{"id":3330,"date":"2020-02-14T15:29:22","date_gmt":"2020-02-14T15:29:22","guid":{"rendered":"https:\/\/commerceiets.com\/?p=3330"},"modified":"2020-02-14T15:29:22","modified_gmt":"2020-02-14T15:29:22","slug":"labor-turnover","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/labor-turnover\/","title":{"rendered":"LABOR TURNOVER"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_72 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/labor-turnover\/#LABOR_TURNOVER\" title=\"LABOR\nTURNOVER\">LABOR\nTURNOVER<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/labor-turnover\/#Labor_Turnover_of_an_organization_is_change_in_the_labor_force_during_a_specified_period_measured_against_a_suitable_index\" title=\"Labor Turnover of an organization is change in the labor force during a specified period measured against a suitable index.\">Labor Turnover of an organization is change in the labor force during a specified period measured against a suitable index.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/commerceiets.com\/labor-turnover\/#CAUSES_OF_LABOR_TURNOVER\" title=\"CAUSES OF LABOR TURNOVER\">CAUSES OF LABOR TURNOVER<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/commerceiets.com\/labor-turnover\/#EFFECTS_OF_LABOR_TURNOVER\" title=\"EFFECTS OF LABOR TURNOVER\">EFFECTS OF LABOR TURNOVER<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/commerceiets.com\/labor-turnover\/#MEASUREMENT_OF_LABOR_TURNOVER\" title=\"MEASUREMENT OF LABOR\nTURNOVER\">MEASUREMENT OF LABOR\nTURNOVER<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/commerceiets.com\/labor-turnover\/#COST_OF_LABOR_TURNOVER\" title=\"COST OF LABOR TURNOVER\">COST OF LABOR TURNOVER<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/commerceiets.com\/labor-turnover\/#REMEDIAL_STEPS_TO_MINIMISE_LABOR_TURNOVER\" title=\"REMEDIAL STEPS TO MINIMISE\nLABOR TURNOVER\">REMEDIAL STEPS TO MINIMISE\nLABOR TURNOVER<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/commerceiets.com\/labor-turnover\/#CONCLUSION\" title=\"CONCLUSION\">CONCLUSION<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"has-text-align-center wp-block-heading\" id=\"labor-turnover\"><span class=\"ez-toc-section\" id=\"LABOR_TURNOVER\"><\/span><strong>LABOR\nTURNOVER<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"labor-turnover-of-an-organization-is-change-in-the-labor-force-during-a-specified-period-measured-against-a-suitable-index\"><span class=\"ez-toc-section\" id=\"Labor_Turnover_of_an_organization_is_change_in_the_labor_force_during_a_specified_period_measured_against_a_suitable_index\"><\/span>Labor Turnover of an organization is change in the labor force during a specified period measured against a suitable index. <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Labor turnover is the ratio of the number of persons leaving in a period to the average number employed. It is the change in the composition of the labor force in an organization. It can be measured by relating the engagements and losses in the labor force to the total number employed at the beginning of the period. All the losses must be taken into account regardless of the cause for leaving.<\/p>\n\n\n\n<p>The\nrate of Labor Turnover in an industry depends upon several factors such as,\nnature of the industry, its size, location and composition of the labor force.\nA controlled level of Labor Turnover is considered desirable because it helps\nthe firm to adjust the size of its labor force in response to needs such as for\nseasonal changes or changes in technology.<\/p>\n\n\n\n<p><strong>EXAMPLE<\/strong><\/p>\n\n\n\n<p>If\n20 employees leave an organization in a year and the average labor force is\n400, then the labor turnover is 5%. <\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"causes-of-labor-turnover\"><span class=\"ez-toc-section\" id=\"CAUSES_OF_LABOR_TURNOVER\"><\/span><strong>CAUSES OF LABOR TURNOVER <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The main causes of labor turnover in an organization\/industry can be broadly classified under the following three heads: <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"580\" height=\"343\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-2.png\" alt=\"\" class=\"wp-image-3334\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-2.png 580w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-2-300x177.png 300w\" sizes=\"auto, (max-width: 580px) 100vw, 580px\" \/><\/figure>\n\n\n\n<p><strong>Personal Causes: <\/strong>Personal causes are those which induce or compel workers to leave their jobs such causes includes the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Change\nof jobs for betterment. <\/li><li>Premature\nretirement due to ill health or old age.<\/li><li>Domestic\nproblems and family responsibilities.<\/li><li>Discontentment\nover the jobs and working environment. <\/li><\/ul>\n\n\n\n<p>In\nall the above cases the employee leaves the organization at his will and,\ntherefore, it is difficult to suggest any possible remedy in the first three\ncases. But the last one can be overcome by creating conditions leading to a\nhealthy working environment. For this, officers should play a positive role and\nmake sure that their subordinates work under healthy working conditions. <\/p>\n\n\n\n<p><strong>Unavoidable causes: <\/strong>These are those under which it becomes obligatory on the part of management to ask some or more of their employees to leave the organization, such causes are summed up as listed below: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Seasonal\nnature of the business<\/li><li>Shortage\nof raw materials, power, slack market for the product etc <\/li><li>Change\nin the plant location<\/li><li>Disability,\nmaking a worker unfit for work<\/li><li>Disciplinary\nmeasures<\/li><li>Marriage\n(generally in the case of women). <\/li><\/ul>\n\n\n\n<p><strong>Avoidable causes:<\/strong> These are those causes which require the attention of management on a continuous basis so as to keep the labor turnover ratio as low as possible. The main causes under this case are indicated below:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Dissatisfaction\nwith job, remuneration, hours of work, working conditions, etc.<\/li><li>Strained\nrelationship with management, supervisors or follow workers.<\/li><li>Lack\nof training facilities and promotional avenues.<\/li><li>Lack\nof recreational and medical facilities.<\/li><li>Low\nwages and allowances. <\/li><li>Proper\nand timely management actions reduce the labor turnover appreciably so far as\navoidable causes are concerned. <\/li><\/ul>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"effects-of-labor-turnover\"><span class=\"ez-toc-section\" id=\"EFFECTS_OF_LABOR_TURNOVER\"><\/span><strong>EFFECTS OF LABOR TURNOVER <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>It increases cost of production due to the following reasons: <\/li><li><a href=\"https:\/\/commerceiets.com\/elements-of-cost\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Cost (opens in a new tab)\">Cost<\/a> of selecting\/replacing workers<\/li><li>Cost of training imparted to new workers<\/li><li>Production planning cannot be properly executed and this results in production loss<\/li><li>Loss due to defectives and wastage<\/li><li>Loss due to mishandling of tools, equipments, breakages, etc.<\/li><\/ul>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"measurement-of-labor-turnover\"><span class=\"ez-toc-section\" id=\"MEASUREMENT_OF_LABOR_TURNOVER\"><\/span><strong>MEASUREMENT OF LABOR\nTURNOVER<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The\nfollowing are the various methods to measure the labor turnover:<\/p>\n\n\n\n<p><strong>Separation Method<\/strong><\/p>\n\n\n\n<p>This method considers, and gives importance only to the number of separations, without reference to the replacements. Accordingly, we get the separation rate under this method. If, for instance, the total number of workers on rolls during the year under review was 10,000 and the number of leaving is 500, the turnover rate would be:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"458\" height=\"109\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-3.png\" alt=\"\" class=\"wp-image-3335\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-3.png 458w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-3-300x71.png 300w\" sizes=\"auto, (max-width: 458px) 100vw, 458px\" \/><\/figure>\n\n\n\n<p><strong>Replacement Method<\/strong><\/p>\n\n\n\n<p>Under this method, the turnover ratio is obtained by dividing the number of replacements during a given period by the average number of workers on rolls during the same period. This method thus considers only the number replacements and not the number of separations. Taking the example given above, if out of 500 workers who left, only 400 are replaced, the turnover ratio would be:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"458\" height=\"99\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-4.png\" alt=\"\" class=\"wp-image-3336\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-4.png 458w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-4-300x65.png 300w\" sizes=\"auto, (max-width: 458px) 100vw, 458px\" \/><\/figure>\n\n\n\n<p><strong>Flux\nMethod<\/strong><\/p>\n\n\n\n<p>This method is a combination of the separation and replacement methods. As such, it considers not only the number of workers who are displaced but also those that are appointed in their places during the same period. Suppose the number of workers on rolls during the commencement of the year were 10,000, and at the end of the year 8,000, the number of separations and number of replacements during the year were 1,500 and 1,200 respectively, the flux rate of turnover would be:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"533\" height=\"122\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-5.png\" alt=\"\" class=\"wp-image-3337\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-5.png 533w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-5-300x69.png 300w\" sizes=\"auto, (max-width: 533px) 100vw, 533px\" \/><\/figure>\n\n\n\n<p><strong>Additions Method<\/strong><\/p>\n\n\n\n<p>Under\nthis method, number of employees added during a particular period is taken into\nconsideration for computing the Labor Turnover. <\/p>\n\n\n\n<p><strong>Labor Turnover =(Number of additions\/Average\nnumber of workers during the period) \u00d7100<\/strong><\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"cost-of-labor-turnover\"><span class=\"ez-toc-section\" id=\"COST_OF_LABOR_TURNOVER\"><\/span><strong>COST OF LABOR TURNOVER <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Increasing Labor Turnover is a double edged malady. It reduces the productivity of labor and resulting in high costs. The cost of Labor Turnover may be analyzed under two broad headings:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"407\" height=\"158\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-6.png\" alt=\"\" class=\"wp-image-3338\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-6.png 407w, https:\/\/commerceiets.com\/wp-content\/uploads\/2020\/02\/image-6-300x116.png 300w\" sizes=\"auto, (max-width: 407px) 100vw, 407px\" \/><\/figure>\n\n\n\n<p><strong>Preventive CostS: <\/strong><\/p>\n\n\n\n<p>Preventive\nCosts refer to all those items of expenditure which are incurred in order to\nkeep the workers satisfied and thus to act as discouragement against leaving\nemployment. Preventive Costs may be further grouped under the following heads: <\/p>\n\n\n\n<p><strong>1. Personnel administration: <\/strong>Most concerns would have a Personnel Department which is entrusted with recruitment, training, and other problems arising out of the employment of the labor force. Obviously, the entire expenditure of the department cannot be treated as labor turnover costs but a portion of the costs which related to the efforts of the Personnel Manager in maintaining good relationship between the management and the staff should be treated as Preventive Labor Turnover Cost. The labor force remains satisfied if properly looked after and if grievances are sympathetically considered. <\/p>\n\n\n\n<p><strong>2. Medical Service (Preventive and Curative) Care <\/strong>for own health and that of family members gets prior consideration with the workers who prefer those concerns where medical services are available. Further, a healthy worker is an asset of the firm as he is able to make substantial contribution towards higher efficiency and productivity. <\/p>\n\n\n\n<p><strong>3. Welfare activities and Schemes: <\/strong>These include facilities like subsidised canteens, co-operative store, laundry and washing services, sports, housing schemes, transport, and educational facilities. These facilities are as good as higher wages offering incentive to the worker to stay with the firm. <\/p>\n\n\n\n<p><strong>4. Miscellaneous Schemes<\/strong> such as Pension or Provident Fund Schemes, Bonus, High Wage and Other Incentive Schemes Greater the advantage these prerequisites offer, the lower will be the rate of Labor Turnover. <\/p>\n\n\n\n<p><strong>Replacement Costs<\/strong><\/p>\n\n\n\n<p>Replacement\nCosts are those costs which are incurred for the recruitment and training of\nnew hands and the resulting losses, wastages and lowering of productivity due\nto the inexperience and inefficiency of the new labor force. Replacement Costs\nconsist of the following: <\/p>\n\n\n\n<p><strong>1. Loss of output due to delay in obtaining new workers :<\/strong>As suitable workers may not be available readily, there is a time gap before a new worker can replace the old one. During this period, some output may be maintained by retaining surplus labor force to meet such contingencies or by working overtime. All such extra cost should be taken as labor turnover cost. <\/p>\n\n\n\n<p><strong>2. Employment Department Expenses: <\/strong>With the increase in the tempo of recruitment, additional work is thrown on the Employment or Personnel Department. Administrative expenditure is incurred for the selection, test and medical examination of the new hands for writing initial document like service records, fund accounts, etc. <\/p>\n\n\n\n<p><strong>3. Induction Training for new workers: <\/strong>Unless skilled workers are recruited (more likely on higher rates of pay ) who can be at right way put on jobs, the average worker has to be given some induction training before he is fit to be put on his assigned work. For certain categories of skilled and highly skilled jobs, intensive training for some period may be essential. <\/p>\n\n\n\n<p><strong>4. Inefficiency of new workers: <\/strong>The efficiency of new hands be generally low, productivity is reduced and cost increases. <\/p>\n\n\n\n<p><strong>5. Cost of tool and machine breakage: <\/strong>While on training and the initial stages of work after completion of training, the worker is likely to break tools more frequently on account of his inexperience. <\/p>\n\n\n\n<p><strong>6. Cost of Scrap and Defective Work: <\/strong>A new worker is likely to spoil work and although in most cases responsibility can be fixed on him and no wages paid for the scrapped work, the expenditure incurred on material and wages for the earlier operations done on the job becomes waste. <\/p>\n\n\n\n<p><strong>7. Cost of Accidents: <\/strong>On account of his inexperience, the new worker is apt to disregard safety rules and he is thus more prone to accidents. It may be noted that the increases in labor costs due to high Labor Turnover contribute to create an inflationary trend in the industry. <\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"remedial-steps-to-minimise-labor-turnover\"><span class=\"ez-toc-section\" id=\"REMEDIAL_STEPS_TO_MINIMISE_LABOR_TURNOVER\"><\/span><strong>REMEDIAL STEPS TO MINIMISE\nLABOR TURNOVER <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The\nfollowing steps are useful for minimising labor turnover. <\/p>\n\n\n\n<p><strong>1. Exit Interview: <\/strong>An interview may be\narranged with each outgoing employee to ascertain the reasons of his leaving\nthe organization. <\/p>\n\n\n\n<p><strong>2. Job analysis and\nevaluation:<\/strong>\nBefore recruiting workers, job analysis and evaluation may be carried out to\nascertain the requirements of each job. <\/p>\n\n\n\n<p><strong>3. Scientific system of\nrecruitment, placement and promotion: <\/strong>The\norganization should make use of a scientific system of recruitment selection,\nplacement and promotion for employees. <\/p>\n\n\n\n<p><strong>4. Enlightened attitude of\nmanagement : <\/strong>The\nmanagement should introduce the following steps for creating a healthy working\natmosphere. Service rules should be framed, discussed and approved among\nmanagement and workers, before their implementation. Provide facilities for\neducation and training of workers. Introduce a procedure for settling workers\ngrievance. <\/p>\n\n\n\n<p><strong>5. Use of Committee:<\/strong> Issues like control over\nworkers handing their grievances etc., may be dealt by a committee, comprising\nof members from management and workers.<\/p>\n\n\n\n<h4 class=\"has-text-align-center wp-block-heading\" id=\"conclusion\"><span class=\"ez-toc-section\" id=\"CONCLUSION\"><\/span><strong>CONCLUSION<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>An index or norm may be fixed depending on the usual labour turnover in the industry or the labour turnover in the past. The rate of labour turnover depends on a number of factors like the nature of the industry, its size, location, nature of labour etc. A high labour turnover must be investigated. A low labour turnover points out the lack of flexibility or it may be due to inefficient workers not willing to leave the organisation.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/cost-accounting\/\">Cost Accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-cost-accounting-pdf\/\">Scope of cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/elements-of-cost\/\">Elements of cost<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/types-of-cost\/\">Types of cost<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/material-control-in-cost-accounting-pdf\/\">Material control<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/perpetual-inventory-system\/\">Perpetual inventory system<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/pricing-of-materials\/\">Pricing of materials<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/bin-card\/\">Bin Card<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/store-ledger\/\">Stores Ledger<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/incentive-plans\/\">Incentive plans<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/overhead\/\">Overheads<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-treatment-of-idle-time\/\">Idle time<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/system-of-wage-payment-in-cost-accounting\/\">System of wage payment in cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-time-rate-system-and-piece-rate-system\/\">Time rate vs piece rate wage system<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-centre\/\">Cost Center<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/labor-turnover\/\">Labour Turnover<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/difference-between-management-accounting-and-cost-accounting\/\">Difference between management accounting and cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/allocation-and-apportionment-of-overheads\/\">Allocation and apportionment of overheads<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-allocation-and-apportionment-of-overheads\/\">Allocation vs Apportionment of overheads<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/absorption-of-overheads\/\">Absorption of overheads<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/over-absorption-and-under-absorption-of-overheads\/\">Over absorption and under absorption of overheads<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/activity-based-costing\/\">Activity based costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-traditional-costing-and-activity-based-costing\/\">Traditional costing vs ABC system<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/reconciliation-of-accounts\/\">Reconciliation of accounts<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/unit-costing\/\">Unit costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-sheet-format\/\">Cost sheet format<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-sheet-vs-production-account\/\">Cost sheet vs production sheet<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/job-costing\/\">Job costing<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/batch-costing\/\">Batch Costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-job-costing-and-batch-costing\/\">job costing vs batch costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/contract-costing\/\">Contract costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-job-costing-and-contract-costing\/\">Job Costing vs Contract costing<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/process-costing\/\">Process Costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-costing-vs-job-costing\/\">Process costing vs job costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/joint-products\/\">Joint products<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/by-products\/\">By Product&nbsp;<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/equivalent-production\/\">Equivalent production<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/marginal-costing\/\">Marginal costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/applications-of-marginal-costing\/\">Application of marginal costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-volume-profit-analysis\/\">Cost volume profit analysis<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/tools-and-techniques-of-marginal-costing\/\">Tools and techniques of marginal costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/budget\/\">Budget<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/break-even-point\/\">Break even point<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-of-budgetary-control\/\">Process of budgetary control<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/explain-the-advantages-and-limitations-of-budgetary-control\/\">Advantages and limitations of budgetary control<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/budgetary-control\/\">Budgetary Control<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/zero-base-budgeting\/\">Zero base budgeting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/standard-costing\/\">Standard Costing<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/variance-analysis\/\">Variance Analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-standard-costing-and-budgetary-control\/\">Standard costing vs budgetary control<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-management-accounting-and-cost-accounting\/\">Management accounting vs cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-financial-accounting-management-accounting-and-cost-accounting\/\">Cost accounting vs financial accounting<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"152\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg\" alt=\"Difference between Financial Accounting Management Accounting and Cost accounting\" class=\"wp-image-4836\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg 512w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1-300x89.jpg 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><figcaption>LABOR TURNOVER<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>LABOR TURNOVER Labor Turnover of an organization is change in the labor force during a specified period measured against a suitable index. Labor turnover is the ratio of the number of persons leaving in a period to the average number employed. It is the change in the composition of the labor force in an organization&#8230;.<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/labor-turnover\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;LABOR TURNOVER&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":3332,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[],"class_list":["post-3330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cost-accounting"],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/3330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=3330"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/3330\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/3332"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=3330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=3330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=3330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}