how many employees that are leaving a business per year.
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what does labor productivity show us?
the volume of output that is obtained from each employee. it also measures how efficient a business is as a whole(especially a labor intensive company).
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what is absenteeism?
the amount of unauthorized absences.
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what is the labor productivity calculation?
total output/number of employees
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give 4 reasons as to why an employee may want to leave a business...
they do not like the new management,lack of career development/progression,change of location and low motivation.
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what can be the causes of low employee productivity?
family bereavement, health or demotivated workforce.
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what is the effects of labor productivity?
less profit, quality may not be as good quality if employees are pressured,this may result in decreased customer satisfaction( this may result in bad reputation).
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what are the effects of absenteeism?
labor costs are going to increase and be high.
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What is the calculation for labor turnover?
number of employees leaving/avg number employed x 100( answer is expressed as a percentage)
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why is high labour turnover expensive?
because company have to pay high recruitment costs.
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how to decrease labor turnover?
provide more training,reward and motivate employees and set them realistic targets(get them to be involved with this process).
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how to increase labor productivity?
by motivating empoyees
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how to reduce absenteeism...
manager makes stricter rules,perhaps change amount of holiday days. improve the working environment. increase employee motivation and morale.
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what costs increase if absenteeism increases?
labor costs.
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what does retention rates mean?
the ability of a business to retain its employees.
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what is the calculation for retention rate?
no of employees/average number of employees x100
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what is the calculation for employee costs s percentage turnover?
employee costs/sales turnover x 100
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what is labor cost per unit?
the total labor costs. e.g. wages and motivators divided by the number of units.
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what does employee costs as percentage turnover tell us?
it shows the proportion of sales revenue that is spent on employees wages.
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what is the calculation for absenteeism?
no of days taken off / total days worked x 100
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how to increase sales revenue?
by cutting production costs and increasing the selling price of a product.
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how can a business improve its retention rates?
offer career development, training, executive coaching, equality and diversity programs.
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how can a business increase labor productivity?
recruit suitably, training, motivation, improved technology and an improved working environment.
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give 3 advantages of having spare capacity...
allows for demand changes, training, maintenance.
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give 3 disadvantages of having spare capacity...
not achieving maximum profit, unit costs are higher than they should be, can be demotivating and staff are not working hard enough.
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Other cards in this set
Card 2
Front
what does labor productivity show us?
Back
the volume of output that is obtained from each employee. it also measures how efficient a business is as a whole(especially a labor intensive company).
Card 3
Front
what is absenteeism?
Back
Card 4
Front
what is the labor productivity calculation?
Back
Card 5
Front
give 4 reasons as to why an employee may want to leave a business...
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