Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Calculate staffing requirements for a manufacturing company. How many employees.

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Presentation transcript:

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Calculate staffing requirements for a manufacturing company. How many employees does it take to make and sell your products?

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Lesson Objective: Students will understand how to calculate the number of employees needed, the cost of those employees.

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Number of Employees: My company wants to produce 100 shirts each day. One employee can make a single shirt in 20 minutes. We work 8 hours a day. How many employees do I need to hire? Use this equation: Products Needed Hours Worked x Products made per hour

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Number of Employees: My company wants to produce 100 shirts each day. One employee can make a single shirt in 20 minutes. We work 8 hours a day. How many employees do I need to hire? Use this equation: Products Needed Hours Worked x Products made per hour

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Number of Employees: My company wants to produce 100 shirts each day. One employee can make a single shirt in 20 minutes. We work 8 hours a day. How many employees do I need to hire? Use this equation: x 3 ( or 60 minutes ÷ 20 minutes per shirt)

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Number of Employees: My company wants to produce 100 shirts each day. One employee can make a single shirt in 20 minutes. We work 8 hours a day. How many employees do I need to hire? Use this equation: x 3 = = But you cant hire th of an employee, so round it up to 5 Employees.

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Practice Now my company wants to produce 1,000 shirts each day. One employee can make a single shirt in 30 minutes. We work 8 hours a day. How many employees do I need to hire?

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Practice Now my company wants to produce 1,000 shirts each day. One employee can make a single shirt in 30 minutes. We work 8 hours a day. How many employees do I need to hire? 1,000 8 x 2 1, = 63 Employees ==

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Employment Costs: If I own a company of 500 employees, how much does my company have to make in order to pay them $10.00 an hour? Assume they all work 8 hours a day, 5 days a week, and 50 weeks a year.

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Employment Costs: If I own a company of 500 employees, how much does my company have to make in order to pay them $10.00 an hour? Assume they all work 8 hours a day, 5 days a week, and 50 weeks a year.

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Employment Costs: If I own a company of 500 employees, how much does my company have to make in order to pay them $10.00 an hour? Assume they all work 8 hours a day, 5 days a week, and 50 weeks a year.

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Employment Costs: If I own a company of 500 employees, how much does my company have to make in order to pay them $10.00 an hour? Assume they all work 8 hours a day, 5 days a week, and 50 weeks a year.

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Employment Costs: But wages are not the only cost. Other costs associated with employees: Taxes Benefits (Insurance, Sick Pay, Vacation, etc) Training Hiring Record Keeping And Much More…

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Employment Costs: Mandatory Required by Law: 1- Social Security Tax: The employer is responsible for half of the employee’s Social Security Tax, or 6.2% (that’s 12.4% ÷ 2) of their income. 2- Medicare Tax: The employer is responsible for half of the employee’s Medicare Tax, or 1.45% (that’s 2.9% ÷ 2) of their income. 3- Unemployment Insurance: The employer is also responsible for up to $434 in unemployment insurance for each employee.

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Employment Costs: Discretionary Necessary, but not required: 1.Hiring Costs 2.Training Optional, but expected: 1.Vacation Days 2.Holidays 3.Sick Pay 4.Pension Plan 5.Profit Sharing 6.Health & Life Insurance 7.Bonuses & Incentives 8.Non-Working Time 9.Miscellaneous Benefits

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements Employment Costs: “True” Cost Put it all together and you can expect an employee’s true cost to be up to 2xs the salary they are paid. For Example: If Sue is paid $10.00 an hour, her employer is actually paying closer to $20.00 an hour to have her as an employee.

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements If I own a company of 20 employees, how much does my company have to make in order to pay them $5.00 an hour? Assume they all work 8 hours a day, 5 days a week, and 50 weeks a year. What are the three employment costs required by law?

Copyright 2016 © W. Seth Hunter ConsumerMath.org L7.1 Staffing Requirements If I own a company of 20 employees, how much does my company have to make in order to pay them $5.00 an hour? Assume they all work 8 hours a day, 5 days a week, and 50 weeks a year. What are the three employment costs required by law?