficiency
- helps to ignite a healthy competitive fire amongst employees.
- provides a sense of job satisfaction to employees.
Introduction to promotion rates
The promotion rate is the percentage of promotion that is taking place in a company during a specific period of time against the total employees that are eligible for the promotion.
In other words, it is the average rate at which employees are promoted in an organization. A higher rate of promotion puts the company into good books.
Formula to compute promotion rates
In general business parlance, we can compute promotion rates in two ways –
- Against the eligible promotions
- Against the total head count
Now, Let us discuss each formula in details –
Against the eligible promotions
In this scenario, promotion rate is computed by computing percentage of promotions taking place out of total eligible promotions.
Promotion Rate = Number of Promotions / No. of eligible employees for promotion
Against the total head count
In this scenario, promotion rate is computed by computing percentage of promotions taking place out of total head count.
Promotion Rate = Number of Promotions / Total Headcount
Use Promotion Rate calculator Excel template
In this excel template to compute promotion rates, there are two sections –
- General Promotion Rate
- Department wise Promotion Rate
In the general promotion rate section, You can compute rates using both the formula simply by providing the limited data. It is useful if you want to compute promotion rates on a blanket or macro level.
In the department wise promotion rate section, you will need information of
- Number of promotions at each department,
- Number of eligible employees at each department,
- Total Head count [department wise]
This template computes promotions rates automatically for each department and organization in total. It is useful for HR Personnel, Managers and business owners to understand their promotion rates, additional HR expenditures so that decision making for upcoming financial years can be accurate.
Download promotion rate calculator excel template
Now, Let us discuss on the how to download and use the promotion rate calculator in Excel format. To download and use this free promotion rate calculator excel template, follow the steps below –
- Firstly, You should have Microsoft Office/ Microsoft Excel installed in your system.
- After installing Excel or Spreadsheet, download the zip file of this template, extract the template using WinRAR or 7Zip decompressing software.
- Once extracted, you can open the file using Excel and start entering data or customizing the template.
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