If you have a good set up and a proper type of food there should be little waste. Hens really don't "over eat" in the same way say, a dog, would. Be sure the food isn't too finely ground, they will just kick it around because they can't pick at it as easy. Hung feeders or feeders with edges or in the form of homemade blocks make any minimal waste [such as deification on or in the feeders] much less. Room is also a factor. Crowded chickens will waste feed because they will tip feeders over, run through them, etc. Minimal requirements are not 'ideal' requirements.
If a flock is prone to knocking over feeders and grain is piling up remove the feeders until all the grain on the floor is eaten (that isn't contaminated or showing signs of mold if you live in damp areas).
A hens metabolism is highly important for her to produce eggs. When there is a lack of energy her metabolism shuts down, the organs slow, the glucose levels drop and as a result it delays her egg laying. Hens will want to eat small amounts through the day and this keeps her metabolism up and her egg production high. When you feed once a day with not enough land to free-forage all 'non-essential' organs will 'shut off'. These include the ovaries. Her metabolism will slow until 24 hours later. If you are free ranging one large amounts of pasture land, then offering a small amount of grain 24/7 may encourage them forage a little bit more than wait around for dominant hens to finish their share.
My layer flock of 6 rarely waste any food (free choice +scratch/feed block/scraps/meal worms/ whatever that day dictates). I will perhaps loose 2 oz of layer feed ever 2 weeks or so from either me choosing to clean everything or if one of them poops in it. They lay daily, thick shelled eggs, no defects, and very healthy birds without being over weight or under weight.
My advice is to free-choice feed. You can reduce amounts of feed by free-ranging. Protein can also reduce the amount of grain you feed.