Wages And Labor

Wages And Labor

Compensation strategies are essential in a competitive market; these strategies can play a significant role in employee competition. Providing the right compensation strategy for a business provides a balance between keeping costs low and keeping the quality of employees high. This assists with providing an equilibrium necessary for maximizing profitability for the business. An effective compensation strategy can give a business an advantage when filling positions within the business strategy. I believe the lower wage base with more self-service would be more effective today. Even though most businesses are not lower wage-based with more self-service, I find that banking organizations, for example, Chase   Bank and many others, are. They are growing their branch encounters by adjusting new formats. They provide workstations rather than teller lines, they use ATMs instead of individuals, and people can use online to open a new account instead of going inside a branch office.

I believe that Chase Bank would breeze through the assessment of alignments based on their digital business model strategies provided for their customers. Even though different banks have methodologies, Chase Bank is the most predominant bank in the United States because of the drives in retail, investment banking, credit cards, and wealth management franchises (Davis, 2019). Also, Chase Bank enhances the value of their customers by offering multiple services for simple convenience and for themselves to significant profit and development.

Reference

Davis, M. (2019). JPMorgan leads banks’ flight from poor neighborhoods. Retrieved from https://www.bloomberg.com/news/articles/2019-03-06/as-u-s-banks-shut-branches-jpmorgan-leads-shift-toward-wealthy.

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Wages And Labor

Unions were tremendously successful in the late 19th and early  20th  centuries because many manufacturing workers were low-skilled and spent most, if not all, of their working lives in a single manufacturing plant with the same company. Today, the American economy is far more knowledge-based. What compensation strategy would prove more effective today: the incentive-based, more knowledgeable worker or the lower wage base with more self-service? Based on what approach you choose, how would organized labor be affected? Is a knowledge-based economy yet another reason why unions continue to witness reduced membership in the United States?