employee benefits companies must consider many personnel costs. these costs include employee...
TRANSCRIPT
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Employee Benefits
Companies must consider many personnel costs. These costs include employee benefits, such as health insurance and vacation days.
What are other employee benefits?
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Lesson Objective
Compute total employee training costs.
Content Vocabulary
release timerelease time
Time an employee spends away from the job for which a business will still pay a regular salary, such as for a training program.
release time
Time an employee spends away from the job for which a business will still pay a regular salary, such as for a training program.
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Acme Manufacturing Company chose eight employees to attend a training program in computer assisted manufacturing (CAM) held within the company. The employees were paid their regular wages while attending the 2-day program. Their combined wages amounted to $512 a day.
Example 1Example 1
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The production control manager, who earns $168 a day, was the course instructor. Refreshments were brought in twice a day at a cost of $45.70 per day. Supplies for the program amounted to $35 per person.
What was the total cost of the training program?
Example 1 (cont.)Example 1 (cont.)
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Find the cost of release time.
2 days × $512.00 = $1,024.00
Example 1 Answer: Example 1 Answer: Step 1Step 1
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Find the cost of instruction.
2 days × $168.00 = $336.00
Example 1 Answer: Example 1 Answer: Step 2Step 2
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Find the additional costs.
(2 × $45.70) + (8 × $35.00) =
$91.40 + $280.00 = $371.40
Example 1 Answer: Example 1 Answer: Step 3Step 3
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Find the total training cost.
Cost of + Cost of + AdditionalRelease Instruction Costs Time
$1,024.00 + $336.00 + $371.40 = $1,731.40
Example 1 Answer: Example 1 Answer: Step 4Step 4
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Jergen Pharmaceuticals is sending 7 technicians to a 2-day conference.
Five of the technicians earn $186 per day while the other 2 earn $138.80 per day.
Registration costs $128 per person.
What is the total training cost?
Practice 1Practice 1
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$3,311.20
Practice 1 AnswerPractice 1 Answer