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Control labor costs - Essay Example

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World over, companies are striving hard to attract and retain their employees. Headhunting is a rampant phenomenon and sometimes companies find themselves struggling to appease and retain their demanding workforce. The workforce is the most important asset of any company…
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Control labor costs
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Download file to see previous pages The company has to satisfy both the customer and the laborer in order to run a profit oriented business in a highly competitive world. Laws and legislations governing the workforce have evolved over the passing decades. Labor issues have always been sources of conflict and they are highly problematic. The employer has to study and develop techniques to control labor costs; he must create solutions which can be implemented and enforced in his company, with a view to garner maximum profits.
One of the major reasons for spiraling labor costs is the unauthorized and unscheduled absenteeism of the workforce. The attendance and the time spent by the workforce must be monitored and the wages must be calculated on the basis of the percentage of the hours worked. This kind of labor monitoring can definitely lead to increasing efficiency. But such a timekeeping system must be devised which does not in anyway question the employee's integrity, but at the same time enables the employer to track the workforce. Labor costs can be kept under control by improving the productivity and efficiency of the employees. This can be done by imparting good training to the workforce and through the use of cost and time saving equipment.
The government plays a major role in decisions regarding the compensation rendered to the employees. It is the duty and the responsibility of the government to ensure that the laborers are not subjected to any kind of wage or gender discrimination. The government must prevent exploitation of the workforce, especially child labor. The unemployed and disadvantaged who are on the dole need both minimum wages and insurance cover, which is provided by the government. The federal and state governments have laws concerning minimum wages for even jobs with low productivity. Standards have been set by the federal government regarding the compensation of employees. They are: Davis Bacon Act (1931), Copeland Act (1934), Walsh-Healey Act (1936), Fair Labor Standards Act (FLSA)(1938), Equal Pay Act (1963), Title VII of Civil Rights Act(1964), Service Contract Act (1965), Age Discrimination Act (1967) and Wage Garnishment Law (1968).
This is an age of increasing mobility. Multi-national companies employ global nationals, expatriates, local nationals, and third-country nationals. Employees move around the world; therefore it is a highly complicated task to devise compensation packages for employees working in disparate situations.
There are different types of employees in multi-national corporation - third country nationals, expatriates and local nationals. Third country nationals are those who belong to another culture or nation having similarities with their place of work. Expatriates are those living outside their country of citizenship. Local nationals are those who are employed in the nation of their origin.
Employers, by and large, have adopted different paths toward controlling labor costs. Most of the employers have discovered that investment in labor management can reap the reward of greater efficiency. This in turn, would give rise to happier employees. Efficient labor management techniques can control spiraling labor costs. Data collection for creating the payroll of employees and the automation of the payroll system reduces labor cost to a great extent.
A survey conducted by Clark Consulting in 2004 found that institutional investor limits and uncertainty about the future accounting treatment for stock-based compensation ...Download file to see next pagesRead More
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