Answer:
Paying higher wages boost up employees to be more productive, as higher wages is considered as a source of motivation to the employees and they will improve their level of work and complete their task in an effective and efficient manner which leads to productivity at workplace. Hence, this automatically leads to timely completion of work at almost zero cost.
The reasons why some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labor are as follows:
- Paying higher wages helps workers to be healthier in some developing countries.
- Higher wages attract a more competent pool of workers.
- Paying higher wages encourages workers to be more productive.
Answer:
The sector which is registered and follows government rules and regulations, having employees and employee unions is called as an organised sector. ... The sector that comprises of small-scale enterprises or units and is not registered with the governmen
The economic concept that is most related to Harry's style of decision-making is decision at the margin.
<h3>What is "decision at the margin"?</h3>
When we make decisions at the margin, it means that we are considering the marginal aspects of the decision.
In clearer terms, we are considering things like how much the one additional unit of something will cost us, as well as what we stand to benefit from the additional unit like Harry is doing.
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Many organizations are moving away from <u>Specialization </u>because too much of it can lead to bored employees with narrow skill sets.
Specialization refers to individuals and groups focusing on the restricted variety of manufacturing responsibilities they perform great. This specialization requires employees to give up performing other responsibilities at which they're not as professional, leaving those jobs to others who are higher appropriate for them.
The system of focusing one's occupational attention on a specific location of understanding. An increase in process specialization among employees can make them much less bendy because it has a tendency to lessen their capability to carry out other sorts of work inside the enterprise that fall outdoor their specific specialty. +3 -2.
An organizational structure defines how activity duties are formally divided, grouped, and coordinated. The shape of an organization normally features six exclusive factors: work specialization.
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