Labor Cost
Updated:
11/12/24
Labor cost refers to the total expenses an organization incurs to compensate its employees for their work. This includes direct costs, such as wages, salaries, overtime, and bonuses, as well as indirect costs, like benefits, health insurance, retirement contributions, payroll taxes, and training expenses. Accurately calculating labor costs is essential for budgeting, pricing, and financial planning, as it helps businesses assess productivity, manage expenses, and maintain profitability.
Labor cost refers to the total expenses an organization incurs to compensate its employees for their work. This includes direct costs, such as wages, salaries, overtime, and bonuses, as well as indirect costs, like benefits, health insurance, retirement contributions, payroll taxes, and training expenses. Accurately calculating labor costs is essential for budgeting, pricing, and financial planning, as it helps businesses assess productivity, manage expenses, and maintain profitability.
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