Monitor and Track Staff Cost Ratings

Overtime is the amount of time someone works beyond normal working hours. However it is difficult to define normal working hours where businesses have 24 hour or extended work days to provide services for longer in increasingly competitive markets.

Employers that simply choose to compensate workers for higher overtime pay, even if not obliged to do so by law, can incur higher business costs and still experience staff shortage at critical times. This is because the utility or benefit gained from an extra hour of leisure is greater than the utility or benefit gained from the income earned working. Basically staff are paid enough to sustain their current lifestyle without having to work more hours.

Often the problem with staff shortages is not just the number of production hours, but when the hours need to be worked. Evening work, especially Friday, or early Monday working are closely associated with major leisure periods.

Schedule24 Professional not only enables overtime costs to be calculated, but more flexible calculations can be applied to other premium time periods, defined hours, including, and immediately following weekend time, and public holidays.

Different rates can be used for different time ranges. These can be prioritized to dynamically calculate appropriate costs even when shifts involve more than one compensation rate. The flip-side is the variable staff costs can also provide a coherent basis for pricing tariff for customers requiring services during these times.