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There are two types of people in Metis: Staff and Freelancers.
Metis requires staff have a fixed cost for a given period, but freelancers always have a cost range. You can read more about those differences here.
To update someone's cost rate you need to visit their Profile.
Navigate to Zones > People and click on the Person you wish to update.
Click Edit on the right hand side, and scroll down the page to Organisation and Resourcing.
Metis needs a cost rate for all staff when they are added to the system, so the cost rate on a person's profile will be the one that was valid when they were added to Metis.
Once there, you can click Add New Cost to add a new rate for a different period.
If this person is NOT marked as Available in client job resourcing, then you will not see this Internal Hourly Cost section. Tick the box Available in client job resourcing to see it.
Every cost rate needs a from period, as Metis requires that at any given time a member of Staff has a fixed cost. Enter the date from which this cost was active, and press Save.