Salary to revenue ratio by industry. Understanding and optimizing this .

Salary to revenue ratio by industry Aug 27, 2024 · Payroll to Revenue Ratio So what percentage of gross revenue should be spent on payroll? The payroll to revenue ratio is a formula used by companies in order to measure the efficiency between employee costs and output (revenue). Mar 18, 2019 · Salaries, commissions, payroll taxes and benefits usually total between 50 percent to 75 percent of revenue, with most firms having an expense ratio around 65 percent. Jan 31, 2025 · Learn the 10 essential staff ratios every business should know to optimize team structure, improve efficiency, and drive organizational success. Feb 26, 2024 · The average salary for a CEO in a small company can vary widely depending on factors such as the company’s revenue, industry, and location. 234 or 23. Ratio: Debt ratio Measure of center: Oct 24, 2019 · A good benchmarking threshold for this ratio is 1. You’ve got to consider your unique business needs. . 20, or 20 percent. Feb 16, 2025 · The Payroll to Revenue Ratio is a financial metric measuring the proportion of a company's revenue allocated to employee wages and benefits. Data effective: June 1, 2022 Revenue and Market Cap These ratios are calculated for publicly traded U. Due to the unique nature of this industry, operators and investors face distinct challenges. Seven key ratios can help measure financial profits and ongoing costs and revenues. Oct 23, 2014 · As revenues continue to grow for most U. $ Legend Sector Ranking reflects Revenue Per Employee by Sector. Jun 5, 2025 · Learn about the payroll-to-revenue ratio and why it's a crucial efficiency metric. It shows data also by company size, the number of employees, the annual turnover or the origin of company capital. Learn how to balance payroll costs and revenue growth. Source: Ycharts. In this article, we will delve into the intricacies of assigning budget percentages, optimizing expenses, and industry-specific benchmarks and best practices for expense management. Mar 3, 2025 · Discover what the cost ratio revenue is, how you can calculate it and examples to help you track and measure a company's efficiency over time. The usual sought-after earning multiples vary with factors such as management decisions, finance strategies, depreciation, investor preferences, acquisition costs, and many more. 85 %, which is above the Consulting Services Industry's average gross margin. The CEO Pay Ratio Tracker uses each company’s most recent pay ratio disclosure. In a service business, usually your cost of goods sold is literally your payroll! The "ideal" payroll-to-income percentage varies wildly between industries, from around 5 percent in the high-turnover food and beverage industry to significantly higher in the professions. What Percentage Should a Restaurant Spend on Payroll?. Sep 26, 2017 · Determining what percentage of your revenue should be spent on salaries is one of the most important decisions for your business. com. Nov 6, 2025 · What is a good salary to revenue ratio? The rule of thumb is that between 15% to 30% of your gross sales should go to payroll. Average compensation-to-revenue ratios vary wildly by industry and sometimes fluctuate within an industry. Nov 14, 2018 · Financial ratios and benchmarks can be used to assess the financial health of your nonprofit. In the competitive world of the hotel industry, financial performance plays a crucial role in determining the success of a property. Jun 19, 2025 · Discover what revenue per employee is, learn how to calculate it and understand its benefits and factors affecting the ratio in an organisation's financials. Company Pay Ratios High CEO-to-worker pay ratios contribute to economic inequality and can undermine employee morale and productivity. These ratios and benchmarks can help management make decisions regarding organizational strategy and budgeting and, ultimately, help your nonprofit manage its resources. What percentage of business income should be spent on rent? That depends on your profits and industry. Jul 23, 2025 · What Formula Should Companies Use When Setting Sales Rep Revenue Generation Expectations? A Ratio Perspective The amount of revenue a salesperson should generate depends on several factors, including the industry, product/service price point, company size, and compensation structure. Mar 5, 2024 · The 2024 Benchmark Report is our latest dive into metrics and compensation for the AE role within SaaS companies. This includes sales revenue and other income sources such as investments or interest earned on cash reserves. This simple metric gives you insights into whether your payroll expenses are aligned with your business goals and industry standards. 2 percent. To achieve ideal results, you’ll want to keep your salary-to-revenue ratio at or below 30%, which helps maintain healthy profit margins while ensuring competitive compensation. By providing peer, industry, and regional insights, the Global Payroll Benchmarking report offers a diverse, in-depth perspective on current payroll trends and practices in the following areas: Structural analysis: Gain access to detailed staffing and cost benchmarking data, focusing on payroll Full-Time Equivalent (FTE) staffing ratios and industry comparisons. Align sales and finance goals by tracking compensation spend as a percentage of revenue. Mar 26, 2024 · Discover the top five workforce ratios to benchmark in 2025 to optimize headcount, improve efficiency, and drive smarter workforce planning decisions. The Payroll to Revenue Ratio is a financial metric measuring the proportion of a company's revenue allocated to employee wages and benefits. 63 %, this led to an improvement in the Consulting Services Industry's gross Margin to 46. Jun 17, 2025 · This differs significantly from the compensation structure of the median employee, who primarily receives a fixed salary and annual bonus. Labor Costs as a Percentage of Revenue in Food & Beverage. Non-Interest Income Ratio = (Non-Interest Income / Total Operating Income) x 100 Step 4: Compare the non-interest income ratio and each category’s contribution against historical trends and industry benchmarks to identify growth opportunities or Jun 12, 2025 · In the 2023/24 season, Premier League clubs generated £6. This article will Aug 15, 2023 · Staffing Efficiency The efficient use of staffing resources is an important management focus. In this post we will analyse this aspect of club operating expenditure Wage to Revenue Ratio Wage/revenue ratio is Average industry financial ratiosAll Industries: Average Industry Financial Ratios for U. Jul 27, 2023 · As the name indicates, a sales compensation to revenue ratio takes into account the total salaries (fixed and variable) of the sales employees and divides it by the total sales revenue, that is, the number of bookings. com Revenue per employee is an essential financial ratio calculated by dividing revenues generated for a specific period by the number of employees in a company. Jun 1, 2022 · Never fall behind on the latest trends in CEO pay ratio with CAP’s CEO Pay Ratio Tracker. Jan 8, 2024 · The operating expense ratio directly impacts return on assets (ROA) and return on equity (ROE): A higher ratio leads to lower ROA and ROE, since more sales revenue goes towards operating expenses rather than net income. Then add up your gross sales revenue, which is the total income from sales, unadjusted for Labor-intensive industries will be having less revenue per employee, whereas less labor-intensive industries will have high revenue per employee. According to PayScale, the average salary for a Chief Executive Officer (CEO) is $164,028 in 2024, with a range from $78,000 to $322,000. Get the latest healthcare healthcare industry financial benchmarks, with the latest hospital benchmarking reports, transforming healthcare data into insights. May 29, 2024 · Wages – the single biggest component in operating expenditure of a football club. Essentially, it measures the proportion of revenue allocated to payroll expenses, giving businesses insight into their staffing costs relative to their income. 5% CAGR from 2012-2021, in the similar period wage costs too have grown at the rate of 9. Cushion ratio: 25. The 2022 Benchmarker Jul 16, 2024 · The wages to turnover ratio is a key performance indicator used by businesses to evaluate the efficiency of staff (players) as a generator of income as a function of the clubs revenue. The ratio interpretation depe An interactive comparison of salary levels in your company by sector, region, and the total sample of participants. 4. Number of U. The restaurant industry is a labor-intensive business. Factors that Affect Revenue Per Employee Revenue per employee is influenced by several key factors that impact how efficiently a company uses its workforce to generate income. The ratio interpretation depends on the industry, company size, and specific business circumstances. Revenue per Employee is a measure of the total Revenue for the last twelve months (LTM) divided by the current number of Full-Time Equivalent employees. e. Nov 2, 2011 · Definition: This ratio indicates how much of your total sales revenue (income) is consumed by payroll and labor expenses related to the field (usually sales, technicians and installers). To calculate this ratio, divide the total salary expenses (including wages, benefits, and payroll taxes) by the total revenue and then multiply by 100 to express it as a percentage. Communications Services Industry Sales per Employee, Income per Employee, Inventory, Asset and Receivable Turnover Ratio, current, historic, averages Q3 2025 Jan 4, 2025 · Key Financial Ratios to Analyze the Hospitality Industry The hospitality industry is a multifaceted business sector encompassing a variety of services – from hotels and restaurants to travel agencies and tourism services. The Wages to Sales Ratio, in particular, helps businesses understand how labor costs impact their overall sales revenue. Identify overspending, underinvestment, or misaligned quotas before they impact profitability. Jul 25, 2023 · Learn the top 3 employee ratio metrics for 2025 to optimize workforce structure, improve efficiency, and make smarter HR and business decisions. These ratios provide insights into a company's operational efficiency, financial health, and profitability. Days in accounts receivable: 47. We break them down here. Tables 1 and 2 demonstrate the importance of industry in influencing pay ratio size: the retail industry dominates the companies with the highest ratios. Apr 11, 2024 · The formula for net income before discretionary items and taxes to net revenues is: Contribution margin is the firm’s ratio of net revenue after direct labor expended on projects compared to the firm’s revenue. Explore liquidity, profitability, leverage, and efficiency ratios. in football player. is presented in this report Sep 4, 2018 · Our analysis finds company size as measured by employee count is the primary driver of the CEO Pay Ratio; company revenue and market capitalization are secondary drivers. We would like to show you a description here but the site won’t allow us. See how much your business should devote to rent. These ratios are calculated for publicly traded U. May 11, 2019 · Did you know that a high payroll to revenue ratio is one common reason why businesses fail? Learn what percentage of revenue should be spent on payroll. S. Additionally, the growing CEO pay ratio can be attributed to the modest increase in median employee compensation. The basic calculation is hourly wages Revenue per Employee is a measure of the total Revenue for the last twelve months (LTM) divided by the current number of Full-Time Equivalent employees. 4:1. See full list on netsuite. To view detailed information about sector's performance and Industry ranking within it's Sector, click on each sector name. Understanding and optimizing this Showcases the proportion of a company's revenue spent on total payroll. It contains information about money invested in the main resource of football club, i. It helps to contextualise the salaries you offer within the entire income of your business. Retail companies employ more low-paid staf than most other industries. Learn how to calculate and interpret some of the most common and insightful financial ratios, like earnings per share, from a company's income statement. Sales compensation to revenue ratio measures how efficiently your company invests in sales compensation to drive revenue growth and margin control. Market penetration. Calculation: Liabilities / Assets. If your rent payment consumes 15% of your revenue while peers are closer to 8%, it may be time to re-evaluate that location. Jan 10, 2025 · The variance in employee cost ratios across industries is driven by the nature of operations, reliance on human capital and the level of automation. Stay informed with these insightful figures. One of the first hurtles any Real Estate Operations Industry Sales per Employee, Income per Employee, Inventory, Asset and Receivable Turnover Ratio, current, historic, averages Q3 2025 Jun 23, 2021 · The ratio is also sometimes called the payroll to sales percentage, payroll to revenue percentage or labour cost percentage. The salary ratio to revenue is a financial metric that measures the portion of a company's revenue allocated to employee salaries. On the trailing twelve months basis Mar 17, 2025 · A restaurant can measure success through customer return visits and reviews from local media. Sep 10, 2024 · Key Takeaways: Monitoring Payroll to Revenue Ratio: Regularly calculate and monitor your payroll to revenue ratio to understand how much of your revenue is being allocated to labor costs. A high ratio may indicate that a business is overpaying in terms of wages or not generating enough sales to cover labor costs. Also known as Revenue to Employee Ratio, this ratio is among the most universally applicable and is often used to compare companies within the same industry. In 2013, labor costs represented 32. I'll also touch on the ratios that are used to calculate the RPE and how employee retention affects it. View a list of companies in the industry ranked by revenue. Keeping track of Jan 6, 2025 · Thus unlike earnings or book value ratios, revenue multiple valuations by industry is possible for early-stage startups even with negative earnings. A wages to sales ratio is a simple accounting calculation that allows a retail business to determine the value of its workforce as a function of its revenue. Apr 24, 2023 · Discover the latest insurance industry financial statistics including sales, expenses, profit margins, and more. For instance, banking giant HSBC had a compensation-to-revenue ratio of . Oct 21, 2025 · Payroll percentage by industry is a core financial metric, usually called the payroll-to-revenue ratio or labor cost percentage, that shows what portion of your company’s total revenue is spent on employee compensation. Salaries and benefits / net patient revenue: 60. General Information CFMA and Industry Insights are pleased to present the Executive Summary from CFMA’s 2022 Construction Financial Benchmarker Online Questionnaire. 6x 46. com), whereby construction companies can compare their financial performance to others in the industry. companies that submit financial statements to the SEC. You can track your revenue generation per employee by analyzing individual and team contributions to your company’s bottom line. Year-over-year growth. 3 billion in revenue, a 4% increase on the previous season. Revenue is the money the company makes from selling goods or services. 4 percent 44. 4 days 47. Efficiency Ratios These ratios really focus on how well you utilize your assets and liabilities. Aug 15, 2013 · by Dave Wahby, Principal, Wahby & Associates Your firm’s accounting software for architects and engineers will include two reports: An Income Statement (Profit and Loss Report) and a Balance Sheet. By examining these metrics, you can make informed decisions about setting achievable targets and ensuring the success of your compensation plans. To navigate these challenges and make informed decisions, understanding the key Dec 14, 2023 · Average contract value (ACV). Conversely, a low ratio suggests that the business is managing labor costs efficiently in relation to sales revenue. Hotel managers and owners need a clear understanding of the financial health of their businesses, and one of the most effective ways to do this is by using key financial ratios. For example, if your gross annual revenue is $500,000 and you spend $100,000 on payroll for the year, your gross revenue to payroll percentage is $500,000/$100,000 = 0. Oct 3, 2024 · The use of financial ratios, like the Wages to Sales Ratio, has been a long-standing practice in business and finance. What Is Labour Margin? Feb 12, 2025 · Companies use this to track efficiency, compare their salary to revenue ratio with industry standards, and make informed financial decisions. Net promoter score (NPS). For instance, in sectors like FMCG and textiles, the employee The Wages to Sales Ratio allows businesses to measure how much of their sales revenue is being allocated toward employee wages. Labor costs measured as a percent of total revenue run May 18, 2023 · Important financial metrics used in the industry include revenue, gross profit margin, net profit margin, return on equity, debt-to-equity ratio, earnings per share, price-to-earnings ratio, return on assets, operating cash flow, and reserve replacement ratio etc. Operations and processes List all employee costs – benefits, salary and taxes – and don't forget to include your own. Rent to Revenue The usual formula isn't rent/gross income but rent/revenue. The exact percentage varies based on a variety of factors. The labour to revenue ratio provides insights into how well you utilise your labour and resources for business success. 9d4ee9c2-45cc-4afa-8d74-ded5826032cfCapital expenditure (CAPEX) to revenue ratio by sector and industry of firms in the U. It helps to contextualize the salaries you offer within the entire income of your business. Jun 18, 2025 · This complete information delves into the nuances of the wage to income ratio by trade, offering helpful insights that will help you navigate the complexities of workforce administration. The calculator is especially helpful for analyzing trends in payroll to revenue ratios, planning budgets, and improving profit margins. 4%, increasing from $65,855. Sep 5, 2025 · Additionally, based on US Census data and PWC research, here are Payroll to Revenue benchmarks by industry: manufacturing at 18%, healthcare at 45%, insurance companies at 9%, while retail stores have a payroll to revenue ratio between 10% - 12%. Optimizing Business Efficiency: Understanding the Payroll to Revenue Ratio Introduction The payroll to revenue ratio is a critical metric for evaluating a company’s efficiency and financial health. Cost of selling compared to the revenue earned. May 15, 2025 · Understand and optimize your payroll to revenue ratio to improve financial efficiency. The benchmarking study traditionally used revenue per employee to compare employee efficiency across study participants; however, USF support revenues, and other revenues that aren’t necessarily employee-driven can influence that outcome. listed companies included in the calculation: 4076 (year 2024). Feb 17, 2023 · Explore 10 crucial financial stats for the manufacturing industry: sales, expenses, profit & more. Ratio of deals won to deals lost. If it's too small, you risk losing employees to competitors. 07 % in 3 Q 2025 sequentially, while Revenue increased by 0. 3 percent of total revenue, down from a high of 34. Step 3: Calculate the proportion of non-interest income relative to total operating income. Nov 28, 2023 · An investor can utilize these financial ratios to determine whether a manufacturing company is efficient, profitable, and a good long-term investment option. Data Used: Multiple data services Date of Analysis: Data used is as of January 2025 Aug 12, 2024 · Remember, always consider industry standards and company size when evaluating the results. Aug 1, 2023 · When you divide these, you will get 20 percent, and that is how much goes to your payroll expenses. Aug 27, 2021 · Payroll to Revenue Ratio So what percentage of gross revenue should be spent on payroll? The payroll to revenue ratio is a formula used by companies in order to measure the efficiency between employee costs and output (revenue). The most important restaurant industry financial ratios are: 1. This ratio measures the firm’s contribution to cover overhead (indirect) expenses and to provide for pre-discretionary profitability. A lower ratio increases ROA and ROE, as the company converts more sales into profits with tighter overhead cost control. Professional Services Industry Sales per Employee, Income per Employee, Inventory, Asset and Receivable Turnover Ratio, current, historic, averages Q3 2025 Jul 16, 2025 · Profitability ratios are financial metrics used to evaluate a business's degree of success in generating a profit. financialbenchmarker. Jul 15, 2022 · Revenue Per Employee is a good metric for linking employee productivity to organizational performance. Thus, the most important element of a football club is the 4 days ago · Learn what defines a good debt ratio, how industry factors influence it, and why context like interest rates matter in evaluating a company's financial health. COGS as a percentage of sales revenue, 2. Industry Screening reflects Revenue Per Employee by Industry, within the A business overhead ratio is a measurement of the operating costs of a business compared to its income. 5 percent 45. Nonoperating revenue / total revenue: 1. May 26, 2023 · We use data from business activity statements to calculate the following activity statement ratios industry benchmarks: Net GST to sales ratio = (GST on sales − GST on purchases) ÷ Total sales Wages to sales ratio = Total salary and wages ÷ Total sales Industry benchmarks detailed tables Table 1: How we calculate our industry benchmarks Jul 23, 2025 · What Formula Should Companies Use When Setting Sales Rep Revenue Generation Expectations? A Ratio Perspective The amount of revenue a salesperson should generate depends on several factors, including the industry, product/service price point, company size, and compensation structure. Aug 9, 2023 · For businesses whose main thrust is providing a labor-based service, six common operating metrics apply in any industry. Discover how to use it to optimize labor costs and improve profitability. Keeping track of Labor-intensive industries will be having less revenue per employee, whereas less labor-intensive industries will have high revenue per employee. This includes accounting for the industry’s gross revenue, standards, and sales number that each employee brings. 4 Apr 29, 2019 · Discover the key hospitality benchmarks that companies in the industry should consider when determining business vitality. Oct 23, 2025 · Learn key financial ratios, formulas, and examples to analyze company performance. Kitchen staff preps, cooks and plates food, wait staff attends to customers' needs Aug 23, 2024 · Financial ratios give a more accurate look into your business’s financial health. Mar 7, 2025 · Discover the ideal payroll-to-revenue ratio for your industry, how to calculate it, and strategies to optimize labor costs while maintaining profitability. A low overhead ratio indicates a cost-efficient business. This ratio shows you how long it is taking you to collect on your billings. Salary-to-Revenue Ratio This KPI assesses how much of your revenue is spent on employee salaries. Sep 18, 2023 · 43. It summarizes the findings from leaders at more than 170 B2B SaaS companies regarding the current state of the Account Executive role. Aug 21, 2024 · Understanding your income ratio in the context of industry standards helps you identify underperforming leases and ensures you’re not allocating too much revenue to space that isn’t delivering a return. But how do you calculate Revenue Per Employee and what is a good Revenue Per Employee result? In this article, I'll look at the different ways to calculate revenue per employee (RPE). Comparing a company's gross profit margin to industry averages and other financial metrics such as operating margin and net profit can help determine a suitable ratio for that specific business. Days Revenue in Accounts Receivable – (Accounts Receivable / Annualized Revenue) x 365. Deeper analysis uncovers industry trends that may provide companies additional context as they compare their CEO Pay Ratios to those of their peers. - Total turnover: The total revenue generated by the company during a specific period. The Results may combine companies, who have reported financial results in different quarters and could differ from other calculation. 1% CAGR (source: UEFA European Football Landscape Report). To gain insights from gross profit margins, it is essential to establish industry-specific benchmarks and consider broader business strategies. Employee cost as a percentage of revenue varies significantly across different industries due to factors such as labour intensity, the nature of the work and the level of automation. Find out how you can leverage these ratios to grow your business! Service business’ can tolerate a significantly higher ratio of payroll to revenue than say a product oriented business could because there isn’t typically much of a “Cost of goods sold” (COGS) line item on the income statement. It helps as a measure of average financial productivity for each company employee. Since 2020, median employee pay has risen by 13. Comparing a company's labor-to-revenue ratio against industry standards allows managers to know if its labor force is performing better or worse than peer companies. In industries like retail and hospitality, payroll tends to be higher due to labor-intensive operations. Gross margin, 3. Aug 15, 2023 · What Is the Ideal Payroll to Revenue Ratio? By current estimates, the retail industry aims for a 10-20 percent payroll to revenue ratio. Total payroll as a Apr 4, 2019 · Coefficient of Salary to Revenue is one of the key performance indicators in football clubs. The survey results fuel the industry’s only Financial Benchmarker tool (www. 8 percent in 2009 but still above the long-run average of 31. Comment on the 3 Q 2025 Gross Margin within the Consulting Services Industry Consulting Services Industry Gross Profits grew by 3. Listed Companies Industry: All Industries Measure of center: Mar 13, 2023 · Learn about 11 key financial statistics for the hotel industry, from revenue to expenses and profit margins. Hover over the ratio value in the table to see the exact number of companies included in the calculation. Debt ratio - breakdown by industry Debt ratio is a measure of a company's debt as a percentage of its total assets. Below we highlight more Mar 13, 2025 · A good payroll to revenue ratio ranges between 10-40%, depending on your industry. Use this metric to benchmark against industry standards and CES data on the number of total and production worker jobs held by wage and salary workers in nonfarm establishments are supplemented with CPS self-employed and unpaid family worker data to estimate industry employment. The food and beverage industry What Percentage of Gross Sales Should a Company Payroll Be?. In 2024, the average CEO-to-worker pay ratio for S&P 500 companies was 285-to-1. You’ll spend 10 to 20 cents on payroll for every dollar of revenue you bring in. Use these to compare with your hotel data! Tax Filing Unemployment Insurance Gross to Net Wage Payment Global Payroll Benefits Administration Workers’ Compensation Management Time and Attendance Nov 29, 2023 · When it comes to the financial management of a nonprofit organization, nonprofit ratios (or key performance indicators) can be a helpful tool to measure how your organization is doing. When determining the percentage for your employee’s salary, you should know the factors to consider. A high ratio might suggest that a large portion of revenue is consumed by payroll expenses, which could be concerning unless it's an industry norm. The Payroll to Revenue Ratio is used by businesses and investors to assess labor costs and their impact on overall profitability. Nov 3, 2025 · The U. While the revenues have increased at a rate of 8. Jul 29, 2024 · To know what percentage of expenses should payroll be, identify the average payroll-to-revenue ratio and payroll to operating expenses in your industry and then use them as benchmarks. If the percentage is too large, you risk running out of money for other expenses. Optimize your business revenue performance today! Apr 3, 2022 · Staff cost ratio formula & the labour to revenue ratio by industry helps to understand the business or revenue per employee for a company. hotels, the combined cost of salaries, wages, bonuses, and payroll-related expenditures has declined as a percent of total hotel revenue. A low salary ratio indicates cost-effective workforce management, while a high Sep 28, 2023 · Learn to calculate the Cost Revenue Ratio (CRR) effectively with our expert guide. Revenue per employee is an equation used by companies to calculate the amount of revenue that each employee earns for the business. Understanding the Expense Ratio Rule The Expense Ratio Rule is based on the concept of allocating a certain percentage of revenue to different expense categories. It indicates how efficiently a company is using its human resources to generate revenue. company that generates the most revenue per employee is VICI Properties, whose 27 employees generate an average of $142,592,593 each. These ratios provide invaluable insights into various aspects of hotel performance Where: - Total staff costs: The sum of all costs related to the salaries, benefits, and other expenses associated with the employees of the company. Oct 16, 2024 · Learn to calculate payroll as a percentage of revenue by industry, discover ideal ratios, and explore strategies to manage payroll efficiently. Gain insights into performance, challenges & opportunities. Jun 19, 2025 · Revenue per employee is an important ratio that looks at a company's revenue in relation to the number of employees it has. The income statement measures income relative to expenses for the period of time covered by that particular statement. More about debt ratio. Examples & Explanation of Revenue Per Employee Ratio Formula Below table shows the revenue per employee of a labor-intensive and less labor-intensive industry. rdiqobjp qygmo tzhdo poayvx jxnz pvpoc vmfi zkmtr cwtrom nrwkq kzzolwm drxht rfrtp cdaxas thfsfxv