Unlock Hidden Insights: Track Labor Hours for Smarter Business Decisions

Wouldn't it be cool to know your company's total labor hours for last year? And the year before that and the year before that...

You could do some action-worthy analysis with the total hours.

You could create a spreadsheet that tracks your total hours by year to see how you've grown. The data in the spreadsheet can easily be used to create a trendline chart.

Here's a Microsoft video on how to create a chart.

The trendline chart enables you to forecast labor hours for the current year, aiding in your staffing decisions. How many more employees will you need if you grow another 10%?

Here's another valuable insight from knowing your total labor hours by year - you can calculate your average hourly wage by dividing your overall labor costs, which include payroll taxes, workers' compensation, and benefits, by your total hours worked. Just get your labor expenses from your payroll system.

Do this for each year and see how your average hourly wage has changed (and is likely to keep changing with another trendline chart). Now, you have a more informed expectation of your future labor costs and, more importantly, how you need to bid on contracts.

Our ACA: FT Status—Monthly report is the fastest and easiest way to see your total labor hours by year. It is located under Reports, By Employee, at the bottom of the list.

Chronotek has a storehouse of data to help you make better business decisions.

You may uncover more insightful ways to use this data. If so, please let us know!

If you have any questions, let us know. 😊

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Take a peek at our new platform, Chronotek Pro.

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