In economic theory, the law of supply and demand is considered one of the fundamental principles governing an economy. It is described as the state where as supply increases the price will tend to drop or vice versa, and as demand increases the price will tend to increase or vice versa. Basically this is a principle that most people intuitively grasp regarding the relationship of goods and services against the demand for those goods and services. When supply and demand are in balance, the economy is said to be in equilibrium between price and quantity. This is a very simple principle but when we examine specific instances of goods and services against a particular demand, we see that this behavior seems to hold true. Let’s examine the supply aspect of this statement. This is the component that provides the goods and services, so effectively this is the element that brings things to “market” for which the consumer or demand side reacts. One of the big items considered on the supply side is the cost of labor. “As wages rise, the supply of goods and services is reduced, because wages are the input price of labor. Labor accounts for about two-thirds of all input costs, and thus wage increases create supply reductions …” (Introduction to Economic Analysis, McAfee).
With this in mind we know that because of that fact each organization is economically competing against the other. In a competitive market, there are a large number of firms, each having a small proportion of the market share and slightly differentiated products. This is where my proposed degree comes in. Human resource management (HRM or simply HR) is the management of an organization's workforce, or human resources. It is responsible for the attraction, selection, training, assessment, and rewarding of employees, while also overseeing organizational leadership and culture, and ensuring compliance with employment and labor laws. The difference between customers patronizing your business instead of your competition depends on your Human resource management team which involves managing people in an organization. In the last few decades we have seen some drastic changes in the strategies employed by various companies for this purpose. Earlier, it had limited functions which were mainly confined to paperwork related to hiring and payment of the staff in the company. However, now, it is understood that the most valuable resources of any establishment are its employees, as they play a crucial role in accomplishment of the aims and objectives of a business. If the management and staff are not well trained that can: • bring a poor reputation to the business,
• a poor reputation they will have limited to no clientele, • with limited clients the business will not make any revenue, • if the revenue quota is not met that business may possibly face foreclosure • which can in turn cause in some cases hundreds of people to be out of work So we see that an organization is only as strong as its Human Resources Department. My aim in life is to prevent this from happening; I would like to get my degree in Human Resource Management; so I can open up a business consultation Company. The aim of my company would be to act as a liaison to organization’s ensuring that each staff member is properly trained with the necessary tools and skills needed to be the best they can at there required positions. Therefore, the focus of HRM is to deal with the manpower and all the decisions related to it that can have a positive impact on the productivity. A degree in Human resources will provide me with the tools needed to properly train employees as well as job seekers on proper interview as well as job etiquette. This will in turn provide up and coming Bahamian professional career seekers with skills essential to be successful in the Bahamian corporate world. The more thriving Bahamians we have, the more businesses can be created which provides more jobs which can in...
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