Skilled Labor Archives | Value Investing - Business and Economic Principles

Skilled Labor

Skilled labor are employees trained to perform a job. Skilled labor generally means that the individual has a formal education and some experience with the work he/she does. The key to this is to understand that it is industry related and not universally defined. Naturally a brain surgeon’s skills are different in background than that of a welder. So use the traditional definition found in the industry associated with the position.

The Different Forms of Compensation

Human Resources Management / By David J Hoare MSA / 01/21/2013 02/25/2022

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 is direct remuneration for services rendered by the employee. The term used for this is wages. It consists of four different groups of payment from the employer to the employee. They are salary, hourly, commission and bonus types of wages.

Controlling Food Costs in the Restaurant Industry

Food Service Industry / By David J Hoare MSA / 01/08/2013 02/27/2022

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. How do you control food costs? First identify the correct quantity and quality of food you serve.

The True Cost of Labor

Report Analysis - How to Read the Statements, Service / By David J Hoare MSA / 01/01/2013 02/25/2022

I laugh at the definition of labor costs because in my opinion the so called experts only have it half right. Labor costs are more than just gross wages and benefits. It should include the costs of insurance, employer taxation, human resources management and incentives. All of the costs associated with delivering the human element of service should be included. Let’s explore these costs from the most expensive to the least.

Controlling Labor Costs in a Restaurant

Food Service Industry / By David J Hoare MSA / 12/09/2012 02/27/2022

There are two costs that stand out in the restaurant industry. Food and labor comprise more than 45% of the typical expenses of the restaurant. No other expense comes close to these two costs. This article is dedicated to controlling the labor costs in your food service operation.