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How to set hourly rates for a contract?

How to change the hourly rate type and set a custom rate?

Contracts in your workspace can have one of three hourly rate types:

  • Member rate
  • Project rate
  • Custom rate

The Contracts page in WebWork showing the three different types of hourly rates offered in the tracker.

To set a custom hourly rate for a contract:

  • In your dashboard, go to Projects > Contracts
  • In the Hourly rate column, select Custom Rate from the drop-down menu
  • Click the input field on the right of the rate type and enter an amount

Note: apart from the Owner, editing hourly rates is only accessible to Executive Managers who have permission. To grant this permission to a member:

  • Go to People > Members
  • Click the three-dot icon under Actions and click Edit Details
  • Click Billing and enable the Show hourly rate toggle

After making the necessary changes in the contract’s rate and setting up the necessary parameters, you can view the history of the contract’s rate change later, if you are a Plus or a Premium user. You might want to choose the specific project you want more information about. In the table at the bottom, you can see the necessary information.

As you can see from the table at the bottom, it gives you data about:

  1. Status - Whether the change made is active (Current), or is no longer active (Past),
  2. Rate Type - In WebWork, there are three types of rate: Member Rate, regarding the specific member only; Project Rate, regarding a specific project and all members engaged in that project; Custom Rate, which is useful if the member does not have a concrete rate, so it should be customized according to the project or workload. Here, the Rate Type includes all the three options: Custom, Member, Project, since this view contains information about both the specific project and the member, allowing any rate changes related to either to be visible.
  3. Period - What pay period was affected. In this case the changes were made on the member’s Hourly Rate.
  4. Previous and New Amount - These are the columns that show how much the difference was before and after the change.
  5. Effective Date - This column gives information about the date from which the calculations should be adjusted based on the new rate.
  6. Change Date - This indicates the date when the change was made. Note that the Effective Date and Change Date may be different: you can change the rate with the intention of recalculating from an earlier date.
  7. Set by - This column shows who implemented the rate change for the member.