The labor cost of an employee can be a significant portion of overall operating cost. Being a strategic business partner means knowing what that impact is.
Labor costs are the most expensive line item for any business. It can account for 70% of overall operating costs, with 30% of labor cost going to benefits. But do you know how much your employees costs and how that relates to your overall operating costs? What’s all included in labor costs Labor […]
Historically, employee benefit programs focused on comprehensive medical, dental, and vision programs. Employees believed the best programs had low premiums, covered a lot of services, and low cost of services at the providers. These benefit offerings matched our views on health. We focused on reactive health measures that address medical issues after they presented, not […]
Holiday pay is not mandated under the Fair Labor Standards Act (FLSA), even if the office is closed for the day. The federal law only mandates pay for time worked, which does not include holidays and vacations. But that doesn’t mean you shouldn’t consider offering paid holidays as a benefit. On average, companies in the […]
Labor costs can be the biggest expenditure for organizations. It’s easy to know how much your spending on pay, healthcare, retirement, and other benefits. Most finance teams look at those numbers monthly. But how do you know it’s money well spent? Are your employees even utilizing the benefits? Is there any money being lost? […]