Question

List three labor cost-savings activities that you believe would be most effective for your current employer or a job you have worked previously. Be sure to provide details specific to your job and clarify what your job title and tasks were. Give rational for each of the labor cost-savings activities.

Answer 1

I have been an employee of a top telecommunication company in India as a finance executive and was involved in invoice processing and books closure activities. Based on my work experience, I can suggest these 3 top labour cost - saving activities:

A) In many organizations, the systems are outdated. Management does not replace the system because it would be a cost for the company. However, this reduces the efficiency of the employees considerably. Thus, all systems should be updated.

B) Another problem I faced is training required for the job. Telecom is a very specific industry and financial accounting depends on deep understanding of the technicalities . No industry specific training was provided which resulted as me not performing up to the mark in in the initial months. This problem can be avoided by providing induction training and on the job tr aining to existing employees. It would increase the cost slightly in the short run, but will be beneficial in terms of efficiency in the long run.

C) All invoices in the company had to be signed by 3 levels of approvers. 4 employees were there to carry the physical documents to each approver and getting them signed. This process can be automated by intoduced image based approvals and cost of 4 employees can be saved by the company.