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
- Constantly Changing
- Human Factor
- 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'
- Expensive
- Eventually demand = obsolete
- Dynamic Economy
- 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
- Treat like a market
- 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
- No Them vs Us
- e.g. No Cleaners
- Responsibility
- Kaizen
- Japan
- Culture
- Voluntary Unemployment
- People earning enough and happy what they make
- Extra stress not worth £
- Cut hours
- Part Time
- Incentive not high enough
- Cut hours
- 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
- Human resource management
- Legalities and Ethics
- Not followed well
- Fall in reputation
- Inc absenteeism
- Recruitment harder
- Not followed well
- Factor of Production
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