Description
Title: Labor Productivity and Personnel Costs: The Case of European Manufacturing Industry
Abstract: The article’s goal is to assess how personnel costs affect apparent labor productivity using manufacturing industry panel data from 1995 to 2018 from 27 European nations. We used the t-test for independent samples, correlation analysis, Granger causality test, unit root test, and ARDL. The analysis demonstrates that there is a long-term relationship between personnel costs and apparent labor productivity. The impact of personnel costs on apparent labor productivity is not significantly different across European countries, but it varies over time. Companies frequently try to increase turnover in order to lower the cost of goods sold rather than raising wages because doing so reduces their profit. According to this study, rising personnel costs do not always translate into decreased profitability. If the turnover per employee is stable, the growth in personnel costs raises the gross operating rate. The apparent labor productivity is positively impacted by turnover growth, but the gross operating rate is negatively impacted. Because of this, the effect of personnel costs on apparent labor productivity is much greater than the effect of turnover.
Keywords: labour productivity; personnel costs; wages; manufacturing industry
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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