Management must strive for efficiency & effectiveness throughout Essay - 2

Management must strive for efficiency & effectiveness throughout organisation. Discuss, relating to strategic and operational theories and concepts covered within the lecture notes of this course - Essay Example re the intrinsic management attributes that are linked with efficiency and effectiveness that is rampant in any organization in the time and age of today. The same are discussed in line with the strategic and operational theories and concepts that have been studied thus far. Strategic basis of the management regimes indicate that an organization is more than willing to think long term, and hence devise ways and means through which success would be envisioned for the sake of the business concern. The operational theories and concepts are also important to discern and later on comprehend because embody the basis of success for an organization in the long run. The manner in which the external environment plays a definitive role as well as the building up of the strategic. Similarly managing the marketing mix is pivotal towards resolving the management related problems on a proactive basis. The same is necessary because it helps solve quite a few issues which basically mar the basis of an organization in the long run (Sims 2002). Efficiency and effectiveness within an organization is achieved through hard work and consistency that is related with the different processes, activities and tasks. The strategy development process could either be an intended one within an organization or it could comprise of an emergent form. Both have challenges and implications which are related with the strategic drift, the learning organizational basis, the uncertain and complex conditions and the overall management of the strategy development processes. The strategic management is therefore a combination of the external environment and the strategic capability that holds the strategic choices like business level strategies, the corporate and international level strategies and the development directions and methodologies (Ruhli 1993). The external environment similarly is related with the building up of the strategic capabilities. This means that the internal level analysis holds

Economic Effects of Minimum Wage Fixation Essay

Economic Effects of Minimum Wage Fixation - Essay Example On the other hand, the efficiency wage model of labor observes that increasing the wages for the workers will motivate them to work even harder, while increasing their fear of losing their jobs which are well paying (Ehrenberg and Smith, 94). This boosts the morale of the workers and make them highly motivated while undertaking their duties, an aspect that increases their productivity, and by extension, the productivity of the firm and the whole industry. This way, more employment is created, since improved productivity comes with increased opportunities (Ehrenberg and Smith, 378). Thus, according to the efficiency wage model, fixing the minimum wage, to a level higher than the competitive wage level, will promote productivity and discourage labor turnover, thus increase employment. Therefore, assuming the employment will continue rising as it has happened since June 2009, the empirical researchers need to face the following issues, to distinguish the correlation between minimum wage and employment rates, from the causal effect of minimum wage on employment. First, the empirical researchers should understand the issue of market operations, whereby different types of markets will give different results, when it comes to the relationship between minimum wage and employment. For example, an open competitive market will give different results, compared to a monopsony market, when it comes to the correlation between minimum wage and employment (Ehrenberg and Smith, 112). Secondly, the researchers need to understand the nature of the movement of the wages and the maximum level attainable in minimum wage fixation, before the correlation between the minimum wage and the employment changes from...This essay critically review the impacts of the introduction of the theoretic concept of minimum wage fixation into the real economy. This concept has had double impacts on employment and the economy at large. While the main idea behind fixing minimum wage that workers should b e paid is to make the lives of the workers better, through affording them a substantial income, it may affect the same workers, especially those with low skills negatively According to the standard competitive model of labor, fixing a minimum wage has the impact of increasing unemployment, through he creation of involuntary unemployment, where individuals can continuously apply concerted efforts o seek for a job but find none The case is different according to the Monopsony model of labor, which holds that the fixation of minimum wages has the effect of increasing employment, most especially when the wage is being increased from levels lower than the competitive wage, to reach the competitive wage levels On the other hand, the efficiency wage model of labor observes that increasing the wages for the workers will motivate them to work even harder, while increasing their fear of losing their jobs which are well paying The minimum wage can only go high, up to the competitive wage level, after which it will start having negative impacts. An increase in wage level from levels lower than the competitive levels has the impact of boosting the morale of the workers and increasing their levels of motivation, thus increasing their productivity, and consequently that of the firms