The overtime rate calculates the ratio between employee overtime with the regular hours in a specific time period. Even if the work is planned or scheduled, it can still be considered overtime if it exceeds what is considered the standard work week in that jurisdiction.
A high overtime rate is a good indicator of a temporary or permanent high workload. It could result in a higher illness Rate, higher labor costs, and lower productivity.
Read more about Overtime Rate: Calculation Formula
Famous quotes containing the word rate:
“You are more than entitled not to know what the word ‘performative’ means. It is a new word and an ugly word, and perhaps it does not mean anything very much. But at any rate there is one thing in its favor, it is not a profound word.”
—J.L. (John Langshaw)