Labor shortage – What financially makes sense?

Labor is the second biggest cost on the dairy farm. We want to help you analyze the labor on your farm to see what financially makes sense.

Dairy Stream host, Joanna Guza, and guest, Brad Herkenhoff, discuss the following topics: 

• Biggest money and time suckers on the dairy farm
• Hidden cost with labor
• Healthy labor-cost-per-hundredweight
• Where to start when analyzing labor
• Automation options and pros/cons
• Low-hanging fruit with efficiency
• Reviewing the balance sheet
• Employee housing vs. paying higher wages
• Effective incentive-based pay structures
• Labor audits
• Farm transition mistakes when it comes to labor team
• Future of labor on the farm

About the guest

• Brad Herkenhoff is a Senior Dairy Lending Specialist at Compeer Financial.  His primary role at Compeer is to work closely with dairy clients providing industry expertise in finance strategy.  He is committed to working with dairy farm families on identifying their goals and helping to work towards them.  He works with dairies in MN and western WI.  Brad was born and raised in central MN where his family continues to operate a dairy farm. His brother and sister-in-law have taken over the now 5th generation family farm; however, Brad is still active in the farm primarily helping with agronomy work as needed. He earned a Bachelor’s Degree in Finance at St. Cloud State University and has been in the Ag lending industry for 20 years. He is active in local and community events and has been involved in the dairy industry his whole life. 

Learn more about Compeer Financial.

Compeer Financial is proud partner of Dairy Stream.  Learn more about Dairy Stream sponsorship.

This podcast is produced by the Voice of Milk, a collaboration of individual dairy organizations working to improve the future of dairy farm families. Become a sponsor, share an idea or feedback by emailing podcast@dairyforward.com.