-80%
Solution
Question 4
The global economic activities are today passing through a broad and sharper-than-expected slowdown with inflation increase. Nevertheless, However, IMF (2022) argue that this is despite of a projected global growth of 2.7% by year 2023. Further, OECD (2022) argued that due to the issues in Russia’s war of aggression in Ukraine and linked cost-of-living crisis in majority of the countries, the projected growth is expected to remain low in 2023 to 2024. In success of economic development, Myovella et al. (2020) argue that the society end up becoming highly prosperous. This is in their social and quality of life increasing with their economic development. The economic growth and development is influenced by the demand of improving the overall efficiencies, options, quality and management of the prices. The role of the government entail freeing up the different markets inclusive of the public services for international competition. The outcome of this is development of the monetary and fiscal policies with the capital expenditure and markets in terms of infrastructure, human capital, effective stock and bond market. This is supported by Adil et al. (2021) which evaluates Keynesian and Monetarist theory of monetary policy identifying control of supply of money flowing into the economy. This is while allowing it to fix themselves. This is with Keynesian economists believing that a troubled economy progress in a downward spiral unless a situation the intervention drives consumers in buying more goods and services.
The following trends and factors would need to be put into consideration. These include;
Affluence and inequality (social and economic)- inclusive of polarised workforces– In Aiyar and Ebeke (2020) research by application of Kuznet Curve theory, the impact of affluence and inequality is put into consideration. The basic assumption of this curve is that there is a U-Shaped relationship of inequality and growth. This is with inequality increasing and eventually decreasing the process of economic development. The impact is even evident from what Barros et al. (2021) identify Barro’s Analysis model as reflecting on influencing the scope of per capital incomes but equally on the impact of new technology. For example, technology innovation as part of the economic growth would lead to increased inequality at first when less individuals would be sharing high-level incomes of the advanced sector.
For businesses, the impact of this trend would include increased market opportunities despite of the increased competition. As such, the organisations in such markets would be required to leverage on competitive advantage successfully. According to Ejiogu et al. (2020) the business growth would have a limit to productivity and a potential for constraining consumer spend and growth, destabilised supply chain, triggering political instabilities and jeopardising social licenses for operations. As evidenced in Xu et al. (2021), the labour market polarisation also lead to a decline in the job opportunities which are accessed in Middle-Skill occupations which basically entail inclusion of routine tasks such as occupations in manufacturing, production and transportation. The outcome of this would be the situation in UK where Bapuji et al. (2020) identify as having a significant economic inequality defined by unequal income distribution of income (earnings) or wealth (net worth/savings) in a society. This is where 20% of their citizens earning more than 20% of the country income with bottom 20% earning less than 20% of the income.
De-industrialisation and rise of a service/knowledge-based economy– The global economic growth would lead to an increased knowledge-based economy. By reflecting on Human Capital Theory, CIPD (2021) argued that the knowledge-based economy is characterised by existence of intangible abilities and skills of workforce and knowledge inherent within the organisation structure, routines, systems and processes. These input on knowledge capital of the organisations. According to Botta et al. (2022), to the business, this has influenced the rise in the rapid growth and development in North-South Trade (this is a trading process of the advanced economy and developed world. This influence the positive impact of the economies explaining reasons the deindustrialisation are in place in manufacturing industry as opposed to the industrialised sectors. The growth of their living standards in the advanced economies in the future-based practice. For the employees, Schindler et al. (2020) argue that this has a direct implication on the decline in the overall share of employment in the manufacturing sector. This is with the decline in the overall share of employment in manufacturing sector which is noted as mirroring a decreased share of the manufacturing industry with value addition to their GDP. However, there would be new opportunities emerging which impact on the demand-and supply-side factors in a large shirt of the employment sector of their active operations. The different requirements integration successfully lead to services employment being increased compared to the manufacturing sector and expenses on the agricultural sector.
Importance of knowledge management (KM): enhancement of intellectual capital (human, organisational and social)– With the increasing economic growth which contribute to increased affluence around the world, the teams are offered with an access to information and resources they are required for effective execution of their functions. The effectiveness of this is noted in Martins et al. (2019) as information and resources being sourced which is essential for assisting the organisations to retain knowledge for their future application. A holistic efficiency, improved work experiences and conditions and limitedly repetitive job functions. By integrating the interests of intellectual capital including human, organisational and social, it is possible allowing stimulation of innovativeness and culture change essential for evolving organisation and meeting the changing organisation demands/expectations. To a business, this would harness the scope of appreciation, collaborate and processes aligned. This would be evident amongst the organisations and teams and integrated at core of the knowledge base for the users and different clients. To the employees, they are in a position of accessing information promptly on past projects and different key information informing their roles. This is identified by Abbas (2020) as enhancing the ability to capture, store, and share knowledge and experience of the employees for increasing their overall knowledge, improving productivity/performance and retention of critical information. The authors noted that the outcome of this would be a positive and significant implication of 64.4% increased employees performance. The higher the level of knowledge management, the better employees performance would be achieved.
Development of competition, choice and change inclusive of marketised public sector– To understand the link of this with the current business environment, it is important to understand the scope of the global growth of the public sector. According to Hansen and Lindholst (2016) through the application of Diffusion theory, the author identified the existence of public-private service delivery arrangements which influence business process privatisation. This is with employees having more and better opportunities to leverage on.
Question 7
In contemporary business sector, the employment regulations are adopted to strike a reasonable/relevant balance of interests of staff and employers. The rationale of this is informed by Duggan et al. (2020) report which note that the employment relationship represent a legal link of employers and employees. This prevail in an event the employees perform their job functions/services within specified certain conditions to be remunerated. Nevertheless, this relationship has reciprocal rights and obligations of the employees and employees. In UK case, Arana et al. (2019) argue that the employment regulation in the country is used in creating a reasonable balance between the interests of employers and employees. To support this view, the specific employment laws which can be considered include;
Contractual: terms and conditions/status– As evidenced in CIPD (2022) a contract of employment represent a legally binding agreement between the employer and employee. For instance, the Employment Rights Act 1996 is used to demonstrate the benefits and gains accrued by the employers and also employees in their contract of employment. This is in areas of contract of service or apprenticeship and integration of both express and implied terms. For instance, in any contract which is implemented in UK labour market, there must be an offer of employment provided by the employer which ought to be clearly presented and unambiguous and can also be conditional. This is with acceptance of the offer by the employee with consideration of the different parties such as pertaining to job implemented and employees returning wages paid by employers. The rationale of this is creation of legally binding arrangement or a contract for success in their operations. Further, in UK McGregor et al. (2019) argue that it ought to detail on the different items which need to be integrated in written statement of particulars with employers refereeing to the employees handbook and other different policies for holistic details on issues including documentation linked with disciplinary and grievance rules and procedures, documentation linked to sickness and pensions and collective agreements. All these factors are doubled to the employers and employees working in an active collaboration in these contracts. The identified written statements further lead to clauses of employers expectations reliance on restrictive covenants or legislations on the organisation equipment.
Family leave (Maternity, paternity and shared leave)– As explained in CIPD (2022a) the family leave laws in maternity, paternity and adoption rights in UK are relevant prior and after birth and adoption. The employees who are parents have an entitlement to the paternity, maternity or adoption leaves and pay and shared parental leave. The benefits of the legislation to both the employers and employees is informed by need of having them current, inclusive and coherent. The benefit of this is what Mohan et al. (2019) identify as minimum statutory leave and pay entitlements where employers leverage on flexible working arrangements and inclusive, family friendly working area. In UK, organisations successfully achieve this through guaranteeing support and retention of employees who are in need of the balance work and childcare. The benefits of this to the employers entail an increased retention and attraction of the top talents and positively impacting social disparities and health and wellbeing of employees and their children. Therefore, for this legislation, it offers a reasonable balance of the interests of the employers and employees. In this arrangement, the employers interest is to have employees who are able to execute their functions holistically. This is while being retained and engaged in the organisation operations. In UK case, the legislations in this area include the work and families act 2006 and children and families act 2014. For instance, the employers in UK have benefited from ensuring making flexible working default apart from a situation the employers leverage from an appropriate reason for not agreeing on. Hence, while offering protection to the employees, this legislation also prioritise on the interest of employers in the employment relationship.
Equality and Discrimination– According to CIPD (2022b) this legislation involves ensuring all people leverage on equal opportunities irrespective of their origin, identity and experiences. Through diversity, it is possible recognising through people having things in common with each other disputes being different in multiple dimensions. The effectiveness of this is Sánchez-Monedero et al. (2020) noting on the existence of right for equally accessing employment and if employed equal access to capacity development opportunities. This is appropriately captured in the Equality Act 2010 which offer a legal protection for people with discrimination in workplace and broader society. For the employees, they get legal protection from their workplaces discrimination and broad society. This legislation has today been replaced by the anti-discrimination laws into single act to accommodate the interests of the employers. Also, for the employers, they are in a position of accruing benefits in pursuing effective recruitment, setting clear terms and conditions, training strategies, pay and benefits and dismissal or redundancy. All these aspects have a direct implication on performance of the employees in the organisation and how they are competitive in their business environment.
Health and Safety– In UK, CIPD (2022c) argue that the Health and Safety at Work Act 1974 (HSWA) is used in capturing the entire requirements for the safety and healthy workplace. By capturing the interests of employers. This legislation provides the opportunity for employers to assess all risks in their workplaces. The outcome of this is identification of job roles which can lead to injuries or ill-health and taking a strict action for elimination of entire hazards, challenges or based on lack of possibility, risks are not effectively controlled. According to Peace and Priestley-King (2021) the outcome of this is assessing likely risks and identifying significant hazards which directly influence the organisations sustainability in managing all these hazards. This similarly facilitate the ability of both parties employees and employers in protecting people and organisations environment. This is core phase critical for lowering the costs which are linked with the safety levels failures in the modern organisations. For all the existing parties in the organisation, they are able to offer safety working environment for all stakeholders.
Question 12
As evidenced in Office for National Statistics (2021),
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