HR department prepares reports like Resignation Schedule, contract renewal schedule etc on regular intervals.
HR professionals require micro-managing of details of employment and contract details of their employees.
Multinational companies have a big workforce which usually consists of both full-time and contractual employees.
The employees on a contract basis are usually hired to work on a specific project or for a specific amount of time.
Additionally, the cost of contractual employees is very less compared to full-time employees.
Furthermore, such employees do not get any long-term benefits as full-time employees.
We have created an excel template with predefined formulas to easily track employee contracts and to know the expiration or renewal dates of contracts etc.
This template helps to quickly see your contracts at a glance and easily see the contracts which need to be renewed or terminated.
Let us discuss the contents of the template in detail.
Contents of the Employee Contract Renewal Schedule Template
This template consist of 3 sections
- Header Section.
- Data Input Section.
- Circulation Details Section.
1. Header Section
Header section consists of the company name, company logo, current system date and heading of the sheet “Contract Renewal Schedule”.
2. Data Input Section
Data Input section consists of the following subheadings:
Sr. No.: Enter either Serial Number or employee ID according to your requirement.
Name: Name of the employee.
Designation: Designation of the employee.
Date of Joining: Date of joining of the contractual employee.
Contract Period: Duration of contract. The employees on a contract basis are usually hired to work on a specific project or for a specific amount of time.
Reporting Authority: Name/designation of the authority to whom the contractual employee reports.
This is all you need to enter in this template. All the rest calculation are automatically done.
Contract Renewal Date: Renewal date of the contract is calculated on the basis of date of joining and contract period.
The formula applied here is as below:
=Date of joining + (Tenure in years X 365 days)
Status: Status of the contract is shown in this column. If the renewal date has already passed it will display “Overdue” other it will display “Pending”.
An IF statement along with both the conditions is applied as shown below:
=IF(H4=””,””, IF(H4-$H$2<0, “Overdue”,IF(H4-$H$2>0, “Pending”)))
3. Circulation Details Section
Circulation details section consists of circulation details like prepared by, department to which the report is circulated and the frequency of the report.
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