leading bus

A volunteer was needed to recite from the class, with an emphasis on participation.
Previous volunteer was exempted from redoing the task.

Understand the function of companies using resources effectively and efficiently to achieve their goals.
Importance placed on memorizing key concepts for exam readiness.
Further discussion on how companies direct activities at resources to achieve their objectives.

Efficiency: Minimizing resource use (including time and materials) when accomplishing a task.
Effectiveness: Successfully achieving desired outcomes or goals; doing the right tasks to meet objectives.
Importance of balancing both efficiency and effectiveness to avoid focusing on one at the expense of the other.

Reminder of the approaching end of the semester and the need to address any outstanding concerns or materials with the instructor.

Refresher on minimum wage concepts and definitions.
Minimum Wage: The lowest legal wage that can be paid to workers; cannot be lower than set federal or state level.
Current federal minimum wage stands at $7.25 per hour.
- State-specific examples:
- Pennsylvania also at $7.25.
- California's fast-food workers previously at $16, now increased to $20/hour.
Debate on benefits vs. drawbacks of raising the minimum wage, considering living costs and business operations.

Historically established to prevent exploitation of workers (Federal Labor Standards Act, 1938).
Initial federal minimum wage was $0.25, which translates to roughly $5.50 in today's currency.
The current minimum wage is roughly 50% higher in comparison to its initial establishment value.

Employers face increased labor costs, leading to necessary adjustments:
- Either reducing profits or increasing prices to maintain margins, impacting both workers and customers.
Theories and research from Thomas Sowell on the impacts of minimum wage policy
- Consequences of raising minimum wages could lead to fewer jobs or the necessity to lay off employees.

Economic modeling suggested various effects of raising the minimum wage:
- Raising from $7.25 to $10: 3.5 million workers benefit; minimal effect on unemployment.
- Raising from $7.25 to $12: 11 million affected; reduces poverty for an estimated 400,000 but leads to 300,000 losing jobs.
- Raising to $15: Benefits 27 million workers, elevating 1.3 million above the poverty line at risk of job loss.

Discussions on California's recent wage increase and respective economic adaptations (e.g., changes in employment rates, average wages).
- Wage Increase: Effectively increased overall wages by approximately 8-18%.
- Employment Impact: Varied job loss estimates ranging from 2.5% to 4% in employment.
- Menu Price Increases: Increased by 1.5% to 3.5% in contrasts to the wage increase.

Companies may adjust staffing levels to cope with increased labor costs through either layoffs or reduced hours, leading to fewer hours of work for employees.
Implications entail that while wages might rise, total take-home pay could decrease due to reduced working hours.

Clarification on the intent of minimum wage initiatives.
Minimum wage was established as a safety net, not designed to support families.
Reinforcement that achieving a livable wage necessitates personal investment in education and skills training, which correlates with higher income potential.

Emphasize the correlation between education levels and livable wages; those who are more educated tend to earn higher incomes.
Recognition of various paths (including vocational training) to achieve good wage levels in skilled trades (e.g., plumbing, HVAC, electrical work).

Movement from organizational basics to leadership concepts;
The difference between management (traffic cop) and leadership (motivator or innovator).
Developing the psychological contract between employees and employers, outlining mutual expectations:
- Employer expectations include fair treatment, return on work effort, and safe work environment.
- Employee expectations include accurate pay, professional development, and recognition of their contributions.

Communication is essential to clarify mutual expectations; failure to do so can lead to misunderstandings or dissatisfaction among employees.
Importance of ensuring alignment between organizational fit and employee skillsets for maximizing overall effectiveness and satisfaction.

Continued exploration of organizational behavior, focusing on leadership styles and techniques to motivate employees toward aligned goals.
Revision and thorough understanding of key concepts including efficiency and effectiveness in organizational settings.