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Example: Two employees (workforce) are scheduled to work an 8-hour (480 minute) shift with a 30-minute scheduled break. Available Time = 960 min − 60 min break − 120 min Unscheduled Downtime = 780 Min The Standard Rate for the part being produced is 60 Units/Hour or 1 Minute/Unit The Workforce produces 700 Total Units during the shift.
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For example, if attrition rate is calculated for Employees with tenure 1 to 4 years, above formula may result artificially inflated attrition rate as employees with tenure more than 4 years are not counted in the denominator. More precise calculations of turnover have also been developed.
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.
Workforce Modeling is the process by which the need for skilled workers at a particular point in time is matched directly with the availability and preference of skilled workers . The resulting mathematical models may be used to perform sensitivity analysis and generate data output in the form of reports and schedules.
"An Analysis of Sample Attrition in Panel Data: The Michigan Panel Study of Income Dynamics" (PDF). Journal of Human Resources. 33 (2): 251– 299. doi:10.2307/146433. JSTOR 146433. Wooldridge, Jeffrey M. (2010). Econometric Analysis of Cross Section and Panel Data. Cambridge: MIT Press. pp. 837– 842. ISBN 9780262296793
Workforce management (WFM) is an institutional process that maximizes performance levels and competency for an organization.The process includes all the activities needed to maintain a productive workforce, such as field service management, human resource management, performance and training management, data collection, recruiting, budgeting, forecasting, scheduling and analytics.
Workforce productivity is the amount of goods and services that a group of workers produce in a given amount of time. It is one of several types of productivity that economists measure. Workforce productivity, often referred to as labor productivity , is a measure for an organisation or company, a process, an industry, or a country.