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The estimate is prepared by first breaking the work content of the job into elements, and then utilising the experience of the estimator (normally a craftsman) the time for each element of work is estimated – at standard performance. These estimated basic minutes are totalled to give a total job time, in basic minutes.
In the United Kingdom, full time equivalent equates to the standard 40-hour work week: eight hours per day, five days per week and is the total amount of hours that a single full-time employee has worked over any period. This allows employers to adopt a single metric for comparison with the full-time average.
The average total of non-farm seasonally adjusted monthly turnover was 3.3% for the period from December 2000 to November 2008. [31] [non sequitur] High turnover often means that employees are dissatisfied with their jobs, especially when it is relatively easy to find a new one. [32]
The total compensation package includes a crucial component that is usually represented as an annual, monthly, or hourly rate. The basic salary is influenced by several factors, including industry standards, the individual's experience, job responsibilities, and legal regulations such as minimum wage laws.
Job performance, studied academically as part of industrial and organizational psychology, also forms a part of human resources management. Performance is an important criterion for organizational outcomes and success. John P. Campbell describes job performance as an individual-level variable, or something a single person does.
An alternative motivation theory to Maslow's hierarchy of needs is the motivator-hygiene (Herzberg's) theory. While Maslow's hierarchy implies the addition or removal of the same need stimuli will enhance or detract from the employee's satisfaction, Herzberg's findings indicate that factors garnering job satisfaction are separate from factors leading to poor job satisfaction and employee turnover.
Discrimination can be modelled and measured in numerous ways. The Oaxaca decomposition is a common method used to calculate the amount of discrimination that exists when wages differ between groups of people. This decomposition aims to calculate the difference in wages that occurs because of differences in skills versus the returns to those ...
Job costing (known by some as job order costing) is fundamental to managerial accounting. It differs from Process costing in that the flow of costs is tracked by job or batch instead of by process. job cost is done for one single product The distinction between job costing and process costing hinges on the nature of the product and, therefore, on the type of production process: