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Unit 1 Preformance Task:
Transcript of Unit 1 Preformance Task:
In effort to position ourselves to compete favourably in the global marketplace, Acme Corporation wants to generate efficiencies in all departments, leading to a 20 per cent increase in corporate productivity within three years.
Unit 1 Performance Task:
Building From a Solid Foundation
EXPLORING OPTION ii.
If we were to reinvest a portion of corporate profits to fund ongoing employee training...
i. requiring all employees to work ten hours longer per week while freezing wages and salaries at current levels
EXPLORING OPTION i.
4 COURSES OF ACTION HAVE BEEN IDENTIFIED
ii. reinvesting a portion of corporate profits to fund ongoing employee training
iii. paying employees in ownership shares in the company instead of money, for all overtime work.
iv. starting a profit sharing plan to reward all employees for reaching productivity targets and for their direct contribution to higher profits for the firm
If we made it mandatory for all employees to work ten hours longer per week while freezing wages and salaries at current levels...
If we were to pay employees in ownership shares in the company instead of money, for all overtime work....
EXPLORING OPTION iii.
EXPLORING OPTION iv.
If we were to start a profit-sharing plan to reward all employees for reaching productivity targets and their direct contribution to higher profits for the firm....
Growth of Company
We looked at each of our four options carefully and scored them in these categories on a scale of 0-5 with 5 representing the maximum benefit.
the company would be able to produce much more at a lower cost
we would not be contributing to inflation in the global market
employees are being mistreated which may result in the work force decreasing
quality of goods may fall due to unhappy employees
reputation of company in terms of attracting more workers will decrease
employees would be better skilled and produce higher quality products
goals of productivity would be met quicker
more skilled workers may demand higher wages
full profit is not being made
wages would have to be paid during training while the company was not actually producing
money is not actually being spent on workers
if the company's value were to increase, employees would benefit
will invoke a 'team' mentality, higher morale, effort
employees may not like this form of pay out
if value of company decreases, everyone will suffer
company has less exclusive control (decision making may become a challenge)
more efficient, productive employees will be recognized
each employee will be more motivated which will lead to better production
each employee will be allowed to work at their own place without suffering
profit sharing means that not all profit will go to the company
mentality of company may go to 'for each his own'
RELATIVE COMPARISONS OF OPTIONS I, II, III, & IV
In order to position ourselves to compete favorably in the global marketplace, generate efficiencies in all departments, and increase corporate productivity by 20% in 3 years,
will be our choice to achieve these goals.
It is evident in our Pros and Cons, our Decision Making Matrix as well as our graph that option IV outweighs all other options.
Employees will be able to take ownership for the work that they do while working at the pace that they so choose. It will help Acme Corporations to recognize the most productive workers and make our workforce the most skilled and efficient they can be to create the 20% increase in productivity while maintaining a positive attitude about our jobs.
self interest is an economic term defined as the desire each of us has to better conditions in our lives
this means profit provides major motivation for individuals creating stimulus for economic growth and prosperity
when society demands more product, we do not rely on the generosity of the producer but of the desire of producers to increase their own profits
Adam Smith (1723-1790)
Thanks for watching!
Chiara, Ivana, Connor