Control labor costs Essay Example | Topics and Well Written Essays - 750 words

crack working class costs - Essay ExampleThe company has to satisfy both the customer and the grasper in order to run a profit oriented business in a highly agonistic world. Laws and legislations governing the custody carry evolved over the passing decades. Labor issues have always been sources of conflict and they ar highly problematic. The employer has to study and develop techniques to control labor costs he must create solutions which throne be implemented and enforced in his company, with a view to garner maximum profits.One of the study reasons for spiraling labor costs is the unauthorized and unscheduled absenteeism of the custody. The attendance and the meter spent by the workforce must be monitored and the lucres must be calculated on the basis of the percentage of the hours worked. This phase of labor monitoring can definitely lead to increasing efficiency. But such a timekeeping remains must be devised which does not in anyway question the employees integrity , but at the same time enables the employer to track the workforce. Labor costs can be kept under control by ameliorate the productivity and efficiency of the employees. This can be done by imparting good training to the workforce and through the use of cost and time saving equipment.The government plays a major role in decisions regarding the compensation rendered to the employees. It is the duty and the responsibility of the government to ensure that the laborers are not subjected to any kind of wage or gender discrimination. The government must prevent exploitation of the workforce, especially child labor. The unemployed and disfavor who are on the dole need both minimum wages and insurance cover, which is provided by the government. The federal official and state governments have laws concerning minimum wages for even jobs with low productivity. Standards have been set by the federal government regarding the compensation of employees. They are Davis Bacon Act (1931), Copeland Act (1934), Walsh-Healey Act (1936), Fair Labor Standards Act (FLSA)(1938), adjoin Pay Act (1963), Title VII of Civil Rights Act(1964), Service Contract Act (1965), Age secernment Act (1967) and Wage Garnishment Law (1968).This is an age of increasing mobility. Multi-national companies employ global nationals, expatriates, local nationals, and third-country nationals. Employees move well-nigh the world therefore it is a highly complicated task to devise compensation packages for employees working in disparate situations. There are different types of employees in multi-national corporation - third country nationals, expatriates and local nationals. terce country nationals are those who belong to another culture or nation having similarities with their place of work. Expatriates are those supporting outside their country of citizenship. Local nationals are those who are employed in the nation of their origin. Employers, by and large, have adopted different paths toward controllin g labor costs. Most of the employers have discovered that investment in labor management can reap the reward of greater efficiency. This in turn, would give rise to happier employees. Efficient labor management techniques can control spiraling labor costs. Data collection for creating the paysheet of employees and the automation of the payroll system reduces labor cost to a great extent. A survey conducted by Clark Consulting in 2004 set in motion that institutional investor limits and uncertainty about the future accounting treatment for stock-based compensation