Contribution of Workers to the Economy
Contribution of Workers to the Economy
In economics, one of the basic elements for growth and development is employment. Generally, countries with high Gross Domestic Product (GDP) and Gross National Product (GNP) have a high employment rate. The workforce contributes in economic growth through consumer spending, business productivity, and industry development. The government also receives bigger taxes from its constituents, resulting in responsive governance.
Employment can be classified as full-time or part-time. On the average, full-time workers spend a fixed number of hours in accomplishing their daily assignments. Working hours vary in each country depending on their labor law. Full-time workers have a fixed gross salary received on a monthly basis, with the overtime hours being counted as additional pay. They agree with their employer's terms and conditions and sign in an agreement sheet known as a "contract".
On the other hand, part-time workers receive a smaller payback depending on the task assigned to them. Unlike full-time workers, government taxes are not deducted in their salary. Nowadays, workers can be employed in a part-time basis with the rise of the web development industry. Writing, web design, and internet marketing are among the available part-time work in web development.
Workers can also be classified based on economic activity and the dimension of the company. Economic activity refers to various industries in the market. This includes agriculture, manufacturing, trade and commerce, mining, education, and information technology. Basically, companies in different industries have a worker compensation program in place to grant the financial and health needs of their employees.
Dimension refers to the breadth of a company or organization. Economic markets are composed of small, medium, and large firms. Small firms are represented by single proprietorship and small business enterprise. On the other hand, medium firms are characterized by an expanding market and workforce. Large firms are composed of Multinational Companies (MNCs) with significant economic contributions in the international market. For workers, compensation program of large firms offer better benefit packages than small and medium firms.
Global economic recession has pulled down the employment rate in countries around the world, most especially in the United States, Canada and Australia. This has caused lower consumer spending, slowing down economic growth. Downsizing of MNCs has discouraged employees to work in other companies because of their preference for their workers compensation program.
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