Though hiring competent people for the job is essential but retention is still more important than hiring. There is no dearth of opportunities for talented and high performing employees and rather many organizations will be in race with each other looking for and poaching such employees. High rate of employee attrition is a warning signal for the management that something is wrong with the organization. In the present day of fierce global competitive environment it becomes very important for organizations to retain their high performing employees. The management should try to retain such employees because employee turnover involves huge costs.
However, to run an office is also very expensive and companies tend to economize much on offices, which could lead to undesired outcomes, that are sometimes directly related and obvious but most outcomes are hidden indirectly and people are not aware of it. Many outcomes are revealed thanks to the work of ergonomic scientists. The science of ergonomics tries to find out all the aspects that improve system performance and human wellbeing. ("Human factors and," 2013)The following essay will explain why ergonomic office solutions should be considered by companies, who want to improve office performance and save cost, in order to be more competitive. Ergonomic office solutions can decrease human resource costs and increase health of employees.
Trending now is outsourcing, this allows companies to focus more on important daily functions of their own business. A major component in the payroll service industry is expanding technology; this will reduce the need for face-to-face contact with clients. Being one of the greater expenses in the industry it will lower costs for the payroll service companies. In this industry they are many competitors offering a variety of services and a major key to success for these companies is a user friendly web interface. For payroll services the major expenses include providing one-on-one contact with clients and training them to be able to use the software.
Such economies of scale will allow Berkshire to offset the very high costs of cold-forming equipment. Business StrategyA careful analysis is needed in order to determine Berkshire’s business strategy. At first one would think it was product differentiation because of the inelastic demand in the short run. But one thing that should also be noted is the fact that for most goods, demand is much more price elastic in the long run than in the short run. This combined with the fact that Berkshire is convinced that it could not individually raise prices without suffering substantial volume declines, and that all the products of the different manufacturers in the industry are very similar, prove that their business strategy is in fact cost leadership.
There are two views of unemployment known as the classical and Keynesian view. Unemployment rates (which are the percentage of the working population unemployed) vary significantly from country to country with some as low as Belarus’ at 1.0% (2009 est. )(CIA World Factbook) and some as high as Zimbabwe’s at 97% (2009 est. )(CIA World Factbook). The UK’s current level of unemployment is at 2.62 million (BBC News Business, 16th Nov 2011) which has remained high since the global downturn at the end of 2008.
Supplier Bargaining Power: High – By having a great deal of raw material available gives the suppliers a big advantage over their competitors. The majority of businesses in the industry have numerous suppliers to choose from so they can make sure that what they are getting is the best material for a cost effective price. Potential New Entrants: Medium - The possibility of having new clients that will enter the market is pretty low due to the fact that the big businesses are already in existence in the market. It isn’t likely that a loyal customer of the big company will switch to new the company. They will need to create a completely new product that has a better design and quality as well as a better price.
There were many coping strategies put in place by various individuals. Many individuals are able to put in place coping strategies in the face of economic decline. Whether these strategies are the effective is another study that needs to be documented. PROBLEM DEFINITION BACKGROUND There has been a financial downturn in the economy at large and there is need to understand and assess how people are coping in the face of high unemployment rate, infrastructural decay, little or no government intervention especially in developing countries. The most prominent economic crises that ever occurred was the global financial crises of 2008.
Primary research can easily become time-consuming and therefore expensive, although it is considered as a very reliable source as it comes directly from the customers. In primary research the customers answer questions that are specific for the project. Because of these direct questions on the product the company get the exactly right information that they are looking for. 3. Qualitative research and quantitative research are very different, and they can answer different kind of questions.
There are some disadvantages to using activity based costing. One of the biggest disadvantages is that for an established business it is very costly to start up and implement the activity based accounting system. Unless you are in in a common industry many times the program has to be developed as you go to suit the needs of your business. Sometimes activity based accounting does not always conform with GAAP. If this is the case and the company really wants to use this system they will in turn operate with two accounting methods.
Not only are employers faced with filling critical positions, but the added expense of hiring and training a new workforce. One of the largest expenses for a firm is the marketing, hiring, and training of new employees. For those companies with high turnover rates, the cost is even more. With so many candidates vying for fewer and fewer positions, most businesses have no shortage of potential employees. The key is recruiting the right candidates and retaining them.