Nobody downloaded yet

Labor Economics - Research Paper Example

Comments (0) Cite this document
Summary
Name Professor Economics Date Labor Economics The human capital is one of the scarce resources that are available in a firm and its effective utilization is not an option for any organization that wishes to meet its short term and long term goals. The efficiency of the employee depends on their ability to deliver on the assigned duties which in turn depends on their knowledge, skills and training…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.8% of users find it useful
Labor Economics
Read TextPreview

Extract of sample "Labor Economics"

Download file to see previous pages No matter how effective the human resource managers are in the selection and recruitment process, it appears that they still have to invest in employee training to optimize employee productivity. The essence of this article is to carry out an analysis of the two sources of employee knowledge and to provide a fact-based reaction on the same. Employee training refers to the provision of extra education to employees after the recruitment process as a way of enhancing their productivity by equipping them with knowledge that is relevant to the organizational activities. On the other hand, on-school training refers to the kind of knowledge that potential employees gain in school depending on the subjects and the topics they pursue in part of their career specialization. Most economists have failed to reach a concession on which of the two is more effective or which would be more beneficial to the organization in terms of profit turnover. Dostie (2008) is one of the researchers who have engaged in an empirical research to investigate the effectiveness of the two sources of employee knowledge. The findings of her research indicate that there is a particular advantage in obtaining employees with proper school training rather than investing on on-job-training. It is indisputable to appreciate that each of the two types of training has its pros and cons and as it seems both are important to the firm. In supporting school training, Dostie (2008) points out that the subjects provided in school are optimized and are best suited for diversified for job opportunities. Consequently, employees will have a good background that will enhance their productivity while in the employment sector. In addition, employees who have adequate training will require little adapting to various work environments much quicker and hence reach the expected production rate almost after they are assimilated in the company. However, the major weakness in school trained employees is that they have little diversified knowledge while companies have specific operational activities that may be unique from one organization to the other. In short, although school training outputs an effective labor force, they may have shortfalls in terms of specialization and work orientation. On the other hand, the on-job-training is efficient in orienting new employees to the specific tasks that they are supposed to undertake in an organization. The strength of worker training lies in its ability to model the employees to fit their job description more efficiently and quickly whose cumulative effect is to improve their productivity. However, Dostie (2008) points out that employee training consume a lot of company capital that cannot be recovered by the impact of the process on employee productivity. From this point of view, on-job-training may have a negative impact on the turnover value of the company, which is contrary to the company’s aim of effecting this strategy (Goux & Maurin 12). In essence, employee productivity can only be measured from their net contribution to the revenue turnover of the firm at the end of the fiscal year rather than their gross production rate. The main goal of any organization is to achieve maximum profits by optimizing employee productivity and minimizing the expenditure in terms of either salary or other priced business operations. The graph below ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Labor Economics Research Paper Example | Topics and Well Written Essays - 750 words”, n.d.)
Labor Economics Research Paper Example | Topics and Well Written Essays - 750 words. Retrieved from https://studentshare.org/macro-microeconomics/1486404-labor-economics
(Labor Economics Research Paper Example | Topics and Well Written Essays - 750 Words)
Labor Economics Research Paper Example | Topics and Well Written Essays - 750 Words. https://studentshare.org/macro-microeconomics/1486404-labor-economics.
“Labor Economics Research Paper Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/macro-microeconomics/1486404-labor-economics.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Labor Economics

Labor Economics

...Introduction Feli seemed to be at work when the first formalization of economic thought happened during the Industrial Revolution. In 1776, Adam Smith published his greatest work, “Wealth of Nations” which first proposed that a wealth of a nation is derived from its capacity to organize its factors of production such as land, labor, and capital - far from the accepted idea of the time that only agriculture was productive or a nation’s wealth was the amount of treasure that a sovereign might store in its coffers. More importantly, Smith advanced the idea that the wealth of a nation is due to the contribution of those who do the work, which is still applicable today as it was over two centuries ago. To...
4 Pages(1000 words)Essay

Labor Economics

...in September, as revised. Employment has fallen by 1.2 million in the first ten months of 2008; over half of the decrease has occurred in the past three months." Total nonfarm payroll employment was about 137 million for the month of October, 2008. According to BLS Table A-13, 79,601,000 people were not in the labor force as of that same month (same prior citation.) As to duration of unemployment, the seasonally-adjusted median duration rose from 8.7 weeks a year to 10.2 weeks in October, 2008, indicating that our economic situation is worsening rather than improving, which is confirmed by many other measures of the economy. (Table A-9,...
4 Pages(1000 words)Essay

Labor Economics

...Labor Economics The 1950s, 1970s and 2000s Near the middle of the last century, Ogburn (1955) hadnoted that “the standard of living in the United States was twice as high at the midcentury as at the beginning (Ogburn, 1955, Pg. 541)”. America had reduced poverty since great increases in income were noted while the less were getting less rich. Compared to the data from 1919, the top five percent got 22.9 percent of the individual income before taxes. By 1950, the top five percent was receiving 17.9 percent. Additionally, the lowest income group had come to a point where they were receiving more income than they had decades ago. However, the situation becomes quite altered when we compare it to the...
4 Pages(1000 words)Essay

Labor Economics

...Labor Economics There is an increase in the unequal distribution of income in America. The people who are most affected by the unequal distribution of income is the poor. This is particularly disadvantageous because poor people become susceptible to diseases. In the end, the morbidity and mortality rate of America has substantially reduced. This is especially for women who are now poor in America than the men. Like the Chinese and the Indians, the economy of America has increased substantially. This has happened because of the rapid financial development that has taken place in America, affecting the poor greatly. This is because the poor did not have enough time to invest as the rich people in the...
4 Pages(1000 words)Term Paper

Labor economics

... Labor EconomicsLabor is working for a company, firm or anywhere and in return one gets paid for the job done. Occupation is the line of job that your career falls under. This is the line of work that you do. For instance one could be a doctor, a pilot, an engineer and such like careers. Specialization is the actual work that one does in the line of your job. For instance, one could be a doctor but only treat kids or a dentist where you specialize in teeth only. Division of labor is the assigning of work to specialized workers in each and every field that they have specialized in. This is meant to increase efficiency in their work (Murnane, 2012). The painting in...
2 Pages(500 words)Assignment

Labor economics

...when one or both earners works less. In response to reducing employment levels in favor of higher minimum wages, the labor pool for large corporations whose salaries are above the minimum wage expands. The expansion results from income/substitution effects of a wage increase on the labor supply decision of the family to forego higher wages for fringe benefits like discounts and fewer working hours. (Murphy, n.p.). Works Cited Card, David, and Alan B Krueger. "Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania: Reply." American Economic Review (1994): 1397-420. Print. Mangunsong, Rully. "Monopsony." MyMicroEconomics. 12 May 2013. Web. 11...
2 Pages(500 words)Essay

Labor Economics and Welfare Economics

...Labor and Welfare Economics Labor and Welfare Economics Introduction and History Welfare economics is the nonbiased research of ascribed units of welfare or utility to form models that determine developments in people’s lives focused on their personal measures (Devarajan, 2014). On the other hand, labor economics is the focus of the providers of labor in the form of employees in a given economy, the demands of these employees, and efforts to comprehend the ensuing pattern of their earnings, service, and salaries. Old welfare economics followed two key presumptions. First, one can measure...
5 Pages(1250 words)Research Paper

Homework in labor economics

...LABOR ECONOMICS: QUESTIONS & ANSWERS AL AFFLIATION Question one Elasti of labour demand is a very important concept in production. It is concerned with how responsive the demand for labour is as a factor input in relation to change in the amount of wage ruling the market or any other factor affecting demand for labour. Elasticity of labour demand therefore depends on the following factors (a) The proportion of labour costs in the total cost of production. (b) The ease and cost of factor substitution (c) The time period under consideration (d) The price elasticity of demand for the final output produced by business. Question Two Capita-skill complementary hypothesis is a supposition of labour...
2 Pages(500 words)Assignment

Labor Economics

...Topic: Unemployment Article: Fed Should Push Unemployment Well Below 5%, Paper Says Introduction This paper reviews the article written by Pedro Nicolaci Da Costa on The Wall Street Journal about unemployment. The article “Fed Should Push Unemployment Well Below 5%, Paper Says” was published on March 25, 2015. This paper is organised as follow. First, a summary of the article is presented then I present my personal commentary on the issues in the article before concluding the paper. Summary of the Article The article reports of the study by Lawrence Ball, an economics professor and monetary expert at John Hopkins University. In the paper, Mr. Ball recommends that in order to keep unemployment levels below 5%, the Federal...
2 Pages(500 words)Article

Abortion Issue

4 Pages(1000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic Labor Economics for FREE!

Contact Us