How to Reduce your Labor Costs
Why Should You AttendRising all-in labor costs are one of the most significant challenges facing employers today. Labor cost increases are primarily attributable to wage and healthcare cost inflation. This webinar represents Part 1 of a two-part series that focuses on opportunities to reduce and/or mitigate rising all-in labor costs. This module highlights two specific cost reduction opportunities. Modifications to an organization’s compensation structure or to its workforce composition have the potential to significantly mitigate rising labor costs over time. In fact, changes to a company’s workforce composition can be one of the most “union-friendly” cost reduction opportunities available. This webinar illustrates numerous practical alternatives for organizations to consider in addressing rising all-in labor costs.
Part 2 of the series focuses primarily on cost reduction opportunities relative to health care and other benefit costs.
- Develop an in-depth understanding of the numerous financial elements that should be considered when calculating all-in labor costs
- Understand several internal and external factors to take into consideration when contemplating modifications to compensation
- Compare and contrast employee/union versus company preferences with respect to compensation alternatives
- Recognize strategic opportunities to offer lump sums and/or variable compensation versus fixed wage increases
- Understanding of the key attributes plus the financial and non-financial metric aspects that should be considered when designing a variable compensation program
- Obtain a clear understanding of how changes to a company’s workforce composition can be one of the most “union-friendly” opportunities to significantly reduce and/or mitigate rising all-in labor costs over time
- Appreciate that there are several distinct alternatives to facilitate modifications to a company’s workforce composition
Who Will Benefit
- Directors / Vice Presidents
- Labor Relations professionals
- Anyone involved in the union negotiations process (including Communications, Finance teams, etc.)