Lesson #12 Journal Entry
In the talk "Entrepreneurship and Consecration," Elder Gay talks about how we must use our money and talents to better the world. The story of the girl from Darfur ripped out my heart. The whole talk was very moving and I hope to process it and implement some change in my life.
The article "What's Business For?" is a huge essay on why I originally didn't want to be a business management major. It calls for a world that I wish were real, but I am afraid we move further and further away from every day. Virtue and integrity are so important in an economy because if executives, shareholders and even employees are doing thing for not only the good of the profit margin, but the good of the world, the economy will flourish. Instead of all the money being controlled by an elite 1% of people and companies, the wealth will be distributed and the quality of life for everyone will improve. According to the author, the real justification for business is that the business makes a profit so that the owner or business can do more for the world. One solution that I agree with in the article is that companies need to treat their employees as assets and not costs to be cut or marginalized. If they pay and treat employees as assets to invest in, the company will probably see that investment returned with dividends. The other idea that I agree with is that employees should be treated as members of the company and be allowed to get bonuses, buy in opportunities and dividends back from contributing to the company. This will bring back company loyalty and help people feel valued and not feel like they are just another cog in a machine that can be replaced at any moment. My husband's company used to be like the one who treated their employees like members and has actually been more like a company that treats it's employees as cogs in the past year or two. I've seen first hand how it has lowered moral and increased turnover. I hope that the executives of the company can see their folly before it's too late. I don't have high hopes.
I really enjoyed the concepts explored in this chapter and I wish that more companies would take them to heart. I'm not really sure what I can do as one person who doesn't plan on having a big company, but I hope I can encourage those I know who are influential in their companies to work towards building up their people and not worrying so much about stock prices and the bottom line.
The article "What's Business For?" is a huge essay on why I originally didn't want to be a business management major. It calls for a world that I wish were real, but I am afraid we move further and further away from every day. Virtue and integrity are so important in an economy because if executives, shareholders and even employees are doing thing for not only the good of the profit margin, but the good of the world, the economy will flourish. Instead of all the money being controlled by an elite 1% of people and companies, the wealth will be distributed and the quality of life for everyone will improve. According to the author, the real justification for business is that the business makes a profit so that the owner or business can do more for the world. One solution that I agree with in the article is that companies need to treat their employees as assets and not costs to be cut or marginalized. If they pay and treat employees as assets to invest in, the company will probably see that investment returned with dividends. The other idea that I agree with is that employees should be treated as members of the company and be allowed to get bonuses, buy in opportunities and dividends back from contributing to the company. This will bring back company loyalty and help people feel valued and not feel like they are just another cog in a machine that can be replaced at any moment. My husband's company used to be like the one who treated their employees like members and has actually been more like a company that treats it's employees as cogs in the past year or two. I've seen first hand how it has lowered moral and increased turnover. I hope that the executives of the company can see their folly before it's too late. I don't have high hopes.
I really enjoyed the concepts explored in this chapter and I wish that more companies would take them to heart. I'm not really sure what I can do as one person who doesn't plan on having a big company, but I hope I can encourage those I know who are influential in their companies to work towards building up their people and not worrying so much about stock prices and the bottom line.
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