Factor of Production in the Contemporary Business World

Factor of Production in the Contemporary Business World
Scenario 1
Sine labor forms perhaps the most influential factor of production in the contemporary business world, it is important to establish effective analytic tools when recruiting staff. When recruiting an Employee's Relation Manager (ERM) it is important to use the Recruitment Candidate Relationship Management (CRM). The tool prioritizes the personality traits of candidates and their ability to establish interpersonal relationships with colleagues and leaders (Anitha & Shanthi, 2021). Thus, recruiting managers can interact with their candidates of choice in real time. From this perspective, they can analyze the emotional intelligence (EI) of enthusiastic participants. Those with high EI scores can easily manage negative behaviors from other staff in the workplace. They are less likely to reciprocate negativity and have an easy time improving their mood and attitude in the workplace. Hence, this tool will streamline the perfect candidates for the ERM position in the company. It is also important to note that social interactions are a priority in this recruitment endeavor. However, it does not necessarily mean that aspects such as competence, skill sets, and education qualifications are not important. Examples of recruitment CRM tools include Avature, SmashFly, and Yello.
Scenario 2
An employee that would oversee a firm's tech startup must be innovative and able to work with a team of colleagues. Startups require staff to have the highest innovative insights to develop products and services of high quality. And while personality traits and social interactions are important, it is the innovation and competence of the employee that is of the utmost importance. Thus, the Applicant Tracking System would be most convenient for the recruitment of such categories of staff (Tambe, Cappelli, & Yakubovich, 2019). The tool incorporates artificial intelligence (AI) to track the talent scores of different candidates. Examples of Applicant Tracki...