...this research was to identify the factors influence on the labour turnover in hospitality industry and give some suggestions to help the supervisors to alleviate current situation. Term members did some research readings similar to this topic, and then designed the qualitative questionnaire based on the Maslow’s hierarchy needs theory. The data were collected through e-mail survey, interview and so on. 12 respondents who current or ever have worked in a hospitality industry were selected as samples to completed the survey. After analysing the data, findings suggest that the manger should pay more attention to employees’ high-order needs than to lower-order needs. In such a special industry which operates to offer service to customers, the employees are the main assets of hospitality industry. (Emerald, 2012) Supervisors just meet the basic needs such as physiological, safety, and social needs, that not enough to retain the employees. This research will focus on the high low needs of employees in the hospitality industry to identify the possible factors influence on labour turnover. Introduction The hospitality industry is one of the fast growing industries in Australia since 1970s, and it also contribute a lot to the economic development in the whole country. In Australia, the hospitality industry is the main employer. (TTF Australia, 2006) Nevertheless, the hospitality industry still faces the labour shortage because of the high labour turnover. The recruiting new staff...
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...model of international trade, factor endowments explain a country’s comparative advantage and determine which types of goods a country will produce, export and import. According to J.Sloman (2010) comparative advantage is defined as ‘a country has a comparative advantage over another in the production of a good if it can produce it at a lower opportunity cost: i.e. if it has to forgo less of other goods in order to produce it.’ David Ricardo had developed the basic theory of comparative advantage which was further developed by two Swedish economists, Bertil Ohlin and Eli Heckscher who developed the Heckscher-Ohlin model in 1933 which explains why countries trade goods and services with each other and how factor endowments determine which goods a country would produce, export and import. Factor endowments are the amount of labour, capital, land and entrepreneurship that can be exploited for manufacturing in a country. Labour and capital are the two factor endowments that the Heckscher-Ohlin model refers to. The Heckscher-Ohlin model assumes that the only difference between countries that are trading was the relative abundances of labour and capital they had. The model contained two countries, two goods that it could produce and two factor endowments; labour and capital, which is why it is sometimes referred to as the ‘2x2x2’ model. The production of goods and services requires capital and labour however some goods require more...
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...More specifically, we saw that the specific factor in the sector whose relative price increases will gain, and that the specific factor in the other sector (whose relative price decreases) will lose. We also saw that the welfare changes for the mobile factor are ambiguous. Measuring gains vs. losses would be difficult as welfare is inherently subjective. A better way is to see if those who benefit can compensate others who lose and still be better off. Aggregate gains from trade can be shown as followed: In a country that cannot trade, the output of a good must equal its consumption. If DC is consumption of cloth and DF consumption of food, then in a closed economy, Dc=Qc and Df=Qf With trade the value of consumption still needs to be equal but the mix of goods can be different The left hand side is the level of food imports in the domestic economy which is determined by the relative price of cloth and the economy’s cloth exports. Eq. 4.7 is therefore the budget constraint BC slope: Consuming one less unit of cloth gives you Pc extra which can buy you Pc/Pf units of food. Before trade if an economy produces at a point like 2, after trade it can achieve anything within the shaded region. The set of feasible points are then where the BC is in the shaded area. BC slope: Consuming one less unit of cloth gives you Pc extra which can buy you Pc/Pf units of food. Before trade if an economy produces at a point like 2, after trade it can achieve anything within the shaded...
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...Sociology Essay: “Examine the factors affecting power relationships and the division of labour between couples” (24 marks) A power relationship is defined as an imbalance of power between the two people within a relationship. Traditionally, this will mean that one partner will be dominant and manipulative towards the other. Michelle Barrett and Mary McIntosh support this idea that there is an imbalance of power between men and women in heterosexual relationships. They believe the men gain far more from domestic work than they give back in finance. Additionally, this sense of ‘power’ suggestively is rooted from the means of finances – men generally earn more and exert this power on decision making and resources in the household. For example, Barett and McIntosh argue that men usually make these decisions, concluding that financial input is a key factor within a power relationship. Furthermore, it is argued by Elaine Kempson that this imbalance is apparent among low-income families. She notes that within these families, women’s basic human rights are ignored or not seen as a priority, such as women having smaller portions of food or simply skipping meals altogether. Other needs that are set aside are their own female needs and seldom going out. This theory links closely to the fact that power relationships, from a financial perspective, are observed by two key factors; pooling and an allowance system. Evidence of a more symmetrical, balanced relationship financially is shown...
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...Consider the extent to which short-term factors are now far more important than long-term factors in shaping voting behaviour. Many factors are said to impact the way in which people vote, some factors been long term whilst some are seen to be short term, however it is evident they all cross over to determine the way in which people vote. However, Peter Pulser once said that ‘ class is the basis of all party politics all else is embellishment and detail’ however this long-term factor has an impact along side other factors that shape voting behaviour these are Ethnicity, the Media, Age and recent events. Firstly, class is an important determinant of voting behaviour and this is a long-term factor. In the 1950s/60s, due to strong class alignment particular groups identified strongly with a class. This meant that people were more likely to turnout and vote for a particular party because of their allegiances. A/B/C1 were linked to the Conservatives because of their strong stance on tax and law and order, whilst C2/D/E were Labour since they were likely to be unionised and or accessing the Welfare State. However, since the introduction of Thatcher’s ‘right to buy’ people began to feel more middle class; also referred to as embourgeoisement. However, since Thatcher C2 voters were labelled as ‘the working class Tories’ with Thatcher receiving more votes from the C2 voters, however in the 2010 general election the conservatives gained votes from all ‘classes’. The idea that class...
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...leads to the convergence of factor prices in the Heckscher-Ohlin Model. Does empirical evidence validate the propositions of this theory? Word Count: 2,909 words Essay 1 : Discuss how trade leads to the convergence of factor prices in the Heckscher-Ohlin Model. Does empirical evidence validate the propositions of this theory? Abstract The Heckscher-Ohlin model (H-O model) states that a country possesses comparative advantage for those goods whose factors of production are in relatively abundant supply in the country’s endowment. Input combinations depend on the relative factor prices and these in effect, influence the goods prices. Factor prices and the goods prices have a one-to-one relationship. Countries tend to export goods, whose production makes intensive use of the resources. There are four components to the H-O model, and these are: The Heckscher-Ohlin Theorem, The Stopler-Samuelson Theorem, The Rybczynski Theorem and The Factor-Price Equalisation Theorem. The Heckscher-Ohlin model (H-O model) was developed by Eli Heckscher and Bertil Ohlin at the Stockholm School of Economics [Krugman and Obstfeld, 2003]. This model states that a country possesses comparative advantage for those goods whose factors of production are in relatively abundant supply in the country’s endowment. Countries, in this model, are differentiated by the factor intensity of the good they produce. A land-intensive good will have a high land-labour ratio. Whereas, a labour-intensive good will have...
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...create outputs. The process involves all of the activities associated with providing goods and services. Examples: a. physical processing or manufacturing of material goods b. production of transportation services c. production of legal advice d. production of education e. production of invention (R & D) f. production of bank loans Production refers to the transformation of inputs or resources into output of goods and services. Inputs are the resources used in the production of goods and services and are generally classified into three broad categories—labour, capital and land or natural resources. They may be fixed or variable. Fixed Inputs are those that cannot be readily changed during the time period under consideration except, perhaps at a very great expenses. (e.g., a firm’s plant). Variable Inputs are those that can be varied easily and on very short notice (e.g., most raw materials and unskilled labour). The time period during which at least one input is fixed is called the Short-Run, while the time period when all inputs are variable is called the Long-Run. The length of the long-run depends on the type of industry, e.g., the long-run for a dry cleaning business may be a few weeks or months. Generally, a firm operates in the short-run and plans increases or reductions in its scale of operation in the long-run. In the long-run, technology generally improves, so that more output can be obtained from a given quantity of inputs, or the same output from less inputs...
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...jurisprudence and political economy.[3] [edit]Introduction Adam Smith has not received as much recognition for his theory of growth as he has for his theory of value and rent, but the fact still remains that he does provide a consistent dynamic model. Adam Smith identified three major sources of growth: (i) growth in the labour force and stock of capital (ii) improvement in the efficiency with which capital is used in labour through greater division of labour and technological progress (iii) promotion of foreign trade that widens the market and reinforces the other two sources of growth.[citation needed] To understand the final growth process as stated by Adam Smith in this theory, we first need to look into the individual components, which have laid the foundation of the theory. These are Adam Smith's Production Function, his views on the process of growth of labour force and capital accumulation in the economy. [edit]The production function Adam Smith recognized only three factors of production: land, labour and capital. Considering these three factors, his production function may be expressed as Y=ʄ(K,L,N) where, K represents the capital L denotes labour force N stands for land Adam Smith, in his theory, has not assumed his production function to have Diminishing marginal productivity. However, his production function is subject to increasing returns to scale (which means that, output increases...
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...Occupation | Occupation type | Department of a Company | Activity sectors | Economy and Business | Description | Competencies | Staffing (Recruitments, Dismissals, Managing Labour Law, Employment Standards, Administration and Employee benefits) and bring out the best Work Ethic | Related jobs | Workforce, Human Capital, Manpower, Talent, Labour, Personnel, People | Business administration | | * Company * Business * Conglomerate | Business organization[show] | Business entity[show] | Corporate governance[show] | Corporate titles[show] | Economy[show] | Corporate law[show] | Finance[show] | Accounting[show] | Trade[show] | Organization[show] | Society[show] | Types of management[show] | * v * t * e | Human resources are the people who make up the workforce of an organization, business sector, or economy. "Human capital" is sometimes used synonymously with "human resources", although human capital typically refers to a more narrow view (i.e., the knowledge the individuals embody and economic growth). Likewise, other terms sometimes used include "manpower", "talent", "labour", "personnel", or simply "people". A human resources department (HR department) of a company performs human resource management, overseeing various aspects of employment, such as compliance with labour law and employment standards, administration of employee benefits, and some aspects of recruitment and dismissal. They are analogous in this respect to the productivity manager...
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...Cobb-Douglas Production Function Introduction A production function is a function which relates the factors of production, capital and labour, to output given the available technology. Capital here refers to things workers use in producing goods and services such as computers. Labour refers to the time that people spend working. The production function can thus be written as: Y = F(K, L) where Y denotes output, K denotes capital, L denotes labour and F is the relationship between the factors of production and output. Knowing the specific form of the production is important as it can explain the incomes of capital and labour, i.e. how much of output is compensated to workers and how much is compensated to owners of capital. This may seem a daunting task given modern economies’ vast array of industries which use labour and capital differently but there is a particular form which has proven to be resilient since its discovery. In 1927, Paul Douglas, a professor of economics in the United States (U.S.), discovered a pattern in data he had constructed from 1899 to 1922. Labour share of total income was relatively constant over this long period. This meant that even as the economy grew, total income of capital owners and workers grew at almost exactly the same rate. He consulted Charles Cobb, a mathematician and colleague, on what sort of production function would yield constant factor shares. Cobb showed that the function with this property was: Y = F(K, L) = AKαL1-α, where α < 1...
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...June 2011 Explain the term turnout used in the extract. Turnout represents the number of registered voters who cast a ballot at a given election usually expressed as a percentage. In this extract turnout refers to non-electoral political participation. Traditionally, the political participation of the UK’s citizens is measured by turnout to general elections. For example, in 2005 turnout to the general election was just 60%. This was seen to be a participation crisis by some. This extract would argue that casting a ballot is only part of a person’s political participation. It shows that 62% of people had given money to an organization in the previous 12 months. Also, 50% of people had signed a petition. This suggests individuals choose their involvement in politics in their own way and generalizing that if general election turnout is low, political participation is low is incorrect. This is supported by the POWER report in 2006 that suggested there is not a political participation crisis as there is still involvement on a local level. This suggests that political participation should not just be judged on turnout for general elections but also other acts of political participation. Using your own knowledge as well as the extract, consider why some commentators have spoken of a ‘participation crisis’ in recent years. In recent general elections, declining levels of turnout have led some to believe Britain is having a participation crisis. Meaning, political participation...
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...This was bad for both landowners and the manufacturing workers in Britain and Europe. (1 mark) NO, bad for landowners but good for manufacturing workers (as consumers) 3. During the First wave of globalisation, unlike at present, international movements of goods and capital increased rapidly but labour did not move internationally on a large scale. (1 mark) The period known as the age of mass migration from Europe to the new world. International capital movements (FDI) was also arising. 4. During the first wave of globalisation, there was not much international integration of commodity markets. (1 mark) The period for great international commodity integration [total 4 marks for Q1] 2. Consider a ‘small’ country that produces garments and computers. Garments are relatively more labour-intensive, while computers are relatively more capital intensive. The country is relatively labour-abundant. It opens up for international trade. Referring to the relevant model or theorem, briefly explain what would happen to; 1. real wages of garment workers (1 mark) Based on the HO theorem, the labour-abundant country (eg, Australia) will export the labour-intensive goods...
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...The labour market is a market by which workers compete in order to obtain employment, it is the province of the world by which commodities are bought and sold. It is a place where employees and workers share interaction; it is the market that employers strive to be the best and to provide the best jobs. In addition, according to the Economic Times "without competition there would be no market” (2010), therefore it is crucial that there is economic movement in the market. There will be three features of the labour market discussed within this assignment in order to highlight the inequalities. It aims discuss the inequalities amongst the gender factor, the concept of child labour and the links these factors have with unemployment. The argument which explains the gender inequalities within the labour market originates from the 1970s. However, it is fair to state that a lot has changed within society in particular the labour force since then. It is difficult to identify the particular factor that clarifies such segregation but many conclude on the basis of pay discrimination. Other factors to explain gender segregation could relate to comparative biological advantages, underinvestment in human capital, differential income role and entry barriers....(Bettio and Verashchagina (2009) Examples of gender inequality within the work place are common amongst contemporary society and this is because there are continued obvious biases in the labour market. There are hidden practices within...
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...| | |Second Semester MBA | |Term Paper | |HUMAN RESOURCE DEVELOPMENT | | | |[pic] | | | | | |"PERFORMANCE APPRAISAL TECHNIQUES | |FOLLOWED IN ROBERT BOSCH" | | ...
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...Labour market policy coursework It has been suggested that lowering the UK’s statutory minimum wage would reduce unemployment and “get Britain working”. Discuss the merits of this statement referring to appropriate academic research/evidence. The national minimum wage (NMW) introduced in 1999 is the minimum amount the government expects employers to pay their employees per hour at work. At the present time (2012) the UK’s NMW is £6.19 per hour for employees over the age of 21 years. It sets a price floor in order to balance out the fairness of the work carried out and to ensure there is pay equality between staff. Unemployment involves people who are not currently in a job but are actively looking for work. There has been a high amount of unemployment in the UK with % of people out of work. It has been suggested that there is a link between the NWM and unemployment levels. This is that lowering the NMW would lead to more employment and get people into work. This is on the basis that the NMW is fixed under the equilibrium wage which labour supply and labour demand meet. However with the NMW posed over this equilibrium this leads to a decrease in employment. The graph (Smith 2003) shows that if the NMW is above the equilibrium then there is a surplus of labour demand. This is because firms decrease employment and demand for labour increases. Therefore, lowering the NMW below the equilibrium would lead to an increase in demand for labour with firms hiring more employees...
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