Wage costs represent the single largest variable overhead within most industries. Productivity in all areas is the key to real profitability. Employees need to be monitored to ensure effective time use. Attendance Recorders or Time Management is increasingly common in work places to reduce time theft and help automate your payroll systems.
Lost Time Cost ($ Per Annum)
The following example is based on the loss of 10 minutes per day per employee.
Formula used:
Number of days (250)
x Number of Employees
x Hourly Rate
/ Time Lost (Hours) ie. 10 mins = 1/6 hour
| Hourly Rate $ |
Employee Numbers | ||||||
| 5 | 10 | 15 | 20 | 25 | 35 | 50 | |
| $13 | $2,708 | $5,417 | $8,125 | $10,833 | $13,542 | $18,958 | $27,083 |
| $14 | $2,917 | $5,833 | $8,750 | $11,667 | $14,583 | $20,417 | $29,167 |
| $15 | $3,125 | $6,250 | $9,375 | $12,500 | $15,625 | $21,875 | $31,250 |
| $16 | $3,333 | $6,667 | $10,000 | $13,333 | $16,667 | $23,333 | $33,333 |
| $17 | $3,542 | $7,083 | $10.625 | $14,167 | $17,708 | $24,792 | $35,417 |
| $18 | $3,750 | $7,500 | $11,250 | $15,000 | $18,750 | $26,250 | $37,500 |
| $19 | $3,958 | $7,917 | $11,875 | $15,833 | $19,792 | $27,708 | $39,583 |
| $20 | $4,167 | $8,333 | $12,500 | $16,667 | $20,833 | $29,167 | $41,667 |
| $21 | $4,375 | $8,750 | $13,125 | $17,500 | $21,875 | $30,625 | $43,750 |
| $22 | $4,583 | $9,167 | $13,750 | $18,333 | $22,917 | $32,083 | $45,833 |
| $23 | $4,792 | $9,583 | $14,375 | $19,167 | $23,958 | $33,542 | $47,917 |
| $24 | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 | $35,000 | $50,000 |
| $25 | $5,208 | $10,417 | $15,625 | $20,833 | $26,042 | $36,548 | $52,083 |
Costs are based on an 8 hour working day
250 days per year (200 hours per year)
Note - This is based on wages paid, not chargeout rates!
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