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How to Calculate the Full Time Equivalent FTE in 4 Steps

what does fte mean

Big enterpriseCorporate outsourcing has been around since the industry started. The new breed of large companies are still taking advantage of its benefits and use it to expand their offerings further. Business process outsourcing examplesThe BPO sector is a vast industry, fte meaning generating over $200bn annually, and employing millions of people worldwide. FocusLastly, BPO enables organizations to focus on their core business functions. This is since most of their non-core business operations are done with the help of a reliable service provider.

NearshoreLastly, nearshore outsourcing is preferred by companies that do not want the hassles of time zone and cultural differences in offshoring but still want to get the best out of their delegated services. Medium-sized BPOs range from 500-5,000 staff and offer a full range of services. Some of the known enterprises that outsource their services today include the following. Global marketSmall and medium-sized businesses find it most difficult to hire local employees that suit their roles. Business Process Outsourcing is the delegation of business processes to an external service provider to a nearby or farther location.

Calculating FTEs

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It is critical for accounting purposesand determining wages, and for calculating the company’s expenses when paying its workers. FTE stands for full-time equivalent, and it’s a unit of measurement equal to the number of hours typically worked by a single full-time employee at a given company.

FTE Employees for the Paycheck Protection Program

It’s also important to note that FTE is not just limited to full-time and part-time employees — it can also be used to compare temporary and contract workers to full-time employees. When it comes to staffing, one of the most important metrics is the number of full-time equivalent employees, or FTEs. But what is the FTE meaning in business, and how can you calculate it? If a company has work schedule of 40 hours a week, the employees expected to work 40 hours per week are 1.0 FTEs. It is a unit of measurement that represents an employee’s work hours on a weekly full-time basis.

What does FTE 100% mean?

What is 100% FTE? A 100% FTE is the same as a 1.0 FTE — it may point to one person working a full-time schedule or several people fulfilling the duties of 1 full-time position. In one company, a full-time schedule may be 40 hours per week. In another, it may be 37.5 hours per week.

To determine your total FTE, add the total part-time hours worked, plus the total full-time hours worked. From there, if your full-time hours are 40 per week, divide the number by 2,080. If your total full-time hours are 30 per week, divide the number by 1,560. This will give you your total FTE for all full- and part-time employees for the year.

Why the FTE calculation is important

Next, add the total hours worked by full-time employees and the total part-time hours worked by part-time employees. A full-time position would equate to around 30 to 40 hours per week for most employers. If a company considers 40 hours per week as the basis for a full-time position, then anyone working an amount of hours below this range is considered a part-time employee. The same logic is applied if a company considers 30 hours per week as the standard for a full-time position.

In order to get the project underway, you need to know how many hours it will take, and therefore how many people you will need. However, there are a few variations on this formula, depending on what you want to include. For example, you can choose to include only paid hours, or you can include both paid and unpaid hours . This is because the purpose of an FTE is not to see how many employees you have, but rather to measure the amount of work that’s being done. In other words, it allows you to compare different types of staffing arrangements on a level playing field.

If you have an estimate for how long a work project will take, divide the estimated hours by the hours in a workweek. The result is the number of full-time equivalent employees you’ll need to complete the project. Add the hours worked by part-time employees to the hours worked by full-timers to get the total hours. Add the total hours worked by part-time and full-time employees. Determining the amount of workers in your organization and the amount of time they work is crucial for budgeting, benefits administration and legal purposes. That said, full-time equivalent is a metric used to determine the total number of full-time workers that you have in an entire organization.

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Good thing advisory services such as Outsource Accelerator is there to help them. Check out the top BPO companies in several outsourcing destinations below.

How to calculate the full-time equivalent

The first step in calculating FTE is to make a complete list of all employees. Also, do not include yourself as the business owner, unless you are paid a salary and receive a W-2. There are many ways that you can measure the people power and resources in your company, like tracking worked hours, or using a simple head count. In order to get a more accurate and nuanced understanding of your team’s human capital, however, you should use Full-Time Equivalents . In a nutshell, FTE is an acronym for full-time equivalent — a figure that reflects the number of full-time workers in your company.

what does fte mean

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