labor costs
Payroll budget line
Labor costs are the total expenses a business incurs for its workforce, including wages, salaries, benefits, and payroll taxes.
They typically represent a major portion of operating expenses: Rising labor costs forced the company to automate.
In economics and business analysis, labor costs per unit of output measure productivity and competitiveness.
- salariesFixed regular payments for work
- wagesPayment for work
- payrollStaff wages collectively
- bread and butterPrimary source of income
- hourly payCompensation calculated per hour
time and a half · overtime pay · performance bonuses · minimum wage · exploitation · workforce · training expenses · market demand · outsourcing · sweat equity · staffing · employee benefits · automation · wage inflation · sweatshop · pennies on the dollar · race to the bottom · hiring
- business costsadministrative fees, cost of goods sold, raw materials, materials, components
- production economicsinputs, outputs, output, total cost, marginal cost
- transport financepassenger fares, pricing strategy, cost structure, baggage fees, landing fees
- business financeaccounting, balance sheet, revenue stream, profit margin, budget
- business termsfranchising, revenue stream, board meeting, gross margin, markdown
- economicssupply and demand, inflation, GDP, GNP, gross domestic product
labor costsmaterial costs
Spending on raw inputs
materials · capital expenditure · capital expenditures · fixed costs · overhead costs
labor costsproductivity gains
Improved output per input
cost savings · revenue · income · profit