HRM 3422 Lecture Notes - Lecture 3: Flextime, Product Market, Absenteeism

• School: York University
• Department: Human Resources Management
• Course: HRM 3422
• Professor: Indira Somwaru

Document Summary

The great recession (2008): triggered by collapse in the stock exchange market; low growth and high unemployment during this period. Canadian government action plan (2009): included stimulating spending, home construction and infrastructure. Macroeconomic policy the most important influence on industrial relations; a policy that applies to economy-wide goals such as inflation, unemployment and growth. All industries affected by deregulation: designed to create more competition by allowing prices to be determined by the market forces privatization: contracting out services to the private sector. North american free trade agreement: an agreement between mexico, u. s. & canada. Globalization increased the flow of goods and services and increased worldwide competition. Labour market labour market forces largely determine employee compensation and conditions for non-union firms. Elasticity of supply (demand): is labours" responsiveness of supply (demand) caused by a change in the wage rate. Inelastic: insensitive to changes in price/income e. g. steep supply curve.