After a strike, the employees’ performance becomes reduced significantly in their working field. Consequently, making the organization suffer from slow growth in their rate of production. If the concession of the strike involves only the return to work and does not focus on the needs of the workers, during the recession period, an organization must be prepared to focus on any form of reduction productivity, and the employees work effort. Another outcome is that strikes tend to intensify the relationship between the employees and employer creating a problem in both disseminating information and work coordination between them. Consequently, the result of poor communication between the employer and employees is a low performance, which may eventually lead to low
Teamwork: Teamwork in a company is vital for the success of a company. Financial incentives like bonuses can inhibit teamwork since under such schemes, individuals may be rewarded rather than teams. For example, several firms give bonus on bases of the amount of work performed by the individual (Roland, 2003). This means that employees would eventually learn to hoard work than to share it for the welfare of the organisation and in this way, the overall productivity of the company may be affected. Burn-out of employees: Another disadvantage associated with the financial reward system is that it may lead to physical and moral burnout where the employees may work extra hours to earn the money and may eventually be frustrated by the monotony of the work situation.
By the government raising minimum wage, this will force owners to compensate with their employees. This could result in letting employees go, giving employees very limited hours or cutting down the owners pay. Whichever way it goes, this is a downfall to the economy because people will end up losing their jobs, businesses will lose money which would decrease total profit and it could result in the closing of businesses and
However, if management are saying that they value teamwork but seem to reward individuals, then this can result in a drop in commitment, widespread resentment and perceptions of inequity (Rowland, 2013). Bacon & Blyton (2007) examined workers views of why teamwork was being utilised by management. They study aimed to gain an understanding of the impact of team working on the attitudes and behaviours of employees. It found that workers were generally supportive of the idea of teamwork but distrustful of managerial intent. It was mentioned that employees’ believed senior managers introduced team-working in order to meet the concerns of shareholders and it would be used adversely in a time of job cuts.
The analysis of the case based on two cultural frameworks by Hofstede and Trompenaars & Hampden-Turner leads us to believe that there are several reasons at play behind JPMorgan’s (JPM) hiring practices in China. In China, identity among collectivists is defined by relationships and group membership where social behavior is governed by norms and obligations. There is an emphasis on relationships even if they may be disadvantageous and in-group goals have the utmost priority. According to Hofstede’s cultural framework, the key drivers of Chinese culture, and in the context of this case, in organizations such as JPM are as discussed below: Power Distance This aspect deals with the fact that all individuals in societies are not equal – it expresses
In addition, it can also deteriorate the core of the company by reducing the number of employees and as a result causing an insufficient workforce. “Workers originally want unions primarily for defensive purposes -- to protect against what they see as arbitrary decisions, such as sudden wage cuts, lay-offs, or firings. If they are going to compete successfully in an economy that can go boom or bust, then they need a great deal of flexibility in cutting wages, hiring and firing, and adding extra hours of work or trimming back work hours when need be.” (Domhoff, 2013) Another example is that, when being protected under a union, it makes it difficult to discipline workers. Participation in a union starts to become more about the circulation of connections rather than skills proficiency. Also, despite having a voice in a union, there may still be aggression and lack of cooperation and collaboration; which is vital in a workplace.
When this happens, it is inevitable to lay off key employees to reduce their expenses. When there's a decrease of employment rate in the economy, people will be earning lower incomes that will result to a decrease of consumer spending. Businesses then will be forced to lower the prices of their goods that will eventually cause a deflation
Additionally, they came together with other countries for one purpose and that was to pass the Open Door Policy to allow everyone to access China. Thus humanitarian reasons for imperialism is invalid because the U.S. wanted to trade with China to improve their economy. Overall, out of the three theories, humanitarian, defense, and economic, economic is the main reason for American imperialism. This is shown in many case studies like Puerto Rico, the Dominican Republic, and China. The U.S. looked for opportunities to gain economic benefits
Notably, the Song dynasty was one that heavily enforced this examination and lead to the political success of the dynasty. The tributary system was a system that China used to control areas around them. They forced other countries (such as Korea, Vietnam, and Japan) to pay tribute to them and recognize China as superiors. The system was instituted in the Classical Han dynasty
It focuses on the economy in the short run instead of waiting and letting the economy self correct. For example, Keynesian economics counters the idea that lower wages can restore full employment. They are arguing that employers will not add employees to produce goods that cannot be sold because demand is low. Similarly, poor business conditions may cause companies to lower their capital investment, instead of taking advantage of lower prices to invest in new technology or capital. This would also have the effect of reducing overall employment.