Labor cost vs hourly rate in employee

AI generated answer (using internal Slack threads):

In NetSuite, labor cost and hourly rate are two different aspects related to an employee's compensation. The labor cost is the total amount that an employer spends on an employee. This includes the employee's salary, benefits, taxes, and any other costs associated with employing that person. This cost is usually set on the employee record and is used for internal calculations and reports. On the other hand, the hourly rate is the amount that an employee is paid for each hour of work. This rate can be set on the employee record, but it can also be set on projects, tasks, or other entities where the employee's time is tracked. The hourly rate can vary depending on the context. For example, an employee might have a different hourly rate when working on a specific project or task. In the context of projects, the hourly rate can be influenced by several factors. For example, the rate might be set on the project itself, on the task, or on the service item used to track the employee's time. Additionally, if you're using multi-currency, the exchange rate can also affect the hourly rate. As for consulting companies, the hourly rates for development work can vary widely. Based on the conversations, rates can range from $125 to $400 per hour. However, some professionals recommend moving away from hourly billing and instead charging a full cost upfront. When it comes to NetSuite user licenses, there are different costs associated with different types of users. A full general user license costs $99 per month, while an Employee Center user license costs $19.80 per month per user (when purchased in a pack of 5 for $99 per month). The type of license needed depends on the user's job functions and the level of access they need to NetSuite's features. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******