Challenges with budgeting

Please respond to the following: The discussion questions given please produce 200 words about each numbered question. please place answers under each bullet point. In Addition a response must be given back (100 words) to the other students Charmaine Knight and D’Amond Smithey

1. Determine one (1) of the most important or surprising things you learned in this course. You will then explain why this was surprising to you.

2. Select two (2) major concepts you learned in this course and recommend two (2) ways that organizations can use them effectively to gain competitive advantage.

Charmaine Knight

RE: Week 11 Discussion

I was most surprised to learn about the concept of compensation, competitive advantage, and benefits. Throughout this course, these three concepts seem to be the backbone of what makes HRM tick and employees motivated. Compensation in terms of pay and discretionary benefits took me by surprise because I did not realize how many companies are extremely popular and profitable, but lack in the areas of compensation for their employees. Learning this concept help me view companies differently, especially when it comes to applying for a position. Competitive advantage was a big-ticket item for me, a small business owner in training. I was unaware of the work it takes in the background to sit at the number one spot or to even offer something different than others. I think what surprised me the most was how many other companies were not jumping on certain ideas, that for me seemed like the next logical move to make. For example, McDonald’s app started by offering coupons and meal deals, now you can order food and have the items served to you by a McDonald’s staff member at a designated parking area at the fast food location. McDonald’s has also taken their internet and tech presence to another level by adding interactive/mobile ordering kiosks in the restaurants. Many people say chic-fila is better than McDonald’s, but McDonald’s will continue to dominate the fast food market and hold a competitive advantage because of the company’s willingness to be innovative.

D’Amond Smithey

RE: Week 10 Discussion

Hi professor and classmates!

The country I chose discussed in Chapter 14 is Brazil. This South America country does impose a minimum wage. It is nationally uniformed and set by law. In Brazil. their laws state that their benefits are a part of employees’ salary. The minimum wage is fixed by a provisional measure. 788 R$ was the minimum wage in 2015. Brazil’s retirement practices are that retirees receive a monthly benefit equal to seventy percent of average earnings. Also, one percent of average earnings for each year of contribution. The maximum is of one hundred percent. Comprehensive social security benefits are provided to all workers regarding retirement.

For the most part, the United States and Brazil have similar practices.

One critical issue that could pose a major challenge to compensation professional in the next ten years would be raising the minimum wage. It has been an ongoing conversation for years. When President Obama was in office, there was a chance that the minimum wages were going to increase but it was shut down. The challenges surface are:

Increase in goods and services
Loss of labor
Challenges with budgeting
Honestly, I am unsure what an ideal solution would be for this challenge. This conversation of increasing the minimum wage seems to never come to any type of resolution. Increasing the wages would affect every single company in the US, especially those who offer benefits. It is unclear if the benefits would increase or decrease. The main issue that wraps around this topic is, once one thing goes up so does everything else. Which put everyone back in the epidemic they were already in.

 

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