Last Updated 14 Oct 2020

Workforce Management Theory Analysis

Category Essay Examples
Essay type Analysis
Words 350 (1 page)
Views 175

This company, as I suggest, should not close down even though it is operating at losses and deficits on a daily basis, rather, management of the company should look into the problems and try to address them one at a time to minimize these losses. First of all, one of the problems I see is the work force. Considering that the company hires so many workers, it should lay off some of its workers to at least break even with the revenues generated. The company, if it cannot work on less people, should at least try other different strategies.

First of all, wage cuts are inevitable in this case, seeing that $80 per person per day only generates $20 in revenue is not efficient. To operate effectively, I propose that the returns per person should be at least 40-50% of their daily wage. If laying-off of workers is not feasible at this time, the company should reduce the wages following the returns that I have stated above. High wages can also be offset by outsourcing labourers from countries which offer cheap labour such as Bangladesh; here, the workforce can produce the same output at lower wages.

Another option that can be explored will be the opposite of the cutting of wages; the company should try to look for ways to increase its production, let’s say from 250,000 units to at least 500,000 units so as to still stick with the plan. Finally, if both of these propositions still do not produce the desired outcome, the company should bet on marketing strategies to either increase the price per item, or at least be able to draw capital from sponsors through means such as advertising and promotions.

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The company can help promote tie-ups with other companies to market both products at the same time, using joint resources to cover for the costs. The company can also opt out of being a direct competitor and instead turn into a supplier if there is sufficient competition. Bibliography Bangladesh labeled as'cheapest place' for investment in Asia. (January, 2008). The Bangladesh Journal. Retrieved March 30, 2009 from http://www. bangladeshjournal. com/article/Bangladesh/152/

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Workforce Management Theory Analysis. (2018, Sep 14). Retrieved from https://phdessay.com/workforce-management-theory-analysis/

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