Taking Control: Labor Costs & Scheduling
Many U.S. businesses struggle to stay competitive in the face of growing labor costs and production outsourcing by the competition. But with the help of their timekeeping systems, businesses can employ scheduling strategies as a way to control escalating labor costs by maximizing workforce effectiveness, managing labor coverage budgets and lowering labor-related administrative costs.
Labor Costs on the Rise
Generally, labor costs outweigh all other production costs and they are on the rise. During the first quarter of 2011, the U.S. Department of Labor's Bureau of Labor Statistics reported that a 2.6 increase in hourly compensation overshadowed a 1.6 percent productivity gain, resulting in a 1.0 percent raise in unit labor costs.
Continue to reading to see how you can use scheduling to help control your labor costs.