Tag Archives: labor costs

It’s no secret that wage and labor costs are the largest expense for businesses. Depending on the industry, labor costs can be as high as 50% of all a business’s expenses. You should know the average in your industry so that you can meet and beat the number. If you find yourself on the high end of the industry’s labor costs, you must find ways to reduce them.

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Controlling labor costs is always a top priority to manage profit. Labor is usually the largest portion of a business’s total expense, so any changes in wages directly influence business success. This is particularly true in the hospitality service industry. Employees provide the services you sell, and they are important to the organization’s success.

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