How Many Hours in a Work Year OR

How Many Hours in a Work Year

We all work. In fact, the concept of work has taken on a life of its own in recent years. And while many of us have heard the phrase “work-life balance” and get riled up with each time it surfaces, the reality is that we are the ones who set the line between the two. That line is our decision, a reflection of our values, and is personal to us. So why do we work?

Time

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So from all of these calculations, I realized just how valuable our time really is. If we’re lucky, we have about 2980 hours per year to do what we want. That doesn’t even include the time taken up by cooking, cleaning, child-rearing, and the millions of other tasks that have to be accomplished. So use your time to enjoy life and take care of your well-being. (Source:

Knowing the average number of hours you work in a year can help evaluate whether you have a good work-life balance. It can also help you determine your actual annual salary if you're someone who tends to work long hours. Learning the many reasons you may want to consider calculating the actual number of hours you work in a year can help determine whether you want to take the time to do so for yourself. (Source: www.indeed.com)

Hour

Next, calculate the total number of hours you spend out of the office each year on paid time off (PTO). Depending on your company, all of your time off may be included under PTO or your organization may divide the time into sick time and vacation time. If you generally take all of your allotted sick and vacation time every year, you could calculate the total number of hours. Otherwise, you may want to only include your vacation time and perhaps an estimate of the amount of time you spend out of the office on sick leave.

Important in this process is Full Time Equivalent (FTE), which is the number of full-time employees — and by extension, their hours — a company has per week. To calculate how many FTE a company can contribute, you would use a ratio of the total number of hours during a period by the number of working hours in that period, Monday through Friday. When you get a number through this calculation, each FTE is equivalent to one person working full-time (40 hours per week). Having the number of FTEs in mind when calculating person years can make it easier figure out how high or low to go, as well as giving the employer more of a concrete idea of what the contract requires of them in terms of employee numbers. (Source: www.publicspendforum.net)

Paid

For example, if Lisa earns $19 an hour, works 40 hours a week, gets 10 holidays off a year and 14 vacation days per year, he should earn $39,520 if she receives paid holidays and vacations. If he gets paid vacation days, but holidays are unpaid, he should earn $38,000 ($39,520 less his hourly rate multiplied by the 8 hours from each of the 10 holiday days). If all of his vacation days and holidays are unpaid, he should receive $35,872 ($39,520 less his hourly rate multiplied by the 8 hours from each of the 24 holiday and vacation days).

An employer can choose to pay employees at the end of the month or every fortnight, but employers will need to know the employee’s per-hour rate to calculate their pay in a given period. A weekly paycheck for an employee that works 40 hours a week should be for 40 hours, for fortnight payments, the amount should cover 80 hours and for semi-monthly payments, the pay period should be 86.67 hours long (24 pay periods divided by 2,080 standard work hours per year). Any unpaid holidays or vacation days should be deducted from the hours used in the pay period calculation. There are hundreds of free and paid software to manage payroll of employees that are very useful in calculating work hours in a year and paying employees’ salaries. (Source: advanton.com)