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Adjust labor cost to financial results – the basic idea is to create a bonus plan where the company is paying more bonuses in ‘good times’ and less (or no) bonuses in ‘bad times’. By having bonus plan budget adjusted according to financial results, the company's labor cost is automatically reduced when the company isn't doing so well ...
Skilled labour costs more to produce than unskilled labour, and can be more productive. Generally Marx assumed that—irrespective of the price for which it is sold—skilled labour power had a higher value (it costs more to produce, in money, time, energy and resources), and that skilled work could produce a product with a higher value in the ...
The labour cost of sales = l λ q, where l is the amount of labour hours required to make one unit of finished goods; λ is the labour cost (rate) per hour. The variable overhead cost of sales = nq where n is the variable overhead cost per unit. This is not here subdivided between quantity per finished goods units and cost per unit.
The marginal revenue product of a worker is equal to the product of the marginal product of labour (the increment to output from an increment to labor used) and the marginal revenue (the increment to sales revenue from an increment to output): =. The theory states that workers will be hired up to the point when the marginal revenue product is ...
Labor-power might be seen as a stock which can produce a flow of labor. Labor, not labor power, is the key factor of production for Marx and the basis for earlier economists' labor theory of value. The hiring of labor power only results in the production of goods or services ("use-values") when organized and regulated (often by the "management ...
Labor costs and surplus-value are the monetary valuations of what Marx calls the necessary product and the surplus product, or paid labour and unpaid labour. Surplus-value can also be viewed as a flow of net income appropriated by the owners of capital in virtue of asset ownership, comprising both distributed personal income and undistributed ...
The decomposition allows to decompose mean wage differences into two parts, one which is the consequence of individual characteristics in those 6 labour markets [note 1] and the other one which is due to unexplained differences. The author finds that the differences in wages between labour markets is at around 20%, and that between Aberdeen and ...
Designed to lower labor costs without lowering the level of a firm's activity. The incentives are derived as a function of the ratio between labor costs and sales value of production (SVOP). Rucker plan: This plan also uses committees, but although the committee structure is simpler the cost-saving calculations are more complex. [23]