Labor can be the largest cost in any organization, and one that is controllable, especially when you utilize industry leading technology to track time worked and employee absences, both planned and unplanned, in employee schedules.
Organizations are challenged to achieve and maintain compliance with internal policies, union agreements (for some), and federal laws such as Department of Labor Wage and Hour Rules, Sarbanes-Oxley and the Affordable Care Act. Efficient allocation and management of labor hours positively impacts revenues. Inefficiencies can increase costs, decrease profits and create dissatisfaction to both employees and customers.
Labor Management Institute, a leading research, education and consulting organization, specializes in time and labor management, productivity optimization and automation. The Labor Management Institute has worked with organizations of all sizes in many industries over the last 30 years to analyze time and labor management practices and finds correlations in both worked and non-worked time that contribute to the abuse of labor hours in the form of extra and unnecessary overtime, conflicts in practice and policies, cost overruns to budget and adverse outcomes to employees and customers.
This white paper identifies 10 time and labor management best practices to help you control labor costs and align staffing with budgets more efficiently and effectively. Best practice is used to describe the process of developing and following a standard way of doing things that multiple organizations can use. (1) As a method or technique, best practices consistently show results superior to those achieved with other means, and are often used as benchmarks.
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If you are looking for time & attendance information, please visit the Labor Management Institute, Inc. Knowledge Center to consider our self-learning certification programs offered on-line or upon request at client locations.