EVERY WORK IS EXPENSIVE: Real Meaning of Cost of Labor

• In the world that is going faster and faster, the convention of cost is reduced to the figures. But behind the noisy slogan ‘every work is expensive’ there is a concept of understanding labor, resources, and time values.
• The Hidden Costs of Labor:
• The price of work is far from just representing the wages the employees get. The employer has to bear certain overhead costs in the form of benefits, training and safety in the place of business. Every worker is a capital, at least in monetary sense, and it is not very cheap either. For example, organizations spend a lot of money to convey the required tools and skills to the new employees that will enable them to work.
• What the management commonlyucci refers to as labor cost is usually attributed to the creation of inneffiency. It could be due to lack of well trained personnel, employed staff reaching the point of staff burn out or not qualified to perform the duties for which they were hired. Once more, this could contribute to the overhead cost an organization is willing to handle. This point alone could define why any organization should go further than staffing to investing in its human capital.
• Time as an Important Asset:
• I have discovered that the time costs are probably the largest and most unseen cost of working. To my mind, time is…