Read PDF Unkept Promises, Unclear Consequences: US Economic Policy and the Japanese Response

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When Donald F. Hastings took over as CEO of the welding-supply manufacturer Lincoln Electric in July , he anticipated a little time for celebration.

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So, on that July day in , Hastings had to decide: Set a possibly dangerous new precedent by borrowing to pay the bonuses, or not pay them and undermine worker motivation? Such dilemmas spurred a forthcoming analysis by Jin Li , an assistant professor of management and strategy, and Niko Matouschek , a professor of management and strategy, both at the Kellogg School of Management.

Women’s participation trends have been very different in the United States and Japan

Their analysis focuses on what are known as relational contracts. Instead, relational contracts represent more casual understandings between management and labor about things like performance bonuses. The researchers were interested in how relational contracts affect worker productivity. That is, workers are often unclear as to whether they are being denied a bonus because their firm genuinely needs to direct resources elsewhere, or because the firm is simply being cheap—in which case punishment, by way of lower productivity, is in order.

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In the absence of this knowledge, workers may simply choose to punish their manager no matter what the reason behind the broken promises. Later, once the manager determines how costly it will be to provide the bonus, she decides whether or not to do so.

How did JAPAN get RICH? - VisualPolitik EN

The researchers found in their research of such scenarios that when managers could tap into unlimited funds to pay their workers, the optimal relational contract was one in which the worker was promised a bonus, which was paid when opportunity costs were low but denied when they were high. This led workers to be maximally productive after being paid a bonus—and assured of yet another bonus—but to punish their managers by gradually lowering productivity when they were denied a bonus.

Punishing a manager by dramatically lowering productivity would leave the manager with less money to pay a bonus the next time around. When companies were tight on liquidity, however, managers had a tougher time dealing with such conflicts, and at times lost their workers.

Lessons from the rise of women’s labor force participation in Japan

In the American workplace, trust between workers and management is key. Otherwise, workers are likely to punish firms with decreased productivity, or even abandonment, just when their efforts are needed most.

You can almost think of trust as one of the resources you have. To relationships in general … friends, spouses, parents and kids.