This article discusses the implications of the Make or Buy concept to the economics of decision making. The key theme in this article is that when it is cheaper to get something done by others versus making it ourselves, the economics dictate that we go for the former. In addition, the concept of core competency is discussed to highlight another aspect of this decision.
Articles on Economics of Human Resources
This article discusses the economics of the workplace where the more productive, the highly efficient, and the more faster and agile workers race ahead of the slower ones. Among other things, the key themes in this article relate to how machines replaced workers, computers replaced the white collar ones, and how the present trend of advanced computing and robotics are replacing the knowledge workers.
This article examines how the HR decisions in recent years are being driven by economics more than any other concerns given the emphasis on cost cutting and increasing profits. The key themes in this article are that potential and current employees must be cognizant not only of how well they perform or how poorly they have fared but also about how much they cost to the firms and hence, be prepared accordingly.
This article examines the economics of human resources in the informal economy from multiple perspectives. By explaining terms such as Daily wage workers, Arbitrage of hiring, Precariat, and the Digital Economy, this article intends to introduce the readers to how the economics of human resources in the informal economy works. The key theme in this article is that informal workers operate in a vastly different universe than the formal sector workers.
This article explains the top 5 reasons why labor unions are a bad idea. It provides an in-depth explanation as to why these institutions which are supposed to work for the worker’s interest end up working against it!
Working professionals and aspiring graduates and students would have heard the term variable pay. This article breaks down the concept of variable pay by discussing its evolution, the components in variable pay, and how it is practiced and implemented now. In addition, this article also analyses the popularity of Employee Stock Options.
This article examines the emerging concept of ROWE or Results Only Work Environment wherein employees are paid for the results or the outputs and not the number of hours spent on them. The benefits off ROWE are discussed in addition to specifying that its success depends on how employers implement it for the benefit of all stakeholders and not only to their bottom lines.
This article discusses the emerging trend of using social media sites such as Facebook, Twitter, and Instagram by the HR managers to collect information about potential employees and applicants. The pros and cons of this approach are examined in this article.
This article examines the recruitment process in contemporary firms that use Big Data and Analytics extensively. The key themes in this article are that with increasingly sophisticated tools, it has become possible for companies to zone in on the applicants with the most appropriate fit for their requirements. In addition, we offer some tips for prospective applicants to prepare for psychometric and skill testing.
What is the Minimum Wage and why is it so contentious? Further, what are the role of the government and the roles of the corporates and the labor unions? Moreover, how does one set a minimum wage for Freelancers? This article examines these questions with real world examples from countries world over and argues that there is a compelling case for the government to mandate a minimum wage.
This article explains the situation of jobless growth. It explains why this is becoming the norm in the developed as well as the developing world. The factors have been listed and explained in this article.
This article explains the concept of occupational licensure. It explains why this system wreaks havoc and creates high prices. Examples have been quoted from the field of medicine, law and even education.
This article explains what Employee Activism is and whether it is a portend for a New Form of Unionism. By examining the case of Google, whose employees have been at the forefront of activism in recent months, this article argues that this has lessons for other firms in how to deal with employee dissatisfaction and anger. Further, we also make the case for HR managers across the industry to devise strategies and methods on tackling Employee Activism by using examples from our experience in such firms.
This article explains why the gig economy is not going to be the future of the entire workforce. It explains why the gig economy is only suited for certain types of tasks. Lastly, it also explains that the general nature of tasks being performed in the future will change and that gig economy will not be compatible with this change.
In this article, we discuss the Emerging World of Gig Work and argue that it is time governments and private firms respond to the New Realities of the Digital Economy. Our other argument is that just as the First Industrial Revolution led to Modern Labour Laws and Institutions, the ongoing transition to the Fourth Industrial Revolution needs a similar evolution in our approach and governance.
This article provides an overview of the challenges that different stakeholders face in regularizing and formalizing the Gig Economy and the Gig workers. We explain the nuts and bolts of the legal and administrative aspects of these challenges and list some steps that can be taken on this count. The pandemic proved Gig workers to be 'indispensable' and so, they must be rewarded for that.
This article argues for a more level playing field in the Creator Economy. We support our arguments by first explaining how the Creator Economy works, then pointing out how it supports a few, at the expense of the many, and suggest some ways in which it could be made to work for all. Above all, we advocate the emerging Web 3.0 as the Game Changer that would revolutionize the Creator Economy.
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