Final answer:
Human Resource managers must consider wage levels, employment laws, and court decisions when making decisions. They assess how union demands, minimum wage laws, and market conditions can affect the use of labor and capital. HR strategies must adapt to these elements for cost-effective and productive workforce management.
Step-by-step explanation:
When considering the specific information needed to make decisions, Human Resource managers focus on current wage levels and benefits, laws, and court decisions involving employment. Examination of the job market includes understanding the minimum requirements and wages for various job positions. For instance, a table might show increased wages to $24 per hour necessitating a shift in the use of labor and machines. This can be due to union demands, prompting firms to invest in machinery, enhancing worker productivity but also potentially leading to hiring fewer workers.
In competitive markets, employers motivated by profit have the incentive to base hiring and promotion decisions on economic factors rather than personal biases. In situations with high unemployment, companies may not need to increase wages, as workers might accept lower pay. Minimum wage laws, safety regulations, technological advancements, and labor union activities are also significant factors that affect wages.
For example, companies may respond to minimum wage increases or union negotiations by adopting more technology, thereby altering the balance between labor and capital investments to maintain profitability. Understanding these elements is crucial for HR managers in strategic planning and fostering a productive workforce while balancing costs.