Labor Cost Analyst

Position Title: Labor Cost Analyst

Location: 633 3rd Ave, New York, NY 10017 

Reports to: VP of Financial Planning & Analysis

Compensation: $85,000 - $95,000/Yr (based on experience and qualifications)

Reporting to the VP of Financial Planning & Analysis, the Labor Cost Analyst plays an important role within our global Finance Planning & Analysis department in analyzing and reporting payroll and workforce-related costs. This position analyzes payroll, fringe benefits, outside labor, and professional fees including allocations to projects/programs. In addition, the Labor Cost Analyst will be responsible for providing detailed payroll and workforce cost analysis on the employee, program, project, and funding-source levels. They will partner with Payroll, HR, HRIS, Finance, Billing, Accounting, and Program Management to ensure payroll data is accurate, allocated appropriately, and effectively incorporated into project budgets, forecasts, financial reporting, and contract billing. 

The role goes beyond traditional payroll processing. The successful candidate will analyze how payroll dollars are being utilized across Fedcap’s programs, including salaries, overtime, vacancies, fringe benefits, temporary labor, consultants, and professional services. The ideal candidate is highly analytical, detail-oriented, able to work with large datasets, and experienced in extracting, interpreting payroll and HRIS data. 

Key Responsibilities

Payroll Analysis and Reporting

• Analyze payroll expense by:

  • Employee

  • Program

  • Project

  • Funding Source

  • Grant or Contract

• Analyze actual payroll expense against budget and forecast

• Identify and explain significant payroll variances

• Prepare recurring reports for FP&A, Program Management and Senior Leadership

• Develop and track Payroll Key Performance Indicators (i.e. vacancies, overtime hours, usage of outside labor, payroll as % of revenue)

• Analyze and calibrate payroll allocations

Project and Workforce Cost Analysis

• Analyze payroll as a percentage of revenue by project and identify projects with significant changes in labor cost ratios

• Analyze the relationship between staffing levels, vacancies, overtime, outside labor, and project financial performance

• Identify where vacancies or staffing shortages drive increased overtime or outside labor costs

• Perform trend analysis of payroll expense including fringe benefits and identify variance from budget and forecast

• Evaluate whether project staffing and payroll levels are consistent with project revenue, scope, contract requirements and approved budgets

• Provide management with explanations of significant changes to labor to revenue ratios

• Develop analytical models to evaluate the financial impact of staffing changes on project performance

   

Cost Allocation and Project Costing

• Analyze the allocation of administrative and indirect costs across projects

• Understand and evaluate the methodologies for allocation payroll and fringe benefit costs

• Analyze direct allocation of project staff costs and ensure personnel expenses are appropriately assigned to projects and funding sources

• Identify allocation anomalies and work with Finance, Accounting, and Program staff to resolve

• Partner with Billing team to develop a strong understanding of individual project and contract requirements and how it affects billing of allowable project costs which vary under fee for service, cost reimbursement, or fixed price contracts.

Budgeting and Forecasting

• Provide detailed financial support of payroll and related costs for annual budget and monthly forecasts

• Support the development of detailed payroll costs assumptions for budget and forecasts including headcount, vacancies, wage changes, merit increases, overtime, turnover, new hires, and external labor

• Develop analyses that assess financial impact of staffing and program changes