Question

Experts argue that companies need to focus on strategy formulation, implementation,
competition and the like and not waste their time and energy on matters relating to
wages and salaries. Give your view point with appropriate reasoning.

Answer 1

Explanation:

The given statement is true. In today's world, where companies are seeking people which are critical thinkers and problem solvers and this need is just because the companies are focussing on  strategy formulation, implementation and getting an edge over its competitors. If a company is good at such things then the company will be able to generate more business and consequently it should facilitate its employees better.

Answer 2

Companies must focus both on strategy formulation as well as employee wages matters.

• The formulation of a strategy is the process of determining and defining a company's priorities, mission, goals and identifying the acceptable and best courses or action plans among all available alternative strategies to achieve them.
• If companies fail to predict or plan for structural changes, they can lose valuable lead time and momentum to battle them.
• Another risk is that the absence of a strategic strategy has a negative effect on the mindset of the team of an organisation. Not focusing on employees grievances relating to wages can also cause a hindrance towards the achievement of goals as per the strategic plan.
• Thus, a company must equally value its employees and provide resolution, as employees are the building blocks of a company and their efforts must be rewarded.