Labor Productivity Homework Help
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A firm is based on many factors and aspects and in order to retain its position in market and increase its value, it has go undergo a certain amount of profit every year. Even the share holders that invest in the company expect a good return of their money. A production based company always relies for profit over 4-M’s i:e; Material, Man, Machine and Money. Man being the most abundant and important factor is also termed as labor. A labor is the soul of production sector. Their experience and dedication saves the company being a loss bearer. The real economic output per hour by a labor is called as labor productivity. Over a defined period of time this productivity is calculated and various measures are taken if optimization chances occur. From our segment of labor productivity homework help, we utilize our resources in production sector to find out all such information regarding various methods of labor productivity optimization.
Importance of measuring labor productivity
As explained in the above passage, labor productivity is somehow related directly to improve living standards. In any economy, if labor productivity grows, more amounts of goods and services can be produced for the same amount of work hours. This ultimately results in consumption of more services and goods for a uniformly increasing reasonable price. In our labor productivity homework help we deliver the solutions for various problems and numerical regarding finding work hours of a firm’s labor section based on given data and suggest optimization methods. The following short terms also represent the role of labor productivity in the growing economy.
a. Growth in labor productivity will directly result in fluctuation of physical capital.
b. Increases the demand of mass production and utilization of technology as assembly lines and robot manipulators.
c. The sum of total output and labor hours provides us with high level labor productivity.
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Methods of improving labor productivity
A continuous growth in labor productivity will show drastic changes in production growth. The optimized labor work time is always a necessity. Some of these methods are ultimately compiled and presented by our labor productivity homework help team as follows
i. By continuous checking for idle time of workers
ii. By avoiding overtime
iii. Reduction in labor turnover can be a good way to make labor loyal
iv. Recruitment of skillful trainers and workers
v. Setting standards for workers
vi. Remuneration to workers for overtime if any as per norms.
vii. Incentive scheme introduction for labor
viii. Benefits like accommodation. Medical etc. attracts good man power
ix. Creating quality circle and conducting meetings to motivate the workers.
Measurement formulas for labor productivity measurement
1. Output per man hour = output/man hours used
2. Output per rupee for wage paid = output/total wage
3. 3. Output per worker = output/total no. of workers
4. Sale value per worker = sales value/total no. of workers
5. Added value per rupee of wage = added value of product/total wage
6. Wages per unit of product = direct wage/no. of units
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