# data[].attributes.body
- reducing hours employees work i.e. reducing overtime
- create a more set compensation plan to the employees work efficiency
- base compensation on employees work input not on seniority and favouritism
- lay off workers who are not sufficient for their job or move them in a new department that can better suit their skills

# data[].attributes.body
-Managing number of employees (expanding or reducing contigent workers)
-Managing hours worked (examine overtime hours for existing employees, rather than turning to increasing the workforce)
- Cash compensation and other benefits (controlling compensation in the form of managing pay, variable pays etc.)
- Controlling Average benefit costs (such as vacation pay, pension plans etc.)

# data[].attributes.headline
Factors that Affect Managing Labour Costs

# data[].attributes.subject
Factors that Affect Managing Labour Costs

# data[].attributes.body
- Variable Costs such as total amount of Labour Hours worked by employees.  Also, the amount of costs associated with product ordered.
- Employee benefits which vary based on place of employment but include benefits such as dental costs, healthcare (U.S.), company stock, etc.
- Overtime hours worked by employees.  If employees are on salary this does not apply, but for hourly work overtime is applicable.
- Workplace expenses for employees. For example, if the company requires uniforms they may supply and pay for these. As well, if certain tools and supplies are needed for employees to use, the workplace needs to supply and pay for these.

# data[].attributes.headline
Important Factors for Managing Labor Costs

# data[].attributes.subject
Important Factors for Managing Labor Costs

# data[].attributes.body
Productivity of workers

Supply and demand

Minimum wage

Current state of the economy

Size of the labor force

Recruitment costs

Training costs

Wages paid to workers

# data[].attributes.body
- it is important to run a diagnosis
- reducing overtime
- controlling vacation pay and pension plans
- supply and demand
- the economy

# data[].attributes.body
- Number of employees.
- Contingent workers, rather than hiring employees.
- Hours Worked
- Overtime work
- Cash Compensation
- Managing salary level and variable pay (bonuses, profit sharing, etc.)

# data[].attributes.body
-Number of Employees
-Advanced work schedules (2 week notice)
-Reduce Schedule Changes
-Automated systems to ensure employees don't need to work overtime
-Use budgets
-Decrease turnover to increase productivity
-Compensation
-Controlling benefit costs

# data[].attributes.body
Cost of hiring and onboarding new employees in the company

Performance of the employees

Determine if the employees are being hired or outsourced

The holidays and time off that’s being offered

Benefits offered to the employees from the company

Human resources department offered for the employees to manage things properly

Financing the employees pays

Payroll taxes that have to be paid by the company

# data[].attributes.body
- production possibilites
-law of diminishing marginal productivity
-Training
- Demand
- Unemployement rate / labour force
- peice rate
-strong benfit plans
-milking overtime
-turnover

# data[].attributes.body
- Laws & Regulations
- Onboarding and training costs
- Amount of overtime being worked as well as regular hours in the week
- Expenses related to employees, i.e damaged to company property due to negligence
- Paid time off/ vacation

# data[].attributes.body
- Conducting an analysis on how much overtime is incurred and what that costs the company as opposed to investing in contingent workers (benefits do not need to be implemented for these short-term employees)
- Finding a balance between keeping company costs down while also making employees feel valued and appreciated for their work
- Finding the best balance of compensation tools that work for the company and the employees (i.e. base pay, variable pay, bonuses, etc.)

# data[].attributes.body
Assessment of manpower requirements.

Control over time-keeping and time-booking.

Time & Motion Study.

Control over idle time and overtime.

Control over labour turnover.

Wage systems.

Incentive systems.

Systems of wage payment and incentives.

Control over casual, contract and other workers.

Job Evaluation and Merit Rating.

Labour productivity.

# data[].attributes.body
-Hours worked
-number of employees
-turnover rate
-cost of hiring and paying new employees
-market influences

# data[].attributes.body
- Manage the number of employees
- Manage the hours worked by said employees, for example, if there is too high a labour cost, ensure that employees are working NO overtime hours
- Control the average cash compensation of employees (for example, allow more of the costs of benefits to fall onto employees, do not boost the salaries/wages of all employees, etc.)
- By further analyzing costs of labour, managers and stakeholders will be able to better assess where the majority of labour costs are going

# data[].attributes.body
Number of employees and hours worked

average cash compensation

average benefit cost

Performance of employees

Laws and regulations

Market influences

# data[].attributes.body
-Productivity
-Labour laws and collective agreements (if company is unionized)
-Efficiency ratios
-Accounting for employee needs/wants in determining compensation packages
-Lowering turnover and increasing training
-Competitive environment

# data[].attributes.body
Most important factors about managing labour costs:
- hiring process cost
- welcome package if any
- training cost
- reasonable scheduling
- overtime cost

# data[].attributes.body
The market supply and demand of labor
When the labor supply exceeds the demand, its market price tends to decrease; when the labor supply is less than the demand, its market price tends to increase. Therefore, even if enterprises have the right to make wage decisions and can allocate their own, the wage level of employees cannot be decided arbitrarily but is inevitably determined by the equilibrium between the supply of labor and the demand for labor in the market for each type of work, which is the critical factor.

Influence of currency value
Since the price of labor is expressed in monetary wages, its standard level cannot be influenced by the law of money. When the currency is over-issued, inflationary, and depreciating, the nominal standard of monetary wages will be increased; on the contrary, when the currency is under-issued and appreciating, the nominal standard of monetary wages will be decreased. Of course, the latter is very unlikely, and if such a situation arises, enterprises and institutions will solve it through salary cuts and layoffs.

Influence of other factors
Such national policies, comprehensive national power, and enterprise efficiency differences will significantly impact the monetary wage, which we should also consider.

# data[].attributes.headline
Factors that Impact Labour Costs Management

# data[].attributes.subject
Factors that Impact Labour Costs Management

# data[].attributes.body
- How many employees are in an organization
- Types of employees ie. contract workers
- Hours worked ie. overtime hours
- Average wages
- Short and long term incentive plans
- Competitive markets
- Cost of living changes
- Financial state of employers ie. ability to pay

# data[].attributes.body
- number of employees (don't need extra employees that don't do very much work for the company)
- hours worked (reduce overtime hours since it costs more)
- budgeting frequently
- try to have less turnover (more productivity, less training costs)

# data[].attributes.body
The number of employees in the company and how many hours they work.

How much each employee will be paid and what their benefit packages will look like.

How much training and on-boarding will be done.

The cost of turnover and new hires.

# data[].attributes.body
- average benefits/salary
- performance of the employees
- recruitment/training

# data[].attributes.body
What labour cost is most efficient and going to provide the best results.

Sometimes the most cost efficient option may not be the best option due to other factors. For example if a product is done cheaply it may not be the best product and could be created poorly.

If the cost makes sense for the product/service and isn’t making you exceed your initial labour costs

Put supply and demand into perspective

# data[].attributes.headline
determining max, min and midpoint (compa ratio) with pay policy line

# data[].attributes.subject
determining max, min and midpoint (compa ratio) with pay policy line

# data[].attributes.body
Number of employees (reducing overstaffing)
Efficiency of employees (reducing overtime)
Goal setting
Heath and Safety regulations to reduce work accidents

# data[].attributes.body
- planning effectively to limit overtime hours
- Investing in thorough training to ensure properly trained employees. Properly trained employees will understand how to complete procedures effectively which will make the workplace more efficient
- Invest in improving the workplace culture to decrease turnover
- average benefit cost
- Inflation
- Competitive markets

# data[].attributes.body
Factors that I believe that are most important when thinking about managing labour costs are:

Enforcing a budget plan

Providing a employee compensation

Conducting employee performance reviews

Determining employee turnover rate

Reconsidering training process/method

Assessing working environment and employee motivation

# data[].attributes.headline
Factors are most important for managing labour costs

# data[].attributes.subject
Factors are most important for managing labour costs

# data[].attributes.body
-Number of employees
-productivity of workers
-finance
-economy
-supply and demand
-hours required

# data[].attributes.headline
Important factors about managing Labour costs

# data[].attributes.subject
Important factors about managing Labour costs

# data[].attributes.body
* Number of employees
* Onboarding costs (recruitment and training)
* Incentive package (Increase productivity and reduce turnover)
* Payroll tax

# data[].attributes.body
Managing Labor Costs

Worker productivity and performance

Employees' holidays and vacations

Company's incentive system

Number of employees

Recruitment and training

Market Impact

# data[].attributes.body
1. performance

2. Hire or Outsource

3. Time off and holidays

4. Benefits

5. Human resource

# data[].attributes.body
- Overtime pay
- Productivity
- The state of the economy
- Benefits, STI & LTI
- The competitive environment
- Employee performance
- Incentives and rewards

# data[].attributes.body
- number of employees
- the ratio of core employees to contingent workers
- hours worked
- overtime compensation
- average cash compensation
- market rates
- average benefit cost
- productivity
- training costs

# data[].attributes.body
- productivity of employees, managing and assessing
- managing the number of employees
- reducing overtime work
- hours worked
- controlling sick and vacation days
- benefits offered
- type of workplace environment

# data[].attributes.body
- managing hours and determining if overtime hours or hiring more employees is more beneficial for the organization
- reducing benefits costs
- managing salary level and variable pay
- reduce turnover

# data[].attributes.headline
What factors do you think are most important when thinking about managing labour costs? 

# data[].attributes.subject
What factors do you think are most important when thinking about managing labour costs? 

# data[].attributes.body
- number of employees and the hours they worked
-average cash compensation (e.g., wages, bonuses)
-average benefit costs (e.g., vacation, medical, and pensions).

# data[].attributes.headline
Important factors when managing labour costs:

# data[].attributes.subject
Important factors when managing labour costs:

# data[].attributes.body
- controlling the level of employment by reducing employees and/or hours
- Managing compensation given to employees by reviewing the benefits that are given
- Review budgets and financial forecasts
- Implement more training and consultation amongst those in higher positions such as management
- Review the compensation structure to determine if a realignment must occur

# data[].attributes.headline
Factors that Affect the Management of Labor Costs

# data[].attributes.subject
Factors that Affect the Management of Labor Costs

# data[].attributes.body
1. Hours worked, such as overtime. Overtime can be very costly for a business
2. Employee benefits, this can be healthcare, life insurance, pension, etc.
3. Size of the labor force in the business
4. Laws and regulations concerning pay
5. Performance of the employees in a company

# data[].attributes.body
Number of employees
Hours worked
Benefits provided for employees
Laws for the area the work is occurring
Local taxes
Competition in the industry

# data[].attributes.body
- training required for positions
- ability to replace workers
- how productive are the workers?
- do the workers have skills are rare and therefore require higher pay and benefits?
- What is the best way to pay the employees?

# data[].attributes.body
- Training
- Number of employees
- Hierarchical design (Management, Exec, Senior, Junior, Entry etc..)
- Laws & Regulations
- Experience
- Market/Market Price
- Productivity
- Minimum Wage
- Hiring/Training Costs
- Hours worked
- Benefits(Vacation, Pension, Health, Dental etc..)

# data[].attributes.body
- Training costs
- Overtime costs
- Number of employees
- Performance reviews

# data[].attributes.body
- Employee performance
- Benefits
- Hours worked by
- Other expenses

# data[].attributes.body
- short versus long term incentives
- performance versus seniority
- types of benefits
- number of employees
- hours worked
- base pay
- productivity of the employees
- overtime hours worked
- experience of each worker
- training costs

# data[].attributes.body
- Cost of training
- Hours worked
- Employees holiday's and time off given
- Benefits employees are offered
- Supply and demand within the market
- Employees set salaries
- Cost that would be incurred with overtime pay

# data[].attributes.body
- Worker productivity
- Minimum wage
- Employment laws
- Overtime
- Number of employees
- Hours worked
- Cost of benefits
- Cost of onboarding and training

# data[].attributes.headline
important factors: managing labour cost 

# data[].attributes.subject
important factors: managing labour cost 

# data[].attributes.body
- productivity/efficiency of employees
- qualifications/requirements for the work
- number of employees
- cost/expenses to run business
- demand/competition

# data[].attributes.body
- Hours Worked
- Supply and Demand
- Workers Employed
- Appraisal for Work Performed
- Base Pay
- Additional employee benefits

# data[].attributes.body
- Employee hours and overtime
- Salary/compensation and pay ranges
- Benefits including healthcare
- Training employees
- Minimum wages

# data[].attributes.body
·      Current market situation

·      Working hours of employees

·      Basic pay and performance systems

·      Employees’ benefits

·      Recruitment, training, outsourcing costs

·      Employee productivity

·      Tax and relative regulation

# data[].attributes.body
- Number of Employees

- Salary range relative to the market

- Type of work needed

- Benefits (mandatory & any extras)

# data[].attributes.body
The number of employees, the amount of work.Productivity, working hours，minimum wage.

# data[].attributes.body
Number of wages/salaries depending on number of employees

The hours required for desired output

Efficiency and performance of employees

Compensation in terms of cash and other forms of compensation to alleviate direct labour costs

# data[].attributes.body
- Training
- productivity
- Economy environment
- Benefits
- Wage systems

# data[].attributes.headline
Factors that Affect Managing Labour Costs

# data[].attributes.subject
Factors that Affect Managing Labour Costs

# data[].attributes.body
-The number of employees
-Hours worked
-Cash compensation
-Supply and demand
-Overtime hours worked
-Performance of employees
-Productivity of the worker performing the operations
-Benefits offered
-Time tracking
-Sales levels

# data[].attributes.body
- number of employees
- reduce staff turnover
- reduce conflict
- reduce overtime
- reduce schedule changing

# data[].attributes.body
- Hours worked on a job
- The productivity levels of employees
- Training
- Experience
- Benefits
- # of employees
- Full time or Part time?

# data[].attributes.body
- Managing over-time ensure no overload
- Efficiency of work enviroment
- Cost of Onboarding employees
- Cash compensation and promotions/benefits
- Health and safety regulations to minimize worrkplace errors.

# data[].attributes.body
Exploring current salary programs to determine employee worth and if there is a need to revise
Implement merit based wage systems
Performance based rewards system
Identify redundancies (many people workng 1 job)
Whether automation can be implemented

# data[].attributes.body
- Worker productivity
- Labour laws
- Number of employees
- Employee Benefits
- Overall economic status

# data[].attributes.body
There are numerous factors that are important to consider when thinking about managing labour costs. Some of these include:

o   Controlling employment – the number of employees and hours worked

o   Controlling average cash compensation costs and benefit costs (by plan changes and controlling health care benefits)

o   Laws & regulations

# data[].attributes.headline
Seminar 7 - Important Factors about Labor Costs

# data[].attributes.subject
Seminar 7 - Important Factors about Labor Costs

# data[].attributes.body
- Number of Employees and Hours Worked: How many employees are required? (Core)
How many more are needed for a certain project? (Contingent)
Working on reducing overtime by having the same work done by a different employee - sharing the burden/load across employees.

- Average Cash Compensation:
This includes the entitlement of base pay and variable pay

- Average Benefits Cost:
The benefits other than cash which includes healthcare, vacation pay etc.

Other Factors:

- Training: High performing employees to be retained to reduce voluntary turnover.

- Demand and Supply of Workforce.

# data[].attributes.body
Important factors in managing labor costs are:
- hours worked, think of how to allocate normal working time and work overtime, since it can be a huge expense for companies to pay for overtime work
- Number of employees, need to balance with hours worked, since need to consider benefits when employing more employees
- related regulations, minimum wage, employee benefits
- investments in employees (employee training and mentoring)

# data[].attributes.body
- number of employees
- the nature of the assigned role
- the number of departments that assist in recuitment, selection, training, managing, and employee relations
- overall performance
- benefits/pension plans
- vacation time (paid or not)

# data[].attributes.body
When it comes to managing labour costs, the most important factors to consider include:

-The number of employees
-Hours worked
-Controlling average cash compensation
-Controlling average benefit costs

# data[].attributes.body
- The performance of the employees
- The number of employees
- The total compensation budget
- The financial performance of the organization
- Number of employees in the organization
- Total amount of compensation expenses

# data[].attributes.body
-Cost of training

-Number of employees

-Time off

-Benefits

-Cost of hiring

-Performance

# data[].attributes.body
- Reduces overtime
- Amount of employees
- Training
- Training/Hiring Costs
- Productivity
- Employee performances
- Multitude of benefits
-

# data[].attributes.body
- Cost of hiring (recruiting, onboarding, and training)
- Gauging the frequency of turnover
- Supply and demand
- Average cash compensation across organization and access to benefits (vacation, pension plans etc.)
-Managing number of employees, and hours worked

# data[].attributes.headline
-Hiring the right people to ensure productivity and low turnover.            -Managing labour costs does not always mean keeping costs as low as possible.

# data[].attributes.subject
-Hiring the right people to ensure productivity and low turnover.            -Managing labour costs does not always mean keeping costs as low as possible.

# data[].attributes.body
- number of employees
- wages/benefits
- turnover
- training cost
- productivity

# data[].attributes.body
- Hiring costs (recruiting, onboarding, and training)
- Estimating turnover frequency
- Supply and demand
- Average cash salary and access to perks within the business (vacation)
-Managing the number of staff and the amount of hours worked

# data[].attributes.body
Factors:
- employee productivity
- supply and demand in the industry
- the current state of the economy
- the size of the labour force
- worker wages

# data[].attributes.body
- Performance reviews
- Productivity
- Hours Worked
- Number of employees
- Employee Benefits
- Training costs

# data[].attributes.body
job type
performance
hours
efficiency
wage systems

# data[].attributes.body
- Number of employees working
- Onboarding and training costs – better to figure out retention than constantly hiring new workers
- Any possible benefits or other forms of compensation offered
- Creating an efficient maximized schedule so you do not have workers working who are not needed
- Thinking about overtime – do you cap it or allow unlimited

# data[].attributes.body
- Labour Productivity
- Cost of hiring new training new employees
- Wage Structures
- No. of employees
- Turnover rate
- Employee Benefits

# data[].attributes.body
Profitability；
-The ratio between cost and return on expenditure determines the production of the enterprise

# data[].attributes.body
Labour Laws

Effective management of employees

Internal alignment of compensation systems for optimal performance

Diminishing labor return management

Turnover

# data[].attributes.body
- Cost to recruit and train new employees
- What benefits to offer employees
- How many hours each employee will be working
- Offering competitive wages (market price)
- Considering supply and demand in the area
- Creating a budgeting plan
- Laws and regulations

# data[].attributes.body
Experience
Labor standards and laws
Company policy
Education level
Compensation model
Retention measures
Measures on motivation

# data[].attributes.body
- number of employees/size of the company
- number of hours worked
- compensations packages

# data[].attributes.body
experience
time tracking
overall economic status

# data[].attributes.body
-Managing number of employees
-Managing hours worked
- Cash compensation
- Controlling Average benefit costs

# data[].attributes.body
What's important when effectively managing labour costs:
- understanding the company's monetary limitations and operating within them (not over-hiring, over-compensating)
-understanding the hours required, number of employees and their productivity levels in order to not exceed limits or add additional costs
-evaluation of projects and their required number of employees
-setting a strict budget
-adapting to the labour market
-basing compensation on a completed job analysis; altering pay grades if needed
-removal of compensatory bias (over paying)

# data[].attributes.body
- number of employees
- controlling average cash compensation
- controlling average benefit cost
- competitive markets
- hours worked
- ability to pay

# data[].attributes.body
- Minimum Wage Salary
- Cost of Hiring and Training
- The number of employees