Understanding Employee Compensation: Salary Structures & Regulations
Item 9: Salary
9.1 Concept
Salary is the total economic compensation received by workers, in cash or in kind, for professional labor services, including work and rest periods. It excludes amounts received as compensation for work-related expenses or Social Security benefits. Wages are typically determined by collective agreements or employer-employee negotiations.
Factors influencing wage determination:
- Position held
- Skills, expertise, and responsibilities
- Employee loyalty and availability
- Company performance
- Individual
Production Management Essentials
What is Production Management?
Production Management, or Operations, is the management of an organization’s productive resources. This area is responsible for planning, organizing, directing, controlling, and improving the systems that produce goods and services.
Administration of production or operations is the transformation process that converts inputs (infrastructure, labor, capital, and management) into end products.
Administration of production resources is the direct production of the company,
Read MoreInventory and Purchasing Management: Optimizing Costs and Efficiency
Direct Forces
These environmental factors directly impact a firm’s suppliers, customers, and competition. Resource providers supply inputs to the organization, which then processes them to create the final product or service. Customers or consumers are the recipients of this product. Competition arises from other companies in the market selling similar services, with varying degrees of variety.
Indirect Forces
Factors such as technology, economics, politics, laws, cultural norms, social trends, and
Read MoreUnderstanding Stock Markets: Concepts, Actors, and Operations
Stock Market: Concept and Characteristics
The stock market, a vital institution within the financial system, is an organized market where professionals regularly engage in buying and selling public or private securities. It serves a dual role as both a primary and secondary market.
Primary Market
The stock market acts as a primary market when facilitating the issuance of new securities. For instance, during a capital increase, a company seeking capital approaches the stock market, while savers seeking
Read MoreState Intervention in the Mixed Economy: A Comprehensive Overview
State Intervention in the EconomyThe Role of the State in Mixed Economy SystemsThe Great Depression of the 1930s, generated by the 1929 crisis, brought about a crisis of confidence in markets. This led to a shift in the thinking of economists, who began to advocate for greater state intervention in economic affairs. As a result, the state’s role transitioned from that of a guardian to a protagonist, taking on the direction and organization of the economy. The extent of state intervention varies across |
Business Management and Administration Essentials
1. Basic Elements in Planning: From Vision to Goals
1.1. Vision
Determines the desired future state of the company. It’s an aspirational and achievable image that serves as an idealization of the company’s long-term goals.
1.2. Mission
Establishes the fundamental socioeconomic purpose of a business and the principles that will guide its operations. The mission is the company’s raison d’être.
1.3. Objectives and Goals
Specific, quantifiable, and time-bound aims that direct the organization’s activities.
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