Why don’t small businesses measure their employee costs? Largely, it is because they don’t understand the formulae to use. Then there is the time required to analyse the data and make more effective decisions using it. Employees are often a ‘means to an end’, a mystery and time consuming frustration for employers.
The best way to look at your costs is to use a spreadsheet. I have listed the formulae below for your reference. Remember ‘knowledge is power.’
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