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
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“Put God in your debt. Every stroke shall be repaid. The longer the payment is withholden, the better for you; for compound interest on compound interest is the rate and usage of this exchequer.”
—Ralph Waldo Emerson (1803–1882)