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Overall labor effectiveness (OLE) is a key performance indicator (KPI) that measures the utilization, performance, and quality of the workforce and its impact on productivity. Similar to overall equipment effectiveness (OEE), OLE measures availability, performance, and quality.
Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. [1] [2] A narrower concept is human capital, the knowledge and skills which the individuals command. [3]
Workforce productivity is to be distinguished from employee productivity which is a measure employed at the individual level based on the assumption that the overall productivity can be broken down into increasingly smaller units until, ultimately, to the individual employee, in order be used for example for the purpose of allocating a benefit ...
Capacity utilization or capacity utilisation is the extent to which a firm or nation employs its installed productive capacity (maximum output of a firm or nation). It is the relationship between output that is produced with the installed equipment, and the potential output which could be produced with it, if capacity was fully used. [1]
Productivity is the efficiency of production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production process, i.e. output per unit of input, typically over a specific period of time. [1]
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process.It encompasses employee knowledge, skills, know-how, good health, and education. [1]
For example, if 32 hours of billable time are recorded in a fixed 40-hour week, the utilization rate would then be 32 / 40 = 80%. Note that with this second method it is possible to have a utilization rate that exceeds 100%. If 50 hours of billable time are recorded in a fixed 40-hour week, then the utilization rate would be 50 / 40 = 125%.
Economics of participation is an umbrella term spanning the economic analysis of worker cooperatives, labor-managed firms, profit sharing, gain sharing, employee ownership, employee stock ownership plans, works councils, codetermination, and other mechanisms which employees use to participate in their firm's decision making and financial results.