Who says companies are spending more on salaries?

Employee costs to sales is a metric which gives an idea of how much a company spends in terms of salaries when compared to the generated sales. For Indian companies, over the last ten years, employee costs have been quite range bound, and even as it seemed like payrolls had risen quite rapidly during the boom years of FY05 to FY08, as can be seen, sales of companies in general had risen even faster, thus keeping the ratio low even during those years!

* Represented by 274 of BSE-500 companies that have released their FY09 annual reports so far

Now do you realize, why do coffee vending machines keep on buzzing till late at night?