Tag Archives: labor expenses

Reduce Labor Expense with Stringent Management

May 26, 2021 | 189 views

Reduce Labor Expense with Stringent Management
Reduce Labor Expense with Stringent Management

Employees are both assets and liabilities. They add value to the business (we hope), but they also come at great expense. In service industries, labor costs can top 80% of all expenses. However, that number is not just only the wages paid. It also includes the cost of overtime, absenteeism, late arrivals and early departures, and abuses of the allotted time for breaks. Hourly wages are set for each employee, but you can reduce labor expenses with careful management in key areas.

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