Answer to Question #209084 in Economics of Enterprise for Donnie

Question

can there be economic development without industrial relations and personnel 

Answer 1

Solution:

No, there cannot be economic development without industrial relations and personnel.

Economic development refers to the process by which a country improves or enhances the economic well-being and quality of life, including the political and social well-being of its citizens according to targeted objectives.

Industrial relations refer to the relationship between the management and its employees, which also provides a mechanism to tackle the various industrial disputes. Personnel refer to the people employed in an organization. Industrial relations deal with human behavior and the management of personnel in an organizational setup.

 

For economic development to succeed in any country, there have to be proper and effective industrial relations and personnel, including collaborations and cooperation amongst them for success to be accomplished. Every organization needs to have good industrial relations and efficient personnel. When the relationship between the employees and the managers is positive, the productivity of the employees will be enhanced, their motivation, engagement, and morale. Companies will be more successful, which will lead to successful economic development for that particular country.

Industrial relations and personnel are the key for increased productivity in industrial establishments as it ensures uninterrupted production, limited industrial disputes, industrial unrest, and strikes, which help in the economic progress of a country.