'Henry Ford's $5 workday' Essay Example | Topics and Well Written Essays - 250 words

'Henry Ford's $5 workday' - Essay Example When employees are contented, they would tend to put in more effort in their work, producing quality in a sustainable manner. This also positioned the company strategically to outwit competition by increasing production at cheaper price owing to economies of scale. An employee who is paid well is more likely to put in more effort in the daily endeavors and tasks within the organization (Mankiw, Kneebone and McKenzie, Principles of Microeconomics). Compensation is directly proportional to the amount of effort an employee puts in their work. An employee who is paid well is more likely to have a balanced and healthy diet. This is because disposable income determines an employee’s expenditure limits. Therefore by paying workers better, the company reduces incidences of sick leaves, ensuring continual production. The better pay at Ford attracted high quality and even experienced employees. This availability of labor motivates the contracted employees to work at their optimal level as they can be easily replaced (Mankiw and Scarth, Macroeconomics : Canadian edition). This is known as adverse selection. In conclusion, by increasing employee compensation, Henry Ford strategically increased his production, output, sales and profits, while mitigating employee turnover. This concept is largely employed in the modern business world, where employees offer wages above the equilibrium

What is news and which are the influences exercised on the daily news Essay

What is news and which are the influences exercised on the daily news production processes Discuss critically the pressures put upon news gathering, selection - Essay Example What exactly is news? What is it about news that makes it an integral part of us? What is there in the words we hear and read that make us feel equal with almost every great leader and genius out there? Learning something from the news we hear and having the ability to discuss it with anyone make us feel as if we have become an important part of the world. And we are. This is the reason why we feel connected with almost every person, regardless of the color of our skin and the language of our tongue. With the ever-growing presence of technologies developed each day, there’s no reason for us to feel alone whenever something happens to us, may it be victory or tragedy, because we know that some people from the next town or halfway around the world share our feelings. A good story answers those questions above and contains all the elements therein to create and report complete and accurate news. And while there’s good news, there’s also the bad news, those that were badly written and reported. No reporter, writer, editor, and publisher can escape the production of bad news but there are always ways to avoid mistakes and errors. There is a big definition of news out there that we can’t simply put them all in one complete line. In defining news, we have to consider the presence of all the elements in it that makes news. Otherwise, we could end up having something new and uncommon but doesn’t really make us care about it. It was like eating an unusual type of fruit for the very first time but the moment we try to make something big out of it, we realized nobody even bothered to care. That is not news at all. There are a number of elements to remember before we start writing about a person, an event, or a place. According to Parks (2006), these will serve as the guiding values when we write and present news stories. Anything that happened yesterday, this morning, or an hour ago tends to attract more