making notes from vid feel free to copy and paste x labour productivity -> increase labour productivity -> units produced per worker increases -> costs are spread over a greater number of units -> lower cost per unit -> maintaining same quality of output, but for a lower cost -> improved efficiency -> if we implement business strategies to improve labour productivity -> we can improve efficiency! these strategies include: 0> motivation through financial rewards (promotion, bonus, increased wages), non-financial motivation -> positive working environment etc. -> training workers -> more skilled -> produce a greater number of high quality products in a period of tine -> investment in new tech
hey there, is there anyone here who can direct me as to whether this course is worth taking? im 22 years old and am thinking of taking some extra A-levels that are more updated to my current career interests. Is the course particularly difficult? Will i be able to self-study it in 11-12 months? What are some areas of the spec to watch out for and pay close mind to to? I'm torn between Business and Econ but i think business would be a little easier for me now ive already spent 4 years working, and I'll also be taking A-level Japanese as i've been studying that for >2 years now and should easily be able to A* the exam. Thanks for you feedback
underutilisation -> low number of actual output relative to maximum output (given resources -> factory size, machine, tech products, labour etc.) -> cost of production is spread over fewer units -> cost per unit is higher -> prices are set higher (less competitive) -> lowering in demand -> selling unused assets/leasing (lowering maximum capacity) -> reduce/increasing pricing (depending on elasticity of product)/promotional techniques -> increase sales revenue -> profit can be retained to fund the usage of (currently unused) equipment (increasing actual capacity) -> make staff redundant (lower maximum capacity) -> redeployment of staff -> staff which is idle can be redirected to work in a department which needs attention. (increasing actual capacity) -> reducing size of the workforce (closing outlets etc.) -> rationalisation (lowering maximum capacity)
ignore me! just writing a chain of analysis from what you said (feel free to copy and paste) labour productivity -> total number of output/ total number of workers -> 'x' units per worker -> identify labour productivity accross departments/ previous years/months etc./ with other firms -> if a firm has identified that a competitor has a high labour productivity -> producing the same quantity of output but with fewer workers -> your variable costs will be larger -> issue -> raise prices -> less competitive (lower level of demand for elastic products) -> IDENTIFYING THIS -> opportunity to develop new business strategies to increase productivity -> i.e. make workers redundant and introduce time and motion management -> make managers more firm with their subordinates, to prevent laziness -> maximise productivity labour productivity -> doesn't factor in how much we are paying workers -> can't be used to calculate the cost of labour -> even if a company's labour productivity is lower (lower units of product produced per worker) -> it won't become an issue if the company is paying their workforce lower wages, than other firms (with a higher labour productivity)
Could you talk about how pressure groups want diversity hiring? So businesses hiring people based on race, gender, disability instead of most skilled harming the workforce
I wish you were my teacher... we didn't even have a business teacher until the last quarter of the year so I had to do the entirety of my studying by myself and the way you explain everything is so clear. Thank you
