accounting profits and economic profits for Gomez’s pottery. Explicit costs: $37‚000 (= $12‚000 for the helper + $5‚000 of rent + $20‚000 of materials). Implicit costs: $22‚000 (= $4‚000 of forgone interest + $15‚000 of forgone salary + $3‚000 of entreprenuership). Accounting profit = $35‚000 (= $72‚000 of revenue - $37‚000 of explicit costs); Economic profit = $13‚000 (= $72‚000 - $37‚000 of explicit costs - $22‚000 of implicit costs). 8-4 (Key Question) Complete the following table by calculating
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Labor Cost Cutting Strategy In a sluggish economy‚ it is more important than ever for businesses to cut costs. Knowing how to reduce the cost of paying employees without reducing product quality‚ dropping employee morale or otherwise sacrificing the way you do business can be the difference between being in the red or the black at the end of the year. Stop the Overtime * Don’t pay overtime unless it is absolutely necessary. Remember that you must pay non-exempt employees 1 1/2 times their
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1. Introduction The use of social media in the hiring process has important legal ramifications that employers need to be aware of. While the content and postings by job applicants on social network sites is in the public domain‚ considerable legal problems exist for employers over the use of the obtained information if it infringes upon legally protected areas of privacy. This section discusses compliance issues primarily in the United States and also in Japan. Recently‚ there has been a lot
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matter it is in traditional firms or high technique company. In addition‚ some related issues will be addressed to analyze the relationship among variables in the viewpoints of strategic human resource. The aspects of recruiting and selection consistent recruiting methods‚ the recruiting effectiveness‚ besides it know how‚ the supporting staff is more appropriate to be sent outbound of he is more accommodating to the environment. Recruitment and Selection Recruitment is the process of seeking
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GUERRILLA RECRUITING TACTICS - Guerrilla recruiting is a style of recruiting that makes use of the tactics and strategies that have been used for centuries by warfare. According to Drucker (1998)‚ these tactics are highly focused form of recruiting that are fully integrated and driven by fundamental motives of the organization. These tactic are also typically deployed by an organization that is inferior both in numbers and tools against a larger and more mechanized competitor‚ but that is not always
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Structure Setting and Adjustment | Definition | A pay structure is a collection of pay rates or pay ranges.Structure setting and adjustment is the process of developing‚ adjusting‚ and maintaining a pay structure. | Purpose | Pay structures are used to help organizations: * maintain pay levels that are competitive with the external labor market‚ * maintain internal pay relationships among jobs‚ * recognize and reward differences in level of responsibility‚ skill‚ and performance‚ and
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How to Recruit a Nurse; Lenox Hill Hospital Between The Sticks MGT522 - Management of Human Resources September 7‚ 2014 How to Recruit a Nurse; Lenox Hill Hospital One of the main responsibilities for a human resource manager is to recruit new employees who perfectly fit the needs of your growing company. Advertising job openings correctly is very important in order to catch the attention of the individual’s who are best suited for your company’s needs. There are several avenues available
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Quality Cost 1 Quality is defined from the customer´s point of view l Performance l Performance or the primary operating characteristics of a product or service. Example: For a car‚ it is speed‚ handling‚ and acceleration. For a restaurant‚ it is good food. l Features l Features or the secondary characteristics of a product or service. Example: For a TV‚ it is an automatic tuner. For a restaurant‚ it is linen table cloths and napkins . l Reliability l Reliability
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The reputation of any business ultimately depends on the quality of its products. High quality products need high quality people to create‚ design‚ produce and deliver them. So if a business is to maintain its reputation it needs to do well at recruiting high quality employees. For any business offering a large element of personal service‚ an ability to recruit‚ train and retain high quality staff is particularly vital. This Case Study looks at how McDonald’s‚ the world’s largest and fastest
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Memo To: CEO From: Human Resources Director Date: September 9‚ 2012 Re: Employee Benefit Package As requested‚ and after much research and comparison of available benefit packages‚ the following benefit package is recommended to be implemented by the organization‚ and offered to all executive assistants‚ and all other employees. Executive assistants are vital in their role in the organization. The role of the executive assistant is to
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