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33748690305
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Strategy in an era of global giants
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Lowell L. Bryan and Michele Zanini, "Strategy in an era of global giants," The McKinsey Quarterly, 2005 Number 4, pp. 46-59.
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(2005)
The McKinsey Quarterly
, Issue.4
, pp. 46-59
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Bryan, L.L.1
Zanini, M.2
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33847346255
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Economists define rent as the profit earned after a company pays for all of the factor costs of production labor, raw materials, and so forth, including the cost of capital
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Economists define rent as the profit earned after a company pays for all of the factor costs of production (labor, raw materials, and so forth), including the cost of capital.
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33847341044
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According to some observers, the many temporary contractual workers that certain large companies use should be counted as employees. I disagree. These workers may depend on the company for work, but they are largely fungible labor and usually don't undertake the intensive intangible work that drives a company's profits. This is exactly why companies choose to rely on contractual labor.
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According to some observers, the many temporary contractual workers that certain large companies use should be counted as employees. I disagree. These workers may depend on the company for work, but they are largely fungible labor and usually don't undertake the intensive intangible work that drives a company's profits. This is exactly why companies choose to rely on contractual labor.
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See Felix Barber and Rainer Strack, The surprising economics of a 'people business,' Harvard Business Review, June 1005, 83, Number 6, pp. 80-90, in which the authors propose using economic profit per employee to gauge the true performance of people businesses. Economic profit subtracts the cost of capital from profit per employee. Profit per employee is a more practical metric, as it can be taken directly from accounting statements and allows for straightforward comparisons of performance across companies. (Calculating economic profit per employee often requires internal company data.) A related concept, economic contribution per employee, can be a useful internal metric.
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See Felix Barber and Rainer Strack, "The surprising economics of a 'people business,'" Harvard Business Review, June 1005, Volume 83, Number 6, pp. 80-90, in which the authors propose using economic profit per employee to gauge the true performance of "people businesses." Economic profit subtracts the cost of capital from profit per employee. Profit per employee is a more practical metric, as it can be taken directly from accounting statements and allows for straightforward comparisons of performance across companies. (Calculating economic profit per employee often requires internal company data.) A related concept, economic contribution per employee, can be a useful internal metric.
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