If you go to Team > Team members and select one of your members, you will be able to enter or change their hourly rate (i.e. labor rate):
The hourly rate that you input here, is used as a default rate to calculate labor costs for the Economy report and represents members' earnings.
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.
If a team member receives different compensation on different projects, you can enter a separate labor rate for each project. You will be able to enter a custom labor rate when assigning members to the project, on the Project members page of the project overview:
Where to enter team members' billable rate?
If you have set up the member-based billable method for your project, team members' billable rate will be the rate by which you bill your clients for members’ work on projects.
You will be able to enter the billable rate for each member when assigning them to a project, on the Project members page of the project overview: