Economics, in the context of human resources, refers to the study of how individuals, businesses, and organizations allocate resources, including labor. It involves analyzing the production, distribution, and consumption of goods and services to understand market dynamics and their impact on workforce management. HR professionals leverage economic principles to make informed decisions about compensation, benefits, recruitment, and employee productivity. Understanding economic trends helps HR to align their strategies with organizational goals, optimize resource allocation, and ensure competitiveness in attracting and retaining talent.
Leaders in Bali are urging the government to provide subsidies for flight tickets in order to make vacations on the island more affordable for international tourists. Recognizing the rising costs…