Technological change can also affect the internal working arrangements - machinery leads to redundancies, new training may be needed etc. (Internet shopping and self-scan checkouts) Outsourcing production to cheaper countries. Skills requirements - Assessing the skills of the current workforce is an essential part of human resources planning as it enables a business to build up a profile of the training, experience and qualifications that employees already have. This is very important whether the business is capital intensive or labour intensive. As the nature and type of work changes within an organisation, so do the skills requirements.
This will mean the population will have more money which will go into the economy, this will mean more income for improving infrastructure and services. Also as TNCs move to other countries, job opportunities increase which means that the quality of life will generally improve too. Another benefit would be that the status of an area would be raised; this may encourage investment by other big name Multi-Nationals and most importantly will improve the countries economy drastically as valuable export revenues will be earned. Most important, they will benefit from cultural exchange creating a cultural integration. LEDC countries do not benefit as much as MEDC countries do, for example, sometimes much of the employment is low paid, low skill, long hours, meaning that the countries do not develop economically or give the opportunity to develop their skills.
For instance, they would get a good job if you had a profession. That case it would be easier to get a job. Also, they will have a higher salary compared to other countries. Furthermore, USA’s salary is higher than other countries so that you will have a better economic future. For example, save money for retirement and your job.
This may mean different numbers of employees are required with different skills. The new employees may need induction training and development activities which may increase the costs. However they need a good workforce to achieve their objective. Overall I think that they need to consider all the factors to achieve their full potential. I think that implementing work force plans is not a good idea for first car plc.
Innovation impacts the cost of production as well. Even the innovation helps in lowering the cost of production and making economies more efficient – producing more outputs with the same number of inputs. Technology affects market structure. In today’s market world, technology advances more rapidly because individuals gain incentives, in the form of profits, to discover new and cheaper ways of doing things. Even the dynamic efficiency refers to a market’s ability to promote cost-reducing or product-enhancing technological change.
The loan will be paid faster and the business will keep moving forward. The changing skill mix is another good idea. When other staff members of different degrees are hired, the hospital will save money. Some people with higher degrees require a contract. This usually involves a lot of money.
The higher the ratio the more assurance exists that the retirement of current liabilities can be made. The current ratio measures the margin of safety available to cover any possible shrinkage in the value of current assets. Normally a ratio of 2 to 1 (2.0) or better is considered good. Short-term creditors prefer a high current ratio since it reduces their risk. Shareholders may prefer a lower current ratio so that more of the firm's assets are working to grow the business.
The learning curve will present challenges in that, employees will maintain the need to refer to the old system to proceed with business as usual. Possible struggles presented by the learning-curve are expected from several employees. Some will adjust more than others, but the main challenge is in the adaptation or orientation phase. Technologically, since the system is equipped with back up software, it should eventually eliminate the need for hard copy records and files. This will save time in the long run, which should encourage most employees despite their initial frustration with the management system change.
There are all kinds of different forms of training, some more expensive than others. If a corporation is trying to cut costs because of the economy they should try using less expensive solutions, such as e-learning instead of instructor-led classes. Training should be limited to key areas that are really needed. Using internal employees to help train new or existing employees is a great way for the company to save money. Coaching or mentoring new employees is also a great way to train employees and it has the added bonus of a more personal touch that can be very effective.
Having better jobs will help the economy because more people will be earning and spending money. As discussed in ethnic studies and economics class it will help the economy because they more money consumers have, the more money they will give the economy, and that will also lead to less