Significantly influence various business aspects

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Reference no: EM133863973

Question

The firm's relationship with its employees, who are among its most immediate stakeholders, can significantly influence various business aspects. Employees are inherently connected to the firm in a manner that few other stakeholders are. They depend on the firm for their income and overall well-being. Moreover, they count on the corporations they serve to offer compensation and additional benefits like health insurance, retirement plans, or company vehicles. The employer-employee relationship can be distilled down to a simple exchange: the employee's labor and time for the employer's pay and benefits. However, this relationship involves more complexities that ensure its smooth functioning, thereby keeping the business operational. After all, a firm requires employees to function. This situation poses a challenge for managers: how to manage a group so integral to the firm's existence while maintaining the satisfaction of both parties. Both parties must actively participate and be prepared to exchange something for another.

Reference no: EM133863973

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