Question

This passage below require analysis and breakdown

The above article discusses the importance of cost managing when it comes to hiring employees and dividing the cost between the actual hourly pay in addition to other costs added per employee. cost management is very important to help maintain profitable business and help pay employees for the duties they are hired for and the hours they are to complete without creating a cap or loss. One-way companies help collect such data and manage their cost systems is by setting up clock in and out procedures to help obtain the hours each employee has worked and compare them to productivity and average out the final cost for the position listed for hire. the higher the pay, the higher the expectations of a position and the better it profits the company. Having such data also benefits the management team in figuring out the outliers and react to them immediately to verify if the employees are overly paid, or maybe sometimes underpaid.

Reaction:

I do believe this system is a useful tool to help set up not only the company's future in competing with other companies within the same business line, but also to help being selective in the type of employees to be hired for the right position. being part of a management team myself, metrics is an example used to value how the employee is doing in a job. However, watching tardiness, time clocking and the productivity hours compared to the standards is a successful tool to help placing the data and the actual needs together and verify if there is a requirement for changes. an example would be recently we had to re-evaluate one of our metrics due to a change in one of our main used systems that resulted in a longer talk times over the phones and it was companywide not specific to certain employees. this tool helped making immediate changes.

critically analyse the passage or summarise

critically summarise the passage

Answer 1

Yes definitely it is true that article has been helpful in cost management because A huge part of a company's cost is linked with its human resources. Cost management helps organization to study related to plan, organize and control of cost so that HR cost is lower in addition with other business cost. Organization can estimate cost by gathering and analyzing information of hiring cost, salary or compensation and other cost to perform employees to do their job. This practice can help management to decide what compensation should be paid to employees based on thier position and performance. if they perform better at standard cost then company will gain more profit and productivity..

I agree with standards proposed like time clocking where company can overlook on hours employees worked and how much they should be paid. Tardiness of employees where employees coming late at work will be put to review so that how company can allocate cost to such type of employees.Company should set KPI or standards of performance linked with cost so that cost is less and performance is higher.