An efficiency ratio is a measure used to assess the efficiency of labor or an activity over a period by comparing the standard hours allowed for production to the actual hours taken. This metric, typically expressed as a percentage, helps in evaluating how well resources are utilized within a production process.
Human Resource Accounting (HRA) involves reporting and emphasizing the value of the contributions of skilled and loyal employees to a firm's earning potential, and matching an organization's job requirements with the skills and abilities of its labor force in terms of measuring employee productivity contributions.
The North American Industry Classification System (NAICS) is a system for classifying business activities developed jointly by the United States, Canada, and Mexico, using six-digit codes. It replaces the U.S. Standard Industrial Classification (SIC) System.
