HRMT 301 Study Guide - Comprehensive Final Exam Guide - Canada, Trust Law, The Employer

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Human Resource Management 310
Unit 1: Understanding the Canadian Training System
1. Is there a skills shortage in Canada?
Yes, there is a skills shortage in Canada there is a scarcity of skilled workers in many
fields, however managerial, professionals, engineering fields are the ones with the
highest shortage rate. It has been said that the Canadian Workplace Training System is
underdeveloped. The skills shortage in Canada has led to underemployment this is fast
becoming a big concern in Canada. The skills shortage begins with the choices we make
as students in high school. As you can leave high school before you gain your grade 12
diploma and many students take this route either because they feel high school isn’t a big
deal or because parents sadly just don’t care many young people don’t gain the basic
math and science skills needed in the workforce. Basic math and science skills learned in
school are the foundation for specialized skills required within the working world.
Though for those that do gain good grades in high school there isn’t always a place for
them in post secondary education. The grades for post secondary education are set to
such a high standard that many people who do well in the maths and sciences needed but
that don’t do well in English will generally be turned away from post secondary
education. There is only really a skills shortage in Canada because we set such a high
almost unachievable standard for post secondary that we don’t give everyone an equal
chance to succeed in life. Another reason for the skills shortage is that many Canadians
are unwilling to relocate to find the work that is better suited for their skills set. With
Canada being such a big country people just can’t move thousands of miles from their
life and family.
2. What relationship does human capital theory assert between skills & prosperity? Is
this assertion valid?
Human Capital has been described as the unique set of skills that will increase the
productivity & profits of a company as well as the overall wellbeing of the economy,
Human Capital is an intangible resource that has no supply limit. Human Capital Theory
is the investments in Human Capital that will leave to greater economic outputs. As a
worker’s skill increases, productivity increases, which will in turn, increase profits and
help the economy grow. This will eventually benefit everyone. Employers want a highly
skilled force that will make huge profits. Human Capital Theory ties both skills and
prosperity together. As we invest in human capital through schooling and training we
will create a highly skilled workforce that want to prosper and continue to build their
skills when they see what it can do for them and their wellbeing. This in turn, creates
profits for the company and helps to create a healthy economy.
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3. How does training affect the operation of the labour market?
Training helps to build the labour market. Workers and employers strike a wage-rate
bargain upon the initial employment. Employers rent the use of the worker’s
knowledge, skills and abilities for a period of time in return compensation agreed on
between the employer and worker. Labour productivity can be increased by
increasing worker skills via training when more advanced skills are required for the
positon. Labour productivity is a simple measure of the production output in relation
to the amount of labour input. Training can increase the productivity for employers,
thus increasing the compensation benefits for workers. Without training the operation
of the labour market would essentially fail. Different positions of work require
different skills some basic skills, some advanced skills. If there was no investment in
training, there would be no workers to perform the different positions within a
company effectively and the labour market would fail apart. By investing time and
money in training we improve the operation of the labour market which in turns
improves the overall economy.
4. How do employees benefit from human capital theory?
Employees benefit from Human Capital Theory as it is an investment in the future of
people and helps to build on their skills. The concept of human capital refers to the
education, on-the job training and work experience in the labour force. Investments in
human capital will yield income and other benefits over time. An investment in human
capital means investing in education or some form of on-the job training to improve
workforce quality. Such investments provide returns to the individual as well as to the
economy as a whole. Individuals benefit from higher earnings, and the economy as a
whole benefits from higher productivity. Training and skills development is essential for
the upgrading of existing knowledge of employees. Training programs increase the
efficiency of employees and eventually increase the overall productivity of the
organization. It is essential for employees to keep themselves ahead with the latest
developments within their field of expertise. Human Capital Theory helps an employee to
become self sufficient. It enables employees to adapt to the changing situations within the
workplace easily. A well-trained employee can bring better productivity and more profits
than those who are not well trained. Human Capital theory is concerned with finding
ways to measure human capital and the rate of return on investments in human capital,
both to the individual and to the economy as a whole. The quality of labour force, or
investment in human capital, can be measured in different ways. One way to measure
expenditures on education and training.
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