HM 351 Chapter 18: ch. 18 tb
30 Nov 2018
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Document Summary
Labor cost control: employee compensation, the determinants of total labor cost & labor cost percent. Compensation: refers to all forms of pay and other rewards going to employees as a result of their employment. Indirect compensation: benefit to a current employee other than direct compensation designed to attract and keep loyal employees: paid vacations, health benefits, free meals. Deferred compensation: compensation received by an employee after the conclusion of his or her period of employment: social security, pension. Labor turnover rate: number of departing employees to the total number of employees. Minimum wage: the least dollar wage before deductions that an employer is permitted to pay each employee in a covered category. Outsourcing: arranging to have work done on a contract basis by outside organizations rather than by full time employees. Break-even for the additional hour = fc / cr. Labor cost control: a significant part of labor control.
