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Labour cost is a measure of the total cost for the production of an item of delivery of a service. The cost of labour can be calculated in monetary and non-monetary terms but usually has an absolute monetary value attached to it. Labour costs are very important from an operational perspective and most organizations try to keep it as low as possible. Labour productivity is a measurement of the time value of the workforce; more specifically it calculates the value of production vs. time spent producing the goods or services.
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