Capitalism and Economics Are the Most Influential Philosophy - Essay Example

Reflective paper on work Several such as F.S. Michael have argued that capitalism and economics are the mostinfluential philosophy. The author on several occasion has insisted that the rise of economic theory have changed life. In regards to this, the main of this essay is to analyze chapter three: “Your Work” of F.S. Michael’s, Monoculture and reflect on how work has changed. According to Michael, working in the 1950s was different from today. There was close supervision and workers knew their work in details since they did it daily. Companies provided job security to their employees indefinitely. Workers were given directives by their bosses and, therefore, creativity was limited. Workers climbed up the seniority ladder with time. If there were layoffs, the seniors were affected less than the juniors since lay- offs were based on the principle of ‘last in, first out. There was no close tie between the pay that one got and their performance, and there were no significant differences among the workers (Michael, 23). In the 1820s, twenty percent of the population worked for wages and salaries but by the year 2000, 90 % worked for organizations, half of them working for big companies. ‘In the 1950s, the relationship between the employees and the companies involved commitment and reciprocity; workers were dedicated to the job in return for wages and promotion, and the company was committed to its workers in return for their hard work and loyalty’ (Michaels,21). Firms invested in their employees by training them, developing their skills and promoting them. This encouraged loyalty by enabling the employees plan on owning their homes and sending their children to schools. For this reason, people stuck with the same company for years. In the case of occasional long working hours, the impact was relatively easy to absorb, since women, not in the workforce assisted them with domestic duties. However, this story changed. There was a stable relationship between companies and the employees. By regularly promoting their employees, the companies were able to maintain the stability of this relationship (Michaels 27). The new sate of work With time, the state of business changed and the priorities of the companies, as well as the employees, changed. In a global economy, corporations are always competing. Investors are always on the run to get new opportunities that have higher rates of return, to invest their funds. This makes investors keep moving their funds in and out of countries, companies (Michael’s Countries and businesses, therefore, are always under pressure to compete efficiently so as to attract investors. The workforce is now flexible with the relationship between companies and employees being weak (Michael, 29). Labor costs form a large proportion of any company’s expenses and, therefore, by being less tied to its employees, a company can remain competitive. This means that, the once stretched employment relationship has changed. Employment depends on the changing needs of the business. This has led to a decline in the relationship between corporations and their employees. Companies have reduced the job security to employees and training while expecting them to put more effort. Employees, on the other hand, have become more mobile, whereby they switch work to the more competitive companies, always in search for greener pastures. Employees are responsible for their training and development in skills to ensure they stay attractive to potential employers (Michael 30). Most of the workers who are laid- off often end up being hired again as consultants. This flexible work force is a great opportunity for employees in that they have the opportunity to have more than one client. They have a chance to figure out their real identity, and what they want to do with their lives. This helps the employees become more authentic and whole. In North America, Asia and Europe, contingent work is on the rise and the free agents often end up earning less than they do in their full time jobs. To make up for the margin, freest agents end up securing a second job while reducing the amount of time they spend with family and friends (Michael 24). Corporate social responsibility However, there are also changes in the relationship between companies and their stakeholders; companies consider their workers, consumers and the general public. The social mandate is changing where companies are now supposed to extend their focus from the financial bottom line to focus to the bottom line of economic, social and environmental responsibility (Michaels 23). Companies that have a good social responsibility are often rewarded. Most of these companies have higher stock valuations, better earnings, and a more highly motivated and satisfied workforce` (Michaels 25) The economic story also argues that a healthy psychological workplace is worthy developing since it improves organizational performance. Programs that help workers balance between work and family are worth developing because they increase the commitment of the employees to the company. Healthy workers are more productive than unhealthy workers, and this justifies the need for worker wellness programs. The economic story had also changed in that now; economic development encompasses what requires to be done so as to sustain corporate growth and profits. The new economic story argues that the trade- off between ethics and profits is just an illusion (Michaels, 25). Often, a conflict exists between the values of the business and those of the managers and therefore, there is always a disagreement on the amount to be spend on social activities. According to Pruzan, the gap between the leader’s personal values and the values she promotes at work is very extreme. A good share- holder oriented manager is the one who puts aside her personal values while at the work place, and picks them in the evening while going home to enjoy the beauty, love and peace with friends and family (Michael 32). Conclusion As much as employees and executives would wish to align personal and business values, there is fear whether such an alignment would be different in another area. Employees instead can concentrate on improving their skills to ensure that they remain competitive in the job market. Employees find themselves working for longer hours since companies find it cheaper to extend the working hours of the current workforce than to hire more workers. This makes it hard for employees to keep up with duties such as childcare, family relationships elder care and cooking. This brings a big question of what then is the best thing. There is an enormous time crunch between work and non- work obligations. However, these are individual problems and their solution lies entirely on the hands of the worker. Workers need to solve themselves on how to balance their work life and their families and friends. In conclusion, it is best for companies to take up corporate social responsibility. Employees, on the other hand, need to correctly prioritize their responsibilities to strike a balance between work and their social lives. Reference Michaels, F.S “Your Work." Monoculture: How One Story is Changing Everything. Canada: Red Clovers Press, 2011. Print. Read More