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The main functions of time keeping department in managing the labour cost are as follows:...What are the different methods used for time keeping?..
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Daily Time Sheets, Weekly Time Sheets, Job Card ...Job Card is a method of recording details of time with reference to the jobs or work orders undertaken by the workers…
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If the company is maintaining a system of time card and job card, the problem of reconciliation becomes simple…
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Excess staffing, Lack of experienced and efficient personnel, Idle time or unusual overtime wages…
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Idle time indicates that time for which wages are paid to the workers but no production is obtained during that time….
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If the idle time payment is normal and controllable: it should be classified as overheads …
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Various methods of remunerating the workers are: Remuneration on Time Basis, Remuneration on Work Basis
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Under Time Rate System, a worker is paid at a specific rate on the basis of time attended irrespective of the production achieved by him..
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Taylor Differential Piece Rate System, Merrick Differential Piece Rate System , Gnatt Task Bonus System…
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Hasley Premium Method, Hasley Weir Premium Method, Rewan Premium System …
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Barth Payment System - Under this system, the wages payable to the workers are computed as below.
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If time saved is less than 50% of the standard time: Rowan system assures more wages than those under Halsey system…
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Group incentive systems is a compensation system in which a group is paid for their combined performance…
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Non-monetary incentives are the benefits which are granted to the workers in the various forms, such as better working conditions….Explain Indirect Monetary Remuneration…
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Labour turnover indicates changes in labour force, showing highly increasing trend or highly decreasing trend….
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Methods used to calculate labour turnover: -Separation Method = (No. of separations in a period/Average number of workers)X 100…
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