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Related Experiment Videos

Costing out a wage and benefit package.

R E Allen, T J Keaveny

    Compensation Review
    |December 12, 1982
    PubMed
    Summary

    Understanding labor agreement costs is crucial for contract negotiations. This guide presents a basic costing approach, highlighting limitations and emphasizing the impact on organizational profits and the time value of money.

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    Area of Science:

    • Labor Economics
    • Organizational Management
    • Human Resources

    Background:

    • Labor costs are a significant operational expense for organizations.
    • Compensation packages are negotiated in unionized environments, requiring cost analysis.
    • Accurate costing is vital for both management and union negotiators.

    Purpose of the Study:

    • To present a standard approach for costing labor agreements.
    • To identify criticisms and limitations of the standard costing method.
    • To provide guidance for negotiators and wage/benefit administrators.

    Main Methods:

    • The article outlines a standard methodology for costing wage and benefit packages.
    • It discusses the direct costs associated with compensation agreements.
    • It highlights the need to consider indirect impacts and financial principles.

    Main Results:

    • The standard approach often assumes historical patterns and focuses on direct costs.
    • It may neglect the impact on organizational profits and the time value of money.
    • A more comprehensive analysis is needed for multi-year contracts.

    Conclusions:

    • The presented costing approach has limitations, including a narrow focus on direct costs and ignoring financial principles.
    • Negotiators must be aware of these limitations and seek further guidance.
    • A thorough understanding of costing impacts organizational financial health.

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