Seminar #7 Brainstorm by https://padlet.com/jhamil06/u04sc5tdw96c9npn What factors do you think are most important when thinking about managing labour costs? en-us 2022-08-18 19:55:12 UTC 2022-11-28 04:12:02 UTC hello@padlet.com The number of employees https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2391190574 2022-11-20 02:22:18 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2391190574 Average cash compensation https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2391190645 2022-11-20 02:22:34 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2391190645 The hours required to be worked https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2391190701 2022-11-20 02:22:50 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2391190701 Average benefits cost https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2391191754 2022-11-20 02:27:12 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2391191754 Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2391518523 - 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 

]]> 2022-11-20 16:14:06 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2391518523 Seminar #7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2391939388 -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.)

]]> 2022-11-21 03:03:05 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2391939388 Factors that Affect Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2392630393 - 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.]]> 2022-11-21 13:50:39 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2392630393 Important Factors for Managing Labor Costs hannnahthora https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2392820177
  • 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

    • ]]>     2022-11-21 15:49:36 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2392820177     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2392892345 - it is important to run a diagnosis
    - reducing overtime
    - controlling vacation pay and pension plans
    - supply and demand
    - the economy

    ]]>     2022-11-21 16:38:58 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2392892345     Seminar #7- Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2392940109 - 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.) 

    ]]>     2022-11-21 17:15:41 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2392940109     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393010877 -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]]>     2022-11-21 18:14:26 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393010877     Seminar #7 - Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393012209
  • 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 

    • ]]>     2022-11-21 18:15:33 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393012209     Managing Labour Cost https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393054708 - production possibilites
    -law of diminishing marginal productivity
    -Training
    - Demand
    - Unemployement rate / labour force
    - peice rate
    -strong benfit plans
    -milking overtime
    -turnover

    ]]>     2022-11-21 18:51:55 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393054708     Seminar 7 - Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393067065 - 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

    ]]>     2022-11-21 19:02:43 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393067065     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393117958 - 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.)]]>     2022-11-21 19:51:55 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393117958     Seminar #7- Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393150958
  • 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.
    • ]]>     2022-11-21 20:27:21 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393150958     Seminar #7- Managing labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393175362 -Hours worked 
    -number of employees 
    -turnover rate
    -cost of hiring and paying new employees
    -market influences ]]>     2022-11-21 20:58:02 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393175362     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393186264 - 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]]>     2022-11-21 21:11:20 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393186264     Managing Labour Costs - Seminar 7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393197093
  • Number of employees and hours worked
  • average cash compensation 
  • average benefit cost 
  • Performance of employees 
  • Laws and regulations 
  • Market influences 

    • ]]>     2022-11-21 21:28:18 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393197093     Seminar #7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393280208 -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 ]]>     2022-11-21 23:47:02 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393280208     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393484754 Most important factors about managing labour costs: 
    - hiring process cost 
    - welcome package if any
    - training cost
    - reasonable scheduling 
    - overtime cost]]>     2022-11-22 03:06:13 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2393484754     Factors influencing the price of labor https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394314620 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.



    ]]>     2022-11-22 15:10:29 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394314620     Factors that Impact Labour Costs Management https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394322214 - 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]]>     2022-11-22 15:15:05 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394322214     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394397789 - 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)
         ]]>     2022-11-22 16:09:14 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394397789     Seminar 7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394585249 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. ]]>     2022-11-22 18:45:17 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394585249     managing labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394610919 - average benefits/salary
    - performance of the employees
    - recruitment/training]]>     2022-11-22 19:08:51 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394610919     Managing labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394626542

  • 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

    • ]]>     2022-11-22 19:24:28 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394626542     overtime versus hiring more workers https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394689524 2022-11-22 20:40:51 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394689524 determining max, min and midpoint (compa ratio) with pay policy line https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394690518 2022-11-22 20:42:14 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394690518 Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394732479 Number of employees (reducing overstaffing)
    Efficiency of employees (reducing overtime)
    Goal setting
    Heath and Safety regulations to reduce work accidents]]>     2022-11-22 21:49:51 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394732479     Labour Cost Considerations https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394749555 - 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 ]]>     2022-11-22 22:20:07 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394749555     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394750552 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

    ]]>     2022-11-22 22:22:01 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394750552     Factors are most important for managing labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394782533 -Number of employees
    -productivity of workers
    -finance
    -economy
    -supply and demand
    -hours required

    ]]>     2022-11-22 23:20:52 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394782533     Important factors about managing Labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394796856 * Number of employees
    * Onboarding costs (recruitment and training)
    * Incentive package (Increase productivity and reduce turnover)
    * Payroll tax]]>     2022-11-22 23:46:42 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2394796856     Managing labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395021780 Managing Labor Costs

    Worker productivity and performance

    Employees' holidays and vacations

    Company's incentive system

    Number of employees

    Recruitment and training

    Market Impact

    ]]>     2022-11-23 03:55:19 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395021780     Seminar 7. https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395063393 1. performance

    2. Hire or Outsource

    3. Time off and holidays

    4. Benefits

    5. Human resource]]>     2022-11-23 04:50:33 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395063393     Seminar #7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395719606 - Overtime pay
    - Productivity
    - The state of the economy
    - Benefits, STI & LTI
    - The competitive environment
    - Employee performance
    - Incentives and rewards]]>     2022-11-23 15:10:10 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395719606     Factors Influencing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395860611 - 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]]>     2022-11-23 17:27:53 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395860611     Managing Labour Costs: https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395892648 - 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

    ]]>     2022-11-23 18:04:01 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395892648     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395917686 - 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 

    ]]>     2022-11-23 18:34:19 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395917686     What factors do you think are most important when thinking about managing labour costs? https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395978529 - number of employees and the hours they worked
    -average cash compensation (e.g., wages, bonuses)
    -average benefit costs (e.g., vacation, medical, and pensions).


    ]]>     2022-11-23 19:56:10 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395978529     Important factors when managing labour costs: https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395983506 - 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  

    ]]>     2022-11-23 20:04:42 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2395983506     Factors that Affect the Management of Labor Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396023102 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

    ]]>     2022-11-23 21:15:23 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396023102     Factors in managing labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396027242 Number of employees
    Hours worked
    Benefits provided for employees 
    Laws for the area the work is occurring 
    Local taxes 
    Competition in the industry ]]>     2022-11-23 21:23:24 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396027242     Seminar 7 - managing labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396037522 - 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?]]>     2022-11-23 21:43:55 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396037522     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396040052 - Training costs 
    - Overtime costs 
    - Number of employees 
    - Performance reviews]]>     2022-11-23 21:49:27 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396040052     Managing Labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396053456 - 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..)

    ]]>     2022-11-23 22:20:01 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396053456     Labour cost https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396054202 - Employee performance
    - Benefits
    - Hours worked by
    - Other expenses

    ]]>     2022-11-23 22:21:45 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396054202     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396083454 - 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]]>     2022-11-23 23:26:55 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396083454     Seminar 7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396175943 - 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]]>     2022-11-24 01:24:58 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396175943     Seminar 7 - Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396196711 - Worker productivity 
    - Minimum wage
    - Employment laws
    - Overtime
    - Number of employees
    - Hours worked 
    - Cost of benefits
    - Cost of onboarding and training]]>     2022-11-24 01:45:31 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396196711     important factors: managing labour cost https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396210024 - productivity/efficiency of employees 
    - qualifications/requirements for the work 
    - number of employees 
    - cost/expenses to run business 
    - demand/competition ]]>     2022-11-24 01:58:47 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396210024     Seminar #7- Managing Labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396211959 - Hours Worked 
    - Supply and Demand 
    - Workers Employed 
    - Appraisal for Work Performed
    - Base Pay
    - Additional employee benefits 


    ]]>     2022-11-24 02:00:35 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396211959     Managing labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396252693 - Employee hours and overtime
    - Salary/compensation and pay ranges
    - Benefits including healthcare
    - Training employees
    - Minimum wages]]>     2022-11-24 02:38:44 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396252693     Sem #7 xjiang06 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396295036 ·      Current market situation
    ·      Working hours of employees
    ·      Basic pay and performance systems
    ·      Employees’ benefits
    ·      Recruitment, training, outsourcing costs
    ·      Employee productivity
    ·      Tax and relative regulation
     
    ]]>     2022-11-24 03:17:07 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396295036     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396372786 - Number of Employees

    - Salary range relative to the market

    - Type of work needed

    - Benefits (mandatory & any extras)]]>     2022-11-24 04:50:55 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396372786     seminar 7 dongjiaqi0824 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396377377 The number of employees, the amount of work.Productivity, working hours，minimum wage.]]> 2022-11-24 04:56:05 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396377377 Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396391510 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
    ]]>     2022-11-24 05:12:20 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396391510     Seminar #7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396471739 - Training
    - productivity
    - Economy environment
    - Benefits
    - Wage systems

    ]]>     2022-11-24 06:52:40 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396471739     Factors that Affect Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396916710 -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]]>     2022-11-24 14:05:11 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396916710     managing labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396977399 - number of employees
    - reduce staff turnover
    - reduce conflict 
    - reduce overtime
    - reduce schedule changing

    ]]>     2022-11-24 15:03:07 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396977399     Seminar 7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396986930 - Hours worked on a job
    - The productivity levels of employees
    - Training
    - Experience
    - Benefits
    - # of employees
    - Full time or Part time?]]>     2022-11-24 15:13:18 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2396986930     Seminar #7 - Managing Labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397020429 - 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. ]]>     2022-11-24 15:49:45 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397020429     Seminar 7 - Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397023048 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]]>     2022-11-24 15:52:24 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397023048     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397024868 - Worker productivity
    - Labour laws 
    - Number of employees
    - Employee Benefits 
    - Overall economic status

    ]]>     2022-11-24 15:54:32 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397024868     Seminar #7: Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397026013 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 
    ]]>     2022-11-24 15:55:50 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397026013     Seminar 7 - Important Factors about Labor Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397047846 - 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. ]]>     2022-11-24 16:25:02 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397047846     Managing labor cost https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397048769 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)


    ]]>     2022-11-24 16:26:10 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397048769     Factors impacting labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397051322 - 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)

    ]]>     2022-11-24 16:29:47 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397051322     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397057073 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 ]]>     2022-11-24 16:37:58 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397057073     Seminar 7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397156493 - 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]]>     2022-11-24 19:09:43 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397156493     Seminar 7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397240939 -Cost of training

    -Number of employees 

    -Time off

    -Benefits

    -Cost of hiring

    -Performance]]>     2022-11-24 22:08:28 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397240939     Seminar #7 Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397407379 - Reduces overtime
    - Amount of employees
    - Training
    - Training/Hiring Costs 
    - Productivity
    - Employee performances
    - Multitude of benefits
    - ]]>     2022-11-25 02:14:49 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397407379     Seminar 7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397423169 - 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
     ]]>     2022-11-25 02:31:13 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397423169     -Hiring the right people to ensure productivity and low turnover. -Managing labour costs does not always mean keeping costs as low as possible. https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397449477 2022-11-25 02:57:27 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397449477 Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397544877 - number of employees
    - wages/benefits
    - turnover
    - training cost
    - productivity]]>     2022-11-25 05:02:34 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397544877     Seminar 7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397845636 - 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]]>     2022-11-25 10:52:31 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2397845636     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398024032 Factors:
    - employee productivity
    - supply and demand in the industry
    - the current state of the economy
    - the size of the labour force
    - worker wages]]>     2022-11-25 14:12:22 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398024032     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398080743 - Performance reviews
    - Productivity
    - Hours Worked
    - Number of employees
    - Employee Benefits 
    - Training costs]]>     2022-11-25 15:16:21 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398080743     Factors impacting labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398239010 job type
    performance
    hours
    efficiency
    wage systems]]>     2022-11-25 20:05:35 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398239010     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398320676 - 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 

    ]]>     2022-11-26 00:29:36 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398320676     Seminar 7- Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398335298 - Labour Productivity
    - Cost of hiring new training new employees
    - Wage Structures
    - No. of employees
    - Turnover rate
    - Employee Benefits]]>     2022-11-26 01:19:59 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398335298     S7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398395451 Profitability；
    -The ratio between cost and return on expenditure determines the production of the enterprise]]>     2022-11-26 04:35:12 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398395451     Managing Labour https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398774851 Labour Laws
    Effective management of employees
    Internal alignment of compensation systems for optimal performance 
    Diminishing labor return management 
    Turnover 
    ]]>     2022-11-26 22:20:07 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398774851     Managing labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398840564 - 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

    ]]>     2022-11-27 02:48:10 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398840564     Managing costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398851755 Experience
    Labor standards and laws
    Company policy 
    Education level
    Compensation model 
    Retention measures
    Measures on motivation


    ]]>     2022-11-27 03:31:56 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2398851755     Important factors https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2399426024 - number of employees/size of the company
    - number of hours worked
    - compensations packages]]>     2022-11-28 00:49:47 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2399426024     managing labour costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2399495531 experience
    time tracking
    overall economic status ]]>     2022-11-28 02:03:35 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2399495531     Seminar 7 https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2399517111 -Managing number of employees
    -Managing hours worked
    - Cash compensation
    - Controlling Average benefit costs ]]>     2022-11-28 02:24:30 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2399517111     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2399570326 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) 

    ]]>     2022-11-28 03:14:58 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2399570326     Managing Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2399594415 - number of employees
    - controlling average cash compensation
    - controlling average benefit cost
    - competitive markets
    - hours worked
    - ability to pay]]>     2022-11-28 03:41:00 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2399594415     Labour Costs https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2399619085 - Minimum Wage Salary
    - Cost of Hiring and Training 
    - The number of employees]]>     2022-11-28 04:12:02 UTC https://padlet.com/jhamil06/u04sc5tdw96c9npn/wish/2399619085