Compensation (HRMD) Essay Example | Topics and Well Written Essays - 1000 words

Compensation (HRMD) - Essay Example Consequently, the desirable outcomes such as reduction in poverty, greater availability of short-term employment opportunities, increase in GDP etc. are obtained, which lead to societal well-being and prosperity. For instance, technological advancement increases labor productivity, process and product innovation, specialization, communication and transportation networks. In turn, the economies of scale (mass production) is observed, which reduces total business costs and lowers market prices. Finally, the aggregate consumption and demand increases because of overall improvement in economy. However, any underlying weaknesses or negative feedback may transform a virtuous into a vicious circle. In contrast, the latter has undesirable outcomes and negative consequences such as increase in poverty and unemployment, economic contraction, low aggregate consumption and output etc. For instance, constant increase in money supply may result in inflation that, in turn, will reduce real incomes in society. Consequently, the aggregate consumption will reduce and economy will observe negative growth rate (Samuelson & Nordhaus, 2009). The Organizational structure refers to internal managerial system and hierarchy. In fact, it showcases the how tasks into departments are assigned, how they are delegated and how decision-making and implementation is being done and at various managerial levels. Indeed, the organizational chart is a diagram that shows the top, middle and first-line management levels as well as reveals the structure (vertical functional, divisional, matrix, virtual and networking) that firm has adopted. The internal structure is extremely important in today’s new workplace business environment because it determines the chain of command, which refers to the authority executives enjoy because of their position based on which they are deemed responsible for decision-making, problem solving, strategic planning,

International Advertising WPP's Digital Push Essay

International Advertising WPP's Digital Push - Essay Example In order to ensure sustenance in today's globalized scenario, the advertising industries need to redesign, reframe and refurbish their approach to the overall concept of advertising. The competition in the contemporary advertising industry is not so much about scoring over one's rivals, but more about assuring a timely transition from traditional business models to E-business models. 1. Survival in the Contemporary Advertising Scenario is a Fast-paced and Perpetual Process: The traditional advertising business was more of a predictable and a relatively lethargic system that resorted to and adapted to change at a slow pace. However, the contemporary advertising industry being dependent on internet and information technology is a perpetually evolving and a continually altering business. The advertising professionals ought to be always on their toes to benefit from and incorporate the upcoming opportunities unleashed by technological changes. 2. 2. Resistance to Change is Death: Considering the ongoing shift towards online approaches, the advertising professionals need to embrace digital technology as not one another option, but the ultimate way the businesses will conduct themselves. This calls for a marked shift in the mindset and individual perceptions. With a bulk of revenues coming from Web marketing, resistance to change means a sure death. 3. Don't Expect Well Defined and Clear Cut Adversaries and Friends: The digitalized advertising industry of today is not a battle ground, but a global market that requires an amorphous approach that can make way for a simultaneous collaboration and competition between the key players, based on the identification of opportunities and ensuing challenges (Steel 2009). 4. Do not Expect Ignorant Customers: The contemporary advertising industry will have to grapple with the customers who are well informed and cognizant of their requirements. The customers today are immaculately choosy about the advertising solutions that can serve their needs. 5. Synergy is the Name of the Game: Big advertising companies should visualize themselves as a fluid talent pool that can exploit the abilities and resources scattered across the organizations to assemble compatible and seamless virtual teams (Koncept Analytics 2007). 6. Do Not Worry About who Gets the Credit: A digitalized advertising industry is an amorphous and faceless business in which individual organizations and personalities are always less important then the challenges being faced and the ensuing solutions. An unrestrained quest for recognition may make the system rigid and unresponsive. 7. Never Get Satisfied: In a market defined by change and innovation, satisfaction and complacence means deterioration, at least in a relative sense. Always keep an eye on the emerging changes, and in fact visualize and expect the things to change. 8. Vision is a Must: A thorough vision of the nature of things to come and panache for imagination and