NCERT Solutions for Class 10 Social Science History Chapter 4
Social Science Class 10 Economics
Globalisation and the Indian Economy 4
Important NCERT Questions Based on new NCERT Books for Session 2022-2023
Questions No: 3
How would flexibility in labour laws help companies?
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Flexibility in labour laws will aid growth of companies by being competitive and progressive. By easing up on labour laws, company heads can negotiate wages and terminate employment, depending on market conditions. This will lead to an increase in the company’s competitiveness. The government has come up with flexible policies in labour laws to attract foreign investment. The government has allowed companies to ignore many of the labour laws. Instead of hiring workers on a regular basis, companies hire workers flexibly for short periods when there is intense pressure of work. This helps to reduce the cost of labour for the company and helps achieve desired profits.
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Flexibility in labour laws would help companies in the ways as mentioned below:
(i) It will help companies in being competitive and progressive.
(ii) Flexibility in labour laws can help the companies to decrease their production cost by employing labourers only for short period of time when there is need instead of employing them for long period of time or yearly basis.
(iii) By easing up on labour laws, company heads (managers) can negotiate wages and terminate employment, depending on market conditions. This will increase the competitiveness of the companies.
(iv) The companies can ask the workers too work overtime when there is more pressure to complete the work.
1. Adapting to Changes: Flexibility in labor laws helps companies adjust their workforce size and roles based on changes in demand. For example, during busy times, companies can hire temporary workers to handle increased work and reduce the workforce when demand decreases.
2. Improving Efficiency: Flexible labor laws allow companies to better match their labor resources with their production needs. This helps in getting work done more efficiently and can reduce operational costs.
3. Trying New Ideas: Companies can experiment with new work arrangements like flexible schedules or remote work because of flexible labor laws. This can make employees happier and more productive.
4. Managing Costs: Flexible labor laws help companies manage costs by allowing them to hire temporary or contract workers when needed instead of maintaining a large permanent workforce all the time.
5. Attracting Investments: Countries or regions with flexible labor laws might attract more businesses and investments. Companies find it appealing to set up operations where hiring and firing processes are more straightforward, leading to economic growth and job opportunities.
6. Supporting Small Businesses: Flexible labor laws can make it easier for small businesses to start and operate. It reduces barriers to hiring, encouraging entrepreneurship and contributing to economic growth.
7. Employee Satisfaction: Surprisingly, flexible work options like remote work or flexible hours can make employees happier and more likely to stay with a company.
While flexibility in labor laws can benefit companies, it’s crucial to ensure that these laws also protect the rights and well-being of workers. Striking a balance between flexibility and fair treatment of employees is essential for a healthy and productive workforce.