If you go to Team > Team members and select one of your members, you will be able to change their hourly rate:
The hourly rate that you input here, is used to calculate labor costs for the Economy report and as a default billable rate on the new member-based billable projects.
You can choose for this hourly rate change to be applied to the new logs only, to the new & past logs, or to logs created after a certain date. If you wish to update all recorded logs, please choose to apply the change to new & past logs.
*** IMPORTANT ***
Please note: You need to select the option to ‘Update team member "Billable rate" on all projects with this team member assigned’, for the billable rate to get updated as well.
This is the rate by which you bill your clients for members’ work on projects. If you do not select this option, the hourly rate and labor cost for the team member will get updated, but the billable rate will stay the same.
If you need to change the members’ rate only for a specific project with a member-based rate, this can be done if you go to the Project members page on the project overview: