The Labour Market: Chapter 1

  • Created by: BenBE_19
  • Created on: 16-03-19 10:14
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  • The Labour Market: Chpt 1
    • Factor of Production
      • Human Factor
        • Need to be considered as individuals
      • Most Dynamic FOP
        • Constantly Changing
          • Lifelong Learning
          • Demand is Derived
          • Market Forces
    • Specialisation
      • Dynamic Economy
        • Eventually demand = obsolete
          • Lifelong learning
          • Have to update skills / completely retrain
            • Expensive
              • Training
              • Equipment
              • Recruitment
              • Time
              • AVOID!
                • Keep motivation high
                • Offer competitive and high wages
                • High non-financial incentives
                  • Holidays
                  • Satisfaction
                  • Job security
                  • 'Golden Handcuffs'
            • Still a small level necessary
              • 'Fresh Blood'
    • Worth?
      • Treat like a market
        • Made available for a price
        • Similar to rent - never own
      • Productivity
        • Inc in P = Inc Worth = Inc Wages = Inc Motivation
        • The amount that they bring to the firm
        • Predicted by...
          • Education
          • Motivation
          • Experience
          • Maintained w/ high levels of training
    • Productivity Gap
      • 16% w/ EUR
      • MNCs overlook UK
      • Why?
        • Culture
          • Japan
            • Kaizen
              • Responsibility
                • e.g. No Cleaners
                  • No Them vs Us
                    • Ideas bottom up instead of top down
    • Voluntary Unemployment
      • People earning enough and happy what they make
      • Extra stress not worth £
        • Cut hours
          • Part Time
        • Incentive not high enough
    • Approaches to workers
      • Human resource management
        • Personal approach
        • Want to make a contribution
        • Fall in recru costs
      • Scientific
        • Robots
        • Just a number
        • Them vs Us
        • Fall in motivation
    • Legalities and Ethics
      • Not followed well
        • Fall in reputation
        • Inc absenteeism
        • Recruitment harder

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