Softworks very own Financial Controller, Oliver Mitchell is featured in this month's Accountancy Ireland Magazine, discussing the topic “Maximising profitability by managing and aligning labour resources efficiently”
The costs of the workforce will probably always remain the largest overhead for almost all businesses, no matter what the industry. Imagine that on average, Irish businesses are spending approximately €870,327 (based on an average staff cost of €47,362 p.a.) per minute on their workforce that’s almost €2 billion a week. Capturing what those minutes are spent on can improve productivity and create opportunities for most businesses. In this article, Oliver discusses the three-phrased steps to maximising efficiency and productivity:
Phrase 1: Workforce Profiling
Phrase 2: Maximising Efficiency
Phrase 3: Management Control
For businesses to success in this challenging and competitive environment, it is essential that they understand the true cost of labour and align all costs with associated revenue and business profitability. Once savings are achieved, they can be banked and accumulate on year, maximising the profitability and efficiency of the business.