Tag: Labor Availability
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Labor Burden in Construction – Proper Rate Formula
Labor burden in construction is a value added on to the respective hourly labor base wage to to determine the total cost per hour for a particular employee.
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Operate Within Your Range of Production
One of the basic business concepts is range of production. It means maximizing the capacity (range) of the assets in your operation. When the business operation goes beyond the maximum production range, costs associated with the marginal production generally exceed the revenue generated with the marginal increase. To maximize profit in any business, operate within your range of…
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The Different Forms of Compensation
There are two different forms of compensation provided to employees; direct and indirect. Direct forms of compensation have a multitude of types or methods, from salaries to bonuses. Indirect compensation is primarily the various types of benefits and long term incentives. This article is an introduction to the terminology of compensation. One of the forms of compensation…
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Labor Availability – How to Calculate Maximum Available Hours
Every service related business wants to maximize the hours the staff bills or provides services to customers. When they are working, the business gets to bill for time and generate revenue. Maximum revenue means the best chance at creating the highest profit.
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Controlling Food Costs in the Restaurant Industry
The top two costs associated with owning a restaurant is labor and food. Controlling these prime costs in effect is the bottom line in your business.
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The True Cost of Labor
Labor costs are more than just gross wages and benefits. It should include the costs of insurance, employer taxation, human resources management and incentives.