Personnel Economics
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Kartei Details
| Karten | 113 |
|---|---|
| Sprache | English |
| Kategorie | Marketing |
| Stufe | Universität |
| Erstellt / Aktualisiert | 26.06.2025 / 26.06.2025 |
| Weblink |
https://card2brain.ch/box/20250626_personnel_economics
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Shareholder pressure, product market competition, market for corporate control, board oversight
Inefficient spending, wrong strategies (pet projects), entrenchment (cash hoarding, stacked board)
Keep it simple, stupid!
1. When specialization is neither too great nor too small among team members, 2. When other members' human capital is relevant for task execution
Project teams, quality circles, task forces, mixing by experience, management circles
Lack of coordination (duplication), lack of coordination (lack of focus), lack of leadership, free rider problem
Advantages: easier coordination and monitoring, less free riding. Disadvantages: fewer chances for knowledge transfer and economies of scope
Informal policies or practices or a set of beliefs held by the majority of the group
Creation costs, maintenance/enforcement costs, and possibly higher labor costs
The person who knows best (has the most relevant information)
Team selection starts with a coin toss; problems include chance-determined efficiency and principal-agent issues
Teams offer part of their profit to attract members, which affects team member compensation
Substitutes: computers replace people. Complements: computers enhance human creativity
Organizations where the cost of errors is extremely high, e.g., hospital emergency rooms
Formal operations in regular times (centralized), decentralized structure in high-pressure periods
The more potential to destroy value, the less likely it is to hire a risky worker
Greater potential profits mean higher option value if much to gain and little to lose
The more costly it is to fire a worker, the higher the cost of hiring a risky one
1. Guessing, 2. Estimating scenarios, 3. Experimenting
1. What to learn, 2. Impact on profit, 3. Needed data, 4. Cost, 5. Reliability
The firm may attract both low and high quality applicants and can't distinguish
The more costly it is to fire a worker, the higher the cost of hiring a risky one
If a firm is risk-averse, risky workers are costly in a different way
The longer the evaluation period, the less valuable a risky hire becomes
The younger the hire and the lower the turnover, the greater the value of hiring a risky worker
If a risky worker is a superstar, we must pay based on productivity so we gain nothing unless we benefit from asymmetric information or firm-specific productivity
The real issue is not low wages but whether labor is cost-effective with low cost per unit of output
1 Productivity independent of coworkers 2 Depends on coworkers 3 Independent but depends on capital
Hire up to the point where marginal benefit equals marginal cost
Availability of workers and the financial condition of the firm
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