Social inequality is one of the most severe problems of today’s society, requiring immediate solutions. In the previous essay, strengthening human capital, raising the minimum wage, and altering corporate governance were presented as possible solutions. However, such proposals require a detailed analysis of both the ways of their implementation and the potential benefits that they will bring. Correct strategies for distributing education among people, creating a fair wage system by empowering worker unions, and altering the hierarchy and workflow of executive corporative positions would resolve cultural and financial social inequalities.
Human Capital Analysis and Solutions
Human capital is a system that determines the value of each employee depending on his experience, skill level, and personal level of knowledge. It is currently one of the critical problems leading to social inequality. However, its basis lies not so much in the fact that workers are evaluated unequally in terms of their skills but rather that not everyone can get the skills themselves (Healey, et al,, 1). Consequently, these skills can be mainly acquired through hard work as an inexperienced employee or educated. Since a more experienced and educated worker will always be more valuable to the employer, to give everyone a chance, equal education is required to solve this problem.
As of now, education distribution is not utterly equal, even though there are reasons to resolve it. Although the human capital model predicts an unmistakably positive association between educational inequality and income disparity, the influence of average years of study on income inequality is positive (Langnel, et. al., 2). Thus, public investment in the education system, which compensates the poor for all the education costs, will put this model on a clear path. Moreover, such a solution will also benefit from the accelerated development of scientific and cultural communities. It will protect people from the possible impact of propaganda due to the general level of education.
Establishing Worker Unions
Raising the minimum wage is considered a rather sore subject for employers and employees as the economic situation in our time is volatile. It requires certain costs for humanitarian assistance to other countries and the fight against epidemics that break out in different parts of the world (Sheth, 3). However, it is not uncommon for employers to use these trends as excuses while trying not to draw public attention to their income, indicating their apparent ability to pay higher wages (Hurst, et. al., 4). Consequently, it is necessary to use the primary tool for tracking the actions of employers – worker unions. A unified movement, organized within companies by workers, will be able to track the earnings of employers with much higher efficiency since they are best aware of the financial situation within corporations. Moreover, such a solution would greatly simplify the judiciary institution’s task and focus on solving more complex cases where employers deliberately suppress unions and violate numerous laws against such actions.
Separated Administration Issue
One of the establishments of social inequality in present-day society is separated administration. Authority duties are so profoundly paid that disappointment emerges not with personal organizations but with the nation as an entire. Due to their capacities, principals like state individuals and company shareholders have no total control over operators in the face of authorities and supervisors (Sernau, 5). It is conceivable for them to gain millions of dollars for the good thing about the social framework and reasons of notoriety, considered as a good ruler or a great supervisor, and additional costs within the last-mentioned case. After they cannot gain enough money, the positive tendency effortlessly vanishes into the foundation. As a result, hundreds of thousands of expansive enterprises and government offices worldwide are indulged with concrete arrangements to the principal-agent issue, and the social disparity is becoming an indispensable portion of the cutting edge economy.
As a solution, the management structure in such companies and corporations should be changed radically, affecting many of its aspects. Due to the insolvency of its design for the reasons indicated above, the industry requires the restriction of executive power from higher employee positions. Using the system of corporative state laws, the government should redesign the activities of coordinators, managers, chairs, and supervisors into different boards of directors and councils. Consequently, these boards will be obliged to collectively resolve incoming requests concerning employees and the work process itself. Thus, the problem of a shortage of jobs will be solved, as corporations will have to hire additional workers. Moreover, more funds will go to the people, and the total financial capital of the country will not be concentrated in the hands of corporations at the same critical level as it is today (Veldman, 6). As a result, this decision is balanced and carries several essential benefits for people’s financial state in the long run.
As a result, social inequality can be eliminated by massively investing in public finances to provide free education to everyone, reshaping the management system in large corporations, and delegating the monitoring responsibility to working unions. It will be a long, systematic process, requiring substantial financial costs and the work of hundreds of thousands of specialists around the world. Furthermore, such a strategy can be coherent with consistent financial losses for companies and corporations. However, the result of such work will be an open society, ready to give everyone equal chances for cultural and economic enrichment, fair treatment, and a healthy working environment.
Healey, J. F., Stepnick, A., & O′Brien, E. (2018). Race, ethnicity, gender, and class (8th Edition). Sage.
The book describes social inequalities regarding race, ethnicity, gender, and class in different societies.
Langnel, Z., Amegavi, G. B., Donkor, P., & Mensah, J. K. (2021). Income inequality, human capital, natural resource abundance, and ecological footprint in ECOWAS member countries.
Resources Policy, 74(8), 6-10.
The article describes the connection between income inequalities and ecological footprints in ECOWAS member countries.
Sheth, J. (2020). Business of business is more than business: Managing during the Covid crisis. Industrial marketing management, 88, 261-264.
The article describes the problems of working culture affected by the Covid pandemic.
Hurst, C. E., Nurse, A. M. & Fitz Gibbon, H. M. (2019). Social inequality: forms, causes, and consequences. Taylor & Francis.
The book indicates multiple forms, causes and consequences of social inequalities, processes and concludes a full analysis on the issue.
Sernau, S. R. (2019). Social inequality in a global age. Sage.
The book describes a variety of sources of social inequality in a global modern age.
Veldman, J. (2019). Inequality, Inc. Critical perspectives on accounting, 63, 102039.
The article describes critical perspectives on financial accounting, which includes social inequalities in working culture.