The terms of a collective agreement are the results of the collective bargaining process. Key economic factors mentioned above will influence how well the employer and union side can achieve their desired objectives, and materialize them into real terms within a new collective agreement. The overarching economic landscape, as well as the bargaining power of either side, typically determine the employer or union 's ability in reaching the desired outcomes raised in the bargaining process. Typically, one factor does not work alone in terms of its influencing power, the entire process is dependent on the strength of the economic factors combined, for either party. Wages are one of the most negotiated topics at the bargaining
Firstly, these workplace learn-ing is controllable. As we previously mentioned the different concrete forms of workplace learning, e.g. coaching, mentoring, teamwork, etc., all these concrete activities turn workplace learning into a controllable and measurable condition, which also calls for certain predicting. Secondly, re-ferring to the meaning of learning at workplace, it also directs to the mean-ing of work, or meaningful work. The question would emerge immediately, which how we define the (meaningful) work, especially in this global and neo-liberal society, the forms of employment is changing, for example, for the economic reason and revenue maximization, more and more employ-ees hold the project or program based contact instead of the open-ended contract, even more and more out-sourcing jobs instead of the stable working positions.
According to Boudreau and colleagues, a model of efficiency metric will measures the cost of work-life balance programs to determine the return on investment (ROI). While that is an indicator of how work-life balance programs affect the capacity and actions of employees in targeted talent pools, the other type of measurement concentrates on the real impact of work-life balance programs on organisational performance by measuring the value added to the organisation by a work-life balance program (Bardoel et al. 2008, p. 243). There are several key factors to be considered in measuring ROI of WLB programs, such as audience, culture, designing the data collection process, integrating findings and making projections and identifying the company’s primary goals. Recommended by Lockwood (2003, p. 6-7), the best five keys areas to consider in term of performance measurement are employee time saved; employee retention; increased motivation and productivity; absenteeism; and decreased health care costs and stress-related illnesses.
Specialization and productivity: The author Adam Smith said that the division of labor arises from the propensity in human nature to exchange. According to the author the very important key to the economic efficiency of the market is the specialization which is all about the division of labor. He has given the example of a pin factory where due to the specialization the pin factory could make more pins in a day. According to the author the specialization has to be in different parts of the operations. He said the specialization made the procedure thousands of time more productive.
Economic growth is by far the most important issue in political economy. Economic growth in a nation is fundamentally determined by its ability to produce goods and services. It uses two important inputs: labour and capital and combines them to know-how to produce output; economists refer to the knowledge about putting inputs together as technology. Economic growth theory deals with the intention of enduring standards, a matter which is of the greatest significance to human welfare. It should be observed that economic growth, which is delineated in this work as growth in real per capita gross domestic product (GDP), is not the sole element which influences economic development; other important
Labour market has been a source of debate from the time of classical economists to the new institutional economists. In the labour market the question that arises of skill are whether there is an incentive for the capitalists as well as the labour class to develop their skillswhich in turn can lead to rise in productivity. The question arises that are the capitalists more concerned about raising the productivity or profits, and also to see whether increasing productivity is the only way in which profits of capitalists can be raised. “Skills refer to human capacities obtained by individual workers or to the specific demands that individual jobs require. Although it is difficult to define skill in a way that captures all its dimensions but studies
As we all know, we live in a formal economy which regulates for the working hours, duties, responsibilities, conditions of work etc. This in return helps companies and employees to track the salaries easier, ensure that human rights are being respected and helps for a better function of the market. The market is a platform of production, allocation and distribution of resources in order to ensure efficiency in using those products since there is an abundance of resources in the world and an efficient utilizing mechanism should be created for them. As a result, countries have created rules and regulations through which they organize the market and the economy of each country, therefore, we can say that the majority of the countries have formal
This form is usually filled as materials are taken from the raw materials inventory and utilized as part of the job; this is tracked by adding them to work‐in‐process. This is done in order to ensure that materials costs are correctly allocated to jobs in process. And important concept in Job Order Costing is Predetermined Overhead Rate. In order to save time and allocate cost as they are incurred, overhead costs are allocated to jobs in process using a predetermined overhead rate. The predetermined overhead rate is identified as part of the budget and planning process by estimating total factory overhead costs and dividing these total costs by the estimated total cost driver or activity base chosen by the organization, typically this can be something like Direct Labor Hours or Direct Labor
Economic resources are the inputs used in producing goods or providing services. Economic resources can be divided into human resources, such as labour, entrepreneurship and management, and nonhuman resources, such as land, capital goods, financial resources, and technology. The precise proportion of each input of production will vary from product to product and from service to service, and the goal is to make the most effective use of the resources that maximizes output at the minimum possible cost. Labour is a classic factor of production, along with land and capital. Even in technologically advanced world nowadays, human labour is still needed to help process resources into products or to utilize resources to provide services.
The demand for product and services is increasing, hence the need for manufacturing engineer’s increases. The role of manufacturing engineering revolves around the production processes and all related processes. “Bedour Ahmadi” History Of Manufacturing Engineering Manufacturing Engineering has been used in ancient times. It was found used in factories in the mid 19th century. Even though manufacturing engineering existed since ancient time, it was added recently “Bedour Ahmadi” Nature Of The Work Manufacturing engineer’s work focuses mainly on designing process and manufacturing process in order to improve production.