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Essay / Research Paper Abstract
This 4 page paper is based on a scenario supplied by the student. A firm needs to reduce the wages bill in order to survive, the way that the may be achieved is considered, along with the potential impact that plans will have on the employees and their motivation. The bibliography cites 4 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEcutwage.rtf
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Unformatted sample text from the term paper:
to 8% of the total revenue need to be cut to 5%, this is a significant cut. If the proposed cuts do not go ahead the firm will have to
close some facilities, resulting in major job losses. The wages bill is made up of both basic salaries along with many employees who are on performance related payments.
In order to make changes there is likely to be some resistance, especially from those who feel that they will loose out, therefore, the first consideration is how any changes
that are to be instigated are implemented. The employment relationship is key to the way in which the employees are motivated where there is a high trust environment and employees
feel that they are valued there is likely to a higher level of productivity (Huczynski and Buchanan, 2007). If the firm makes a major change there is the potential that
this will impact on motivations, if the trust is lost then there is a danger that the relationship will decline and the productivity will decrease, this will undermine moves to
try and increase efficiency and reduce the wages bill. The first strategy is to work with he employees and their representatives, such as union in order to ensure that
there is a clear understanding of the situations. In most instances the need to cut wages to save jobs is a move that is resisted, but the current global recession
and the high levels of employment and redundancies that have been seen have made downsizing and there have been a large number of form that have cut wages, so the
idea is not new, companies such as Delta and GM have undertaken cuts and wage caps (just-autos.com, 2009). There is the need
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