100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Summary Human Resources and Competitiveness £3.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Business
  6.  
  7. Unit 3 - Business decisions and strategy

Summary

Summary Human Resources and Competitiveness
 27 views  0 purchase

Explains labour productivity, labour turnover, labour retention, absenteeism, and human resource strategies (financial rewards, employee share ownership, consultation strategies, empowerment strategies)

Preview 1 out of 3  pages

Document information

  • September 28, 2020
  • 3
  • 2019/2020
  • Summary

Subjects

Written for

All documents for this subject (38)

Seller

avatar-seller
emily1744

Reviews received

Content preview

Theme 3 Topic 15
Human Resources and Competitiveness
Labour Productivity
Labour Productivity – measures the output per worker

Labour Productivity = Total Output (per period of time)
Average Number of Workers (per period of
time)

Why is Labour Productivity Important for Competitiveness?

 An important measure of efficiency
 Higher labour productivity should result in lower unit costs
- The fixed salary costs of each worker are being spread over more units
 Lower unit costs enables the business to charge lower prices than their rivals or they can charge the
same price and enjoy a higher profit margin

Labour Productivity Can be Improved By:

 Investing in new machinery
 Training
 Financial incentives for improved performance



Labour Turnover
Labour Turnover – the proportion of staff leaving a business over a period of time

Labour Turnover = Number of Staff Leaving x 100
Average Number of Staff

Why is Labour Turnover Important for Competitiveness?

High rates of labour turnover often indicate problems of low morale. This could be caused by:

 Poor pay and working conditions
 Poor management
 Lack of training
 Lack of job satisfaction

Problems resulting from high labour turnover:

 Increased recruitment and selection costs
 Increased induction training costs
 Low productivity as new employees take time to learn the skill required

However, some labour turnover is good for a business:

 New staff can bring in new ideas
 Existing staff who have worked a long time for the business may become set in their ways

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller emily1744. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £3.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

64438 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£3.99
  • (0)
  Add to cart