10 Tips To Manage Overtime Cost
1. Identify why overtime is needed.
2. Eliminate activities that waste time in your workforce.
3. Look at automating tasks that take a lot of time to complete.
4. Ensure you have the right people doing the right job.
5. Track employee performance to identify possible problems.
6. Monitor breaks and time in and out.
7. Use a staffing agency when demands peek.
8. Use project managers to push efficiency and reduce wasted time.
9. Communicate cost with employees and stress success depends on keeping costs down.
10. Ask for feedback from employees on how to improve efficiency.
A Collection of Web Pages About Overtime Costs
How to Manage Overtime More Effectively
Not only does overtime rank as one of the biggest ongoing expenses for most companies, but the correct, or incorrect, management of overtime can mean the difference between expensive lawsuits, low morale, and vulnerability to changes in overtime regulations.
During the recent years of tenuous economic times, many employees have been eager to prove themselves as hard workers who don’t complain about working a little extra time—without necessarily including some or all of it on their timesheets…More at http://thebalancesmb.com
How to Reduce Overtime Costs | Homebase
One of the largest single expenses of every local business is labor.
A good rule of thumb is to keep labor costs under 30% of revenue. Nothing can make labor costs creep up quite like overtime — that time-and-a-half your employees earn when they stay late or arrive early.
Reducing overtime costs will save money and ensure that your profits can go back into the business or your pocket…More at http://joinhomebase.com
How to Reduce Overtime While Keeping Employees Productive
While the U.S. workweek is officially 40 hours, Americans have been known to work long hours.
A Gallup Poll has revealed that American’s who work full-time put in an average of 47 hours per week. In addition, nearly 40% of respondents said they work at least 50 hours a week and 25% said they work more than 60 hours a week…More at http://blog.boomr.com
Overtime Out of Control? Effective Strategies You Can Use to Manage these Costs – Astron Solutions
While overtime is often used in the heat of a difficult moment, it can also be successfully incorporated into an organization’s business plan.
If your organization frequently relies on employees clocking extra hours, consider an overtime audit.
Analyze how overtime is currently used, both economically and culturally. How many hours of overtime are used per month?…More at http://astronsolutions.net
5 Smart Strategies for Managing & Reducing Overtime – TZA
It important to recognize that 50% or more of overtime is due to lack of labor planning, failure to meet performance expectations and lack of real time visibility to work progress.
Managers often do not have sufficient insight and control of labor productivity, utilization and scheduling to get a real handle on reducing overtime hours…More at http://tza.com
How to Reduce Overtime Cost in Manufacturing | Aerotek.com
Mounting overtime pay, where each overtime hour can cost “time and a half,” takes a toll on a manufacturer’s payroll expense.
For example, a company averaging 4.7 hours of overtime is paying an overtime premium on 10.5 percent of hours worked (4.7 overtime hours/44.7 total hours) and paying an overtime premium amount equal to 5.3 percent of their payroll…More at http://aerotek.com
6 Productivity Tips That Will Also Reduce Overtime | Workfront
This 1960s-era workplace scene seems almost utopian in 2015. A recent Gallup poll found that the average American workweek, which has traditionally been 40 hours, is now more than 47. According to Workfront CMO Joe Staples:
“That means each week, on average, we end up clocking an entire extra day of work…More at http://workfront.com
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