B Com Exam > B Com Videos > Cost Accounting > Labour Turnover - Labour Cost, Cost Accounting
Labour Turnover - Labour Cost, Cost Accounting Video Lecture | Cost Accounting - B Com
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FAQs on Labour Turnover - Labour Cost, Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What is labour turnover and how is it calculated? |  |
Ans. Labour turnover refers to the rate at which employees leave a company and are replaced by new hires. It is calculated by dividing the number of employees who leave during a specific period by the average number of employees during that same period, and multiplying the result by 100.
| 2. Why is labour turnover important for cost accounting? | |
Ans. Labour turnover is important for cost accounting as it directly affects the labour cost incurred by a company. High labour turnover can result in increased recruitment and training costs, decreased productivity, and potential loss of skilled workers. By tracking labour turnover, cost accountants can assess the impact on labour costs and identify areas where improvements can be made.
| 3. What are the potential causes of high labour turnover? | |
Ans. High labour turnover can be caused by various factors such as dissatisfaction with job roles or working conditions, lack of career development opportunities, inadequate compensation and benefits, poor management, or limited work-life balance. Identifying the root causes of high turnover is essential for companies to implement effective strategies to reduce it.
| 4. How can cost accounting help in managing labour turnover? | |
Ans. Cost accounting can help in managing labour turnover by providing insights into the costs associated with high turnover. By analyzing the cost of recruitment, training, and lost productivity, cost accountants can work with management to develop strategies to reduce turnover. This may include improving employee engagement, offering competitive compensation and benefits packages, or providing career development opportunities.
| 5. What are the potential benefits of reducing labour turnover? | |
Ans. Reducing labour turnover can have several benefits for a company. It can lead to cost savings by reducing recruitment and training expenses. Additionally, it can improve productivity and employee morale, as well as foster a more stable and experienced workforce. Companies with low turnover rates often have a competitive advantage in attracting and retaining top talent.
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Nov 15, 2024 Last updated |
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