As a manager of a business I would optimize the utility of my human resources by investing in education and training. When employees improve their knowledge and skills they are able to produce more. The company can offer its employees a yearly education expense retainer between $5000-10000 a year. The money would reimburse the employees for educational expenses which include tuition, books, and other materials. Training is an effective wait to transmit knowledge to a large pool of participants in a short period of time. I have participated in company sponsored training initiatives. These trainings have helped me become a better professional through the acquisition of knowledge.
My opinion is that the benefits of growth out weight the costs. Americans citizens enjoy one of the highest standards of living in the world. Due to this prosperity millions of people come to the country legally and illegally in search of a better future for themselves and their families. China is an example of a country that has ripped the benefits of economic growth during the last 30 years. The economy of China has achieved double digit economy growth during the past three decades. There are some costs to economic growth. Humanity has to protect the environment and the natural resources.
As a manager I would pay close attention to the concept of implicit and explicit costs. The most common implicit cost is opportunity costs. I would evaluate different alternatives or opportunities in order to determine which can increase the profitability of the company the most. Another concept from the article that I would use in my managerial career is that people response to incentive. To increase the revenues of the company I would sell the merchandise online. A price discount of 15% on online sales is a way to increase the revenues of the company.
FedEx and UPS are having record high quarters – I would interpret that the economy