Nov 102020
 

The number of hours actually worked minus the standard hours allowed for the production achieved multiplied by the standard rate to establish a value for efficiency (favourable) or inefficiency (unfavourable) of the work force

More on banking and finance terms tomorrow, so please come back for more on what the meaning is of words like Labour Efficiency Variance.

Example of Labour Efficiency Variance in use?

Can you provide an example of ‘Labour Efficiency Variance’? If so you could win 100 GBP of Amazon vouchers. Please comment below and one person will be selected at random on [date]. Thank-you

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