Rate card lookups for calculating position costs

When a ‘rate card’ is used, position costs are generated based on a look-up table. A Rate Card usually defines average (or median) salaries based on certain data fields, such as Location and Grade. Other common data fields used for Rate Card are Function, Employee type, etc. Here is an example of a Rate Card: 
 

In this example, if you add a new position based in the United Kingdom with a grade of B2, the cost of the position will automatically be shown as 58,000. Also, if you upgrade a US-based position from C1 to C2, the cost will change from 64,500 to 72,700. By using the Rate Card, the cost change for any modelling action will be captured automatically. The rate card can be updated monthly or yearly to have a more accurate view of the cost impact over time.