Full Time Equivalent (FTE)/Rate Card
There are a number of benefits of opting for the FTE/rate Card pricing model that IT Chimes provides. Through this pricing module, we offer you a host of various skill sets including product analysis, designing, management, programming and testing. We also provide database specialists who dedicatedly work on your projects closely with you, and handle the task of getting your project completed on time.
Benefits of this payment module we offer include
- High flexibility, as it can follow any development life cycle.
- Individual services such as programming, project testing, etc
- Access to our strong infrastructure and ample resources
- A talented and dedicated team working on your projects
- A project manager by your side through the entire process
- 24×7 help-desk support
- High level of client control
- IP ownership
Advantages of FTE Payment Model
The advantages that the client benefits from after opting for this payment model are many. There is the option of the least cost involved, apart from the budget predictability and the fact that you can start work on the project at any level you choose to.The expert team consultancy, state of the art infrastructure and project manager’s services that you receive are just added bonuses while we work towards providing you with quality products and services.
Contact us to get more details on our Pricing Models
Frequently Asked Questions
To calculate FTE, divide the total number of hours worked by employees by the standard number of full-time hours (usually 40 hours per week). For instance, if employees work a combined 160 hours in a week, the FTE would be 160/40 = 4 FTEs.
In outsourcing and consulting, the Rate Card Model helps determine the cost of resources, such as software developers, testers, or consultants, based on their skill level, experience, and location. Each role is assigned a specific hourly or daily rate, enabling clients to estimate project costs based on the required resources and time commitment.
The Rate Card Model assigns a cost to each resource based on an hourly or daily rate, while FTE represents the capacity of the resource. Together, they help organizations understand the cost implications of staffing projects. For example, if a project requires 2 FTEs of a specific role, the cost can be determined using the rate card for that role.
The key benefits of using a Rate Card Model include:
- Transparency: Clearly outlines the cost structure of services.
- Consistency: Provides standardized rates that simplify negotiations.
- Budget Control: Helps clients and providers plan and manage budgets more effectively.
- Scalability: Easily adjust staffing levels and costs as project needs change.
FTE helps estimate the total amount of work required for a project, allowing for accurate staffing and cost planning. By multiplying the required FTEs by the rate card rates for each role, organizations can estimate the total cost of labor for the project.
Yes, the Rate Card Model can be customized based on factors such as project complexity, skill requirements, and location. Customization allows service providers to adjust rates for specialized skills or high-demand resources, offering more tailored pricing to clients.
Rates in a Rate Card Model are typically determined based on factors such as market rates, the complexity of the role, the expertise required, and regional cost variations. Companies also consider their own operating costs and desired profit margins when setting rates.
FTE measures the total working capacity equivalent to full-time positions, whereas Headcount refers to the actual number of individuals employed, regardless of their working hours. For example, a company could have 10 employees (headcount) but only 8 FTEs if some employees work part-time.