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When employees are contented, they would tend to put in more effort in their work, producing quality in a sustainable manner. This also positioned the company strategically to outwit competition by increasing production at cheaper price owing to economies of scale.
An employee who is paid well is more likely to put in more effort in the daily endeavors and tasks within the organization (Mankiw, Kneebone and McKenzie, Principles of Microeconomics). Compensation is directly proportional to the amount of effort an employee puts in their work.
An employee who is paid well is more likely to have a balanced and healthy diet. This is because disposable income determines an employee’s expenditure limits. Therefore by paying workers better, the company reduces incidences of sick leaves, ensuring continual production.
The better pay at Ford attracted high quality and even experienced employees. This availability of labor motivates the contracted employees to work at their optimal level as they can be easily replaced (Mankiw and Scarth, Macroeconomics : Canadian edition). This is known as adverse selection.
In conclusion, by increasing employee compensation, Henry Ford strategically increased his production, output, sales and profits, while mitigating employee turnover. This concept is largely employed in the modern business world, where employees offer wages above the equilibrium
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Derek Jacobi is the narrator, also known as the Chorus. He appears at various times of the story interjecting lines from the original play by Shakespeare. The film received immense critical acclaim for the direction and genius acting of Kenneth Branagh, who was nominated for an Oscar for the great Shakespearean language and acting.
The title of this short story is ironic as it probably packs dark sarcasm because, in his story, Frank calls his father (Roy Brinson) an optimist, when in fact he isn’t. His father works at the railways and generally doesn’t weigh the everyday circumstances properly.
Vertical integration consists of the confinement of many value addition steps of a product or service to the same entity or company. The main purpose is to ensure that an organization maintains competitive advantage and subsequent increases its market base.
In the nineteenth century, the development of technological products, such as telegraph and telephones, enabled instant communication over long distances. This helped the industries to expand their operations all over the country. A large number of people shifted to urban areas and started working in factories instead of their traditional rural occupations.
The lofty minimum wage was made possible by Henry Ford's manufacturing breakthrough: the constant-motion assembly line, which carried moving cars past lines of workers. The first modern assembly line, Ford's process allowed him to build cars faster and cheaper than anyone else could.
f Henry Ford, the visionary ‘Way Forward’ is a hard decision which could not be avoided to save the company from moving towards the unnatural end of bankruptcy. “The situation could hardly be more critical. Fords market value has plunged by an astonishing $40 billion since
One of the strategies that Ford can adopt to raise profitability by reducing cost is by optimizing its supply chain. This may also be of greatest importance to the company. The first part of this is by finding ways in which it may reduce the costs that are
He returned to the mainland and was a business legal advisor in Frankfort, Kentucky and soon left on a vacation for governmental issues.
Clay was chosen as the Kentucky House Representative (1803-1806); served
Fordism, which entails methods of large-scale manufacture of cars and large-scale managing of industrial employees through intricately designed manufacturing methods characterized by a moving assembling, was developed by Ford in 1914.This essay will consider the control mechanisms at Ford that has been the most useful.
3 Pages(750 words)Essay
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