3.5.3 Human Resources
- Created by: Anita Chandard
- Created on: 15-02-23 15:36
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- 3.5.3 Human Resources
- Labour Productivity
- Formula = TOTAL OUTPUT / NUMBER OF WORKERS
- measures the level of output from each worker employed
- A business will seek to increase productivity to reduce the average cost per unit to produce
- seek to increase productivity to reduce the average cost per unit to produce
- measures the level of output from each worker employed
- Formula = TOTAL OUTPUT / NUMBER OF WORKERS
- Labour Turnover
- Formila = NUMBER OF EMPLOYEES LEAVING / TOTAL NUMBER OF EMPLOYEES X 100
- High = be due to poor recruitment, weak induction, lack of challenge in the job and low pay rates
- measured against historical figures in the business
- High = be due to poor recruitment, weak induction, lack of challenge in the job and low pay rates
- rising figures year on year = red flag and management to investigate
- measures the number of staff leaving a business in a year
- Formila = NUMBER OF EMPLOYEES LEAVING / TOTAL NUMBER OF EMPLOYEES X 100
- Labour Retention
- Formula = NUMBER OF STAFF NOT LEAVING / AVERAGE NUMBER OF STAFF X 100
- Absenteeism
- measures the number of days employees take off work
- Formula = NUMBER OF DAYS LOST DUE TO ABSENTEEISM / TOTAL POSSIBLE DAYS X 100
- low staff morale or job satisfaction
- poor management, stress at work through role overload or underload, lack of recognition or poor working conditions
- Could result in lost orders and poor customer relations
- low staff morale or job satisfaction
- Labour Productivity
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