3.6.2 Flashcards
What are the four ways of calculating and interpreting human resource data?
Labour productivity
Unit labour costs
Employee costs as a percentage of revenue
Labour turnover and retention
How do you calculate labour productivity?
Total output/Number of employees working
What four factors need to be considered when interpreting labour productivity data?
Which businesses are covered by the labour productivity data
Labour productivity daytime ignores wage rates
Productivity depends on other factors too
Labour productivity data for direct rivals
How do you calculate unit labour costs?
Labour costs/total output
How do you calculate employee costs as a percentage of revenue?
Employee costs/revenue
States the four factors that influence employee costs in relation to revenue
The productivity rates of the workforce
Wage rates
Nonwage employment costs
The management of capacity
How do you calculate labour turnover?
(Number of staff leaving insuring year X 100)/Average number of staff
How do you calculate the employee retention?
(Number of employees employed for one year or more X 100)/Average number of staff
States the five stages of human resource planning
Consider the overall corporate objectives
Considering how HR can be used to meet corporate objectives
Decide the size and type of workforce needed
Compare workforce needed to available workforce
Decide policy is necessary to convert existing workforce into needed workforce
State the three pieces of internal data needed for HR planning
Current workforce
Performance data
Corporate objectives
State the four pieces of external data needed for HR planning
Current and future labour costs
Sales forecasts
Costs and productivity of relevance production technology
Forecast migration
