Tuesday, August 18, 2015

Indicator of Labor Statistics

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The number of personnel at the end of the reporting period is one of the fundamental indications of labor resources of an industry.
The average no. of workers or personnel could be found by summing up the daily number of workers for each calendar day, for some specified time period (say, month).
Day 1         Number of workers
1                         x1
2                         x2
30                      x30
The average listed personnel for the month is
Movement of labor:
Variation in the personnel of number of labors in an industry happen due to following reasons-
1. Regular retirement
2. New recruitement
3. Resignation
4. Death
5. Discharge etc.

The movement of labor for a certain period of time of an industry is denoted by Ml & defined as -
If Ml = .93, then the movement of labor found in this calculation is 0.93.

Labor turnover:
Lt = (No. of workers who leave the industry in specified time)/(No. of employees for the same period)
If an industry is said to have high turnover, it most often means that the laborers of that industry have a shorter tenure. 

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