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ADMS 1000 Chapter Notes - Chapter 10: Walmart, Human Resource Management, Rosalie Abella

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pucemacaw879
7 Dec 2015
School
York University
Department
Administrative Studies
Course
ADMS 1000
Professor
Peter Modir

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ADMS 1000 Full Course Notes
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Document Summary

Work is a central means by which wealth is distributed in a capitalist economy along with an important aspect of personal self-identity and self-worth in many societies; our jobs help define us and how others perceive us. Employment a form of work in which a person (an employee") is dependent upon, and mostly subservient to an employer". Employment relationship is governed by an employment contract which may set out specific rules, obligations etc. Employee sells their labour for compensation usually in the form of a wage or perhaps benefits of some sort. They still provide labour in exchange for compensation but they run their own business instead of serving as an employee. Partners are a partner in owning a business so they are not employees but they still exchange work for compensation. Partners and independent contractors earn revenue not wages.

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Related Questions

read the article, and then make your first post your thoughts/reactions/concerns on how much executives get paid, summary , what do you think?

Judge Shelley C. Chapman of the Federal Bankruptcy Court in Manhattan has issued an opinion that provides an important reminder for employees throughout the United States who participate in deferred-compensation plans. The opinion is from the long-running Lehman Brothers bankruptcy, but it applies to employees of all sorts of companies. In short, the tax benefits you get from a deferred-compensation plan are not “free,” and by deferring compensation, you are taking on the credit risk of your employer. In 1985, Shearson Lehman Brothers Inc. — which later became Lehman Brothers Inc., Lehman’s regulated broker-dealer — established the deferred-compensation plan. In the plan, each employee agreed that: the obligations of Shearson hereunder with respect to the payment of amounts credited to his deferred-compensation account are and shall be subordinate in right of payment and subject to the prior payment or provision for payment in full of all claims of all other present and future creditors of Shearson whose claims are not similarly subordinated. The wording not only gives us some insight to gender issues on Wall Street in the 1980s, but also drives home the point that the employer’s obligation to pay the deferred compensation is an unsecured obligation. In this case, a deeply subordinated one. These employees were no better than subordinated bondholders of Lehman Brothers. The employees had several novel arguments for why they should, at least, get out from under the subordination provision in the agreement, but the court rejected them all. The court also rejected the argument that Lehman’s alleged breach of the deferred-compensation agreement would remove the employees’ obligation to subordinate their claims. The court explained that unlike an ordinary contract dispute, the present case involved the simple question how to treat the employees’ claim in bankruptcy. In this case, the employees — in agreeing to the subordination provision — had agreed to be paid after all other general unsecured creditors had been paid in full. Judge Chapman acknowledged that seemed a bit unfair — in her words “expected compensation for years of dedicated service disappeared in an instant in September 2008.” Nevertheless, this was the basic trade-off that employees had made decades ago: better tax treatment, in exchange for more risk. The key question is whether the employees understood the nuances of bankruptcy law that were embedded in this trade-off.

1. Joe Fixit has an appliance-repair business. He has more business than he can handle and wants to hire another repair person. Joe estimates that three appliances can be repaired each hour by a qualified person. Joe bills out labour at $45 per hour, but he stipulates that the minimum charge for appliance-repair estimates is $30 plus parts. What is the marginal revenue product of a qualified repair person? What is the maximum hourly wage that he would pay an employee?

2. Sara Lee just graduated from college with a degree in accounting. She had five job offers: Bean Counters CPA, $35,000; Assets R Us, $27,000; The Debit Store, $30,000; J & Jâ's CPAs, $33,000; and The Double Entry Shop, $40,000. What was her opportunity cost if she accepted the job with The Double Entry Shop?

3. Sam Club earned $50,000 and paid taxes of $10,000. Samantha Heart earned $60,000 and paid taxes of $12,000. If these taxes were paid to the same government agency, is the tax on income progressive, regressive, or proportional? How did you reach this conclusion?

4. Carol Jones wants her business to increase sales by 50 per cent over the next 5 years. To do this, she must hire three more people. She wants to determine how to evaluate these people, so she lists their job specifications and develops job descriptions. She also lists where these employees would work and what training they would require. What management functions is Carol performing, and how do they apply to this scenario?

5. Sam Jones, Mary Adams, and Larry Brown have been talking about starting their own business for several years. Sam is an electronic repairman, Mary is a partner in a large law firm, and Larry is an excellent salesperson. Sam and Larry will work in the business on an equal basis. It costs $100,000 to start this business. Sam has no money, Mary has $60,000, and Larry has $40,000. If they form a partnership, how would you recommend that they organize?

6. Joe Latte completed a business plan and determines that it will take $120,000 to open the coffee and gelato shop. He has $30,000 of his own money and will have to obtain $90,000 in loans or grants. How should Joe go about getting financing? What is the probability that he can obtain a grant to start a combination of coffee and Italian ice cream shop?