Knowledge based World

What is the relationship among money, labor, costs, profitability, and knowledge in the modern democratic-capitalistic society? Basically, money, costs and profitability are intertwined because these are numerical unit values in order to run a business. Money can be in the form of profit margins or investments. Costs are the actual assets needed to proceed with a decided business strategy while profitability is the realized difference of capital and accumulated sales. On the other hand, labor and knowledge are primary factors to realize the business strategy by the company. Labor resources provide the actual concept of productivity while knowledge is a tool to outline the business techniques. Both labor and knowledge predict the actual money values the business can use or receive. 2. Why should managers be concerned about developing a reward system? The reward system can promote a greater sense of productivity because it can directly affect the motivation principles of each employee (Answers, 2008). The personnel of a company will eventually have the attitude of designating quality work philosophy if they know that benefits are available for them if they will be able to satisfy the business quality goal. 3. What is the connection between labor costs in the United States and outsourcing? Labors costs are the amount of investments the company can disseminate regularly in order to maintain a pool of workers in the production segment of the business. Labor costs in foreign lands are cheaper compared to the domestic labor market of the US. Therefore, the rate of outsourcing work outside of the country is inversely proportional to labor costs in foreign markets (lower foreign labor cost-higher outsourcing rate). In another perspective, outsourcing rates are directly proportional to labor costs in the US (higher domestic labor cost-higher outsourcing rate). 4. What changes are occurring in the workforce relative to the kinds of work employees are performing? Depending on the kind of business, changes in the business’ workforce activities are mainly predicted by the performance of the company. If the company is losing its market grip, it has to cut down the number of employees and train the remaining laborers to become multi-task workers, therefore increasing their work loads. Moreover, if the company intends to produce a new product line-up for expansion, then some employees may be tasked to do a new set of work loads to produce the new offerings. 5. How would labor relations executive be influenced by the change from a manufacturing to a service economy? The main aspect of change can only be realized in the way the executive/s will train the attitudes of the laborers. Basically, the service sector is more demanding because it tends to interact directly with the needs of the clients. Of course, the manufacturing sector has its own standards of quality but engaging in a service economy can be more challenging since customer feedback and person-to-person business approaches are delegated. 6. In what way does Title VII of the civil rights act 1964 affect the compensation system of an organization? Does this act really work? The Civil Rights Law of 1964 provides the structure for companies to create their compensation systems (US EEOC, 1997). Because of this law, businesses provide the necessary equal opportunities allotment in terms of submitting fair and justified wage rates. Sometimes, there are instances when this act does not work especially when the company incurs losses in long term operations. There were cases when business owners were sued due to benefits reduction and discrimination of employees in terms of age and racial affiliation 7. Describe an orderly and systematic procedure for developing a job analysis program. For job analysis, an effective procedure is to start the study from the bottom segment of the company operation up to the last ruling individual. First, there is a need to survey the labor force whether they are satisfied with their job status. Second, the company operations should be calibrated regularly to see whether the company projections are met. Lastly, the administration should have a thorough consultation with the business owners in relaying the overall status of the work force. This systematic procedure can cover all the possible dilemmas by using efficient utilization of information among the workers and the management. 8. Some experts in the field have expressed the opinion that job descriptions are unnecessary and a waste of time. Describe your opinion of the value of job descriptions and present reasons to support your opinion. A job description is important because it readily specifies the qualities that a company is looking for a potential laborer according to a list of specified tasks (McNamara, 1997). These criterions enable the business to save time instead of filtering out candidates from a large pool of generic talents. For example, a job description in terms of educational attainment and experience will let the hiring company save training resources since the candidate can readily accommodate specific tasks say for example machine operation, business metrics and computational analysis of data. 9. Are job evaluations a type of internal equity? On a personal perspective, job evaluations truly reflect the internal stability of a company. Because of this principle, laborers will have the chance to prove their worth in the organizational function while at the same time; the management will be able to identify who of its labor elements is productive enough for the company’s mission statement. References Answers. 2008. Employee Reward and Recognition Systems. Answers Corporation. Retrieved February 6, 2008 from http://www.answers.com/topic/employee-reward-and-recognition-systems?cat=biz-fin. McNamara, C. 1997. Employee Job Descriptions. Free Management Library. Retrieved February 6, 2008 from http://www.managementhelp.org/staffing/specify/job_desc/job_desc.htm. U.S. EEOC. 1997. Title VII of the Civil Rights Act of 1964. US Equal Employment Opportunity Commission. Retrieved February 6, 2008 from http://www.eeoc.gov/policy/vii.html. Â