Mark it down as a problem that businesses had before COVID that has only gotten worse in the pandemic: finding and retaining workers. As a result, a lot of businesses are having to think creatively about their operations from start to finish to figure out how to handle this challenge. We were recently asked about how to do just that. Check out this blog post to learn more.
Labor-to-Sales Ratio: What is it? And why should I care about it?
Have you wondered if your business has too many or too few employees working? You might want to consider calculating your labor-to-sales ratio. This number is a commonly used performance measure by businesses to track their labor costs and its impact on operations. The labor-to-sales ratio shows the total labor costs for each $1 in sales.
Management Tips for Agribusinesses in the Time of COVID
Dr. Steve Isaacs has been with the University of Kentucky Cooperative Extension program for over 28 years, specializing in farm management programs such as farm financial management, human resource management, and the economics of injury prevention. Dr. Isaacs is a trusted and valued resource for KCARD with his extensive knowledge in agricultural economics and business management. He has also been a mentor or instructor for many KCARD staff over the years.
Q&A with KCARD: Talking to Your Employees
Question: I’m still not sure how COVID-19 is going to affect my farm business. I have 5 employees and I don’t know what to tell them if anything. What do I tell my employees?
Your employees already know this is not a normal spring season. Clearly communicating your plans and decisions will help them avoid assuming the worst and enable them to plan for the coming weeks.
How Do You Get Hiring Right?
Once you decide to hire someone, you need to lay the groundwork for keeping good employee records. What are some recordkeeping basics when you hire someone?