One: The numbers of years spent on a specific job do not increase the value of the tasks being completed and the employee completing the task. We often feel we deserve to be compensated more because of tenor on a job. However, in reality, we are expecting to be paid more for the same task being repeated over and over with no increased value. If there is no motivation to enhance your skills or learn new methods to increase value, then we are not increasing our value. We should not expect more compensation if we attribute the same value to a routine task. Itâ€s challenging to accept this fact, but the time spent on the same job does not warrant higher compensation. The increased value you create determines and guarantees increased compensations.
A few years ago, I had a decision to make about my career; I had been in the same occupation for over ten years. I received what I felt at the time to be a reasonable salary with good incentives and a steady increase over time. I was very good at the job I was doing and became the go-to person for anything related to that job. It was a good feeling, one that gave a sense of stability. The company I worked for at the time decided to implement a new solution. In the past, when a new solution was proposed, the normal process was to implement the solution, then get trained to support it.
This time the approach was different; the company wanted an in-house expert to complete the research, recommendation, and formulate the proposal. There was no such expertise in-house, and a new candidate was hired to fill the expert role. This left me with uncertainty about my role and future relationship with the company. I decided to pursue expert training and certification for the new technologies being introduced. The company did not offer paid training for the specific profession, so I decided to utilize my own time and money to pursue professional training and industry certifications.
The explicit cost involved was the cost of the training classes, which was around $7000, travel, and lodging. The implicit cost incurred was the time I would be spending away from my family, utilizing my vacation time and time spent away from work. Although the complete duration of the training was 14 days, the total opportunity cost included the time spent on the training, preparing and completing all the certification exams over six months.
Once I was able to obtain the required professional certifications and illustrate my knowledge, I was able to increase my value within the organization significantly. This resulted in substantially higher compensation and applied to the human capital theory (Brickley, Smith, & Zimmerman, 2016). This theory would suggest people will invest in something that can potentially earn them more money to cover the cost of that investment.
In my efforts to increase my value, my individual need motivated my actions. I believe it was the right thing to do for myself, my family, and the company I worked for at the time. This display of responsible stewardship measured my performance against my increased value and the ability to sustain within my industry. It also helped in managing and contributing to the operations of the company. Responsible stewardship is how we manage our affairs and businesses (Vedanta Resources, 2019). Stewardship allows operating under a framework that governs our moral and ethical behavior. It is vital in todayâ€s climate to ensure individuals, as well as organizations, act in a manner that is responsible.
Brickley, J. A., Smith, C. W., & Zimmerman, J. L. (2016). Managerial Economics & Organizational Architecture (Vol. 6th Ed). New York, NY, United States of America: McGraw-Hill Education.
Vedanta Resources. (2019, January 12). Vedanta Sustainable Development. Retrieved from Vedanta Resource : http://sustainabledevelopment.vedantaresources.com…
Two: One thing we must do in life is make choices. All choices have an effect. For the decision maker, making a choice involves a thought process that includes considering outcomes, the impact, purpose, feasibility, risks, and opportunity cost which helps them arrive at an action they decision maker believes will have the best results. â€œOpportunity cost is largely defined as a decision you make that alters your personal landscape going forward. Opportunity costs can impact various – and critical – aspects of your life, including money, career, home and family, and other lifestyle elements. In general, it means having to choose one option over the other, be it money, time or lifestyle choices – and living with the consequencesâ€ (Oâ€connell, 2019). According to Brickley, Smith, Zimmerman, (2017) opportunity cost is defined as the cost of not choosing the next, best alternative for your money or timeâ€ (pg18).
An example of opportunity cost in my professional life is when I was presented with an opportunity to work summer school or take an internship in my masterâ€s degree field. While the summer school position will pay more the internship will help me advance my career in the future. One option provided immediate satisfaction while the other had delayed satisfaction but will has the potential to excel me to higher wages in the future. Other factors I needed to consider in making my decision is the fact that the summer school pay-off is guaranteed while the internship pay-off is a risk. The internship is also in a different state so I would either have to drive to the state on a daily basis or find temporary housing which can be costly. The summer school site is only a 10-minute drive from my current home, so this options cost is low.
Under Saint Leo Universities code of conduct responsible stewardship states â€œour Creator blesses us with an abundance of resources. We foster a spirit of service to employ our resources for University and community development. We must be resourceful. We must optimize and apply all of the resources of our community to fulfill Saint Leo Universityâ€s mission and goals (Mission and History, n.d.).â€ Responsible stewardship refers to the way an organization manages, understands, and takes responsibility for their impact. According to Dennis Hartman not all organizations share the same views on social responsibility and stewardship, yet for those who do, they take on the responsibility of the impacts operating a business may have (2015). A basic goal of stewardship is to have a desire to leave the world a better place because of one’s actions. This is where cost opportunity comes into play. An organization must make decisions that will give them the most pay off while also doing limited damage to the community they are working in. in addition, organizations must be proactive in serving their community when disasters hit. In doing so they are building a reputation as a respectful and community friendly business.
Brickley, J., Smith, C., & Zimmerman, J. (2016). Managerial economics and organizational architecture (6th ed.). New York
Hartman, D. (2015). What is stewardship in business? Small Business Chron.com. Retrieved from http://www.smallbusiness.chron.com/stewardship-bus…
Mission and History (n.d.) Retrieved: https://www.saintleo.edu/history-values-catholic-r…
Oâ€Connell, B. (2019). What is Opportunity Cost and What Does It Mean for You. Retrieved: https://www.thestreet.com/personal-finance/opportu…
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