Labour cost refers to the amount of money paid to the people who are engaged in the production of goods. In manufacturing businesses, often management will break down labour cost into direct cost and indirect cost. The nature of labour whether it is direct or indirect depends upon the contribution of labour towards production. If they are directly engaged in [...]
Everything you need to know about the causes for labour turnover. Labour turnover is a natural phenomenon occurring because of social and economic causes. However, while analysing these causes, it is necessary to distinguish between normal labour turnover and excessive labour turnover. The logic behind such a classification is the problem to be faced by the management due to excessive [...]
In every economic field the market of labour is affected by the demand and supply powers. The supply of labour is considered on the basis of population, different age groups, participation of sex ratio and their education. Supply of labour is related with that quantity and rate at which the labourers are ready to work. According to Rees following are [...]