Abstract
The Naturally Optimised Revenue Demand in Communities (NORDIC) model was employed to improve the workforce. The proposed model produced constructed shadow costs to be inserted into the public accounts to induce economic incentives to increase the employment-to-population ratio. The resulting shadow cost, and its impact on the PSBR, constitutes a single key factor that by one digit only, expresses how successful the labour policy is over time. The launched model considered and promoted the health of the workforce and reduced the costs of non-employment. This case study showed how the workforce in the Swedish society could be improved by application of the NORDIC model, that is the system of cooperation between workers and employers. The results point at a promising methodology for improving the health of the workforce and increasing the employment-to-population ratio by using economic instruments. The study concludes that the versatile NORDIC model could be used to improve the Swedish workforce and its quality of life, particularly for seniors. Possible end users include labour authorities and politicians that want a comprehensive tool to redesign the labour policy. The NORDIC model is recommended to apply to labour issues, and employ to improve the health of the workforce. Further research should focus on developing algorithms for certain sections of the workforce.
Highlights
Much attention has been devoted to the issue of unemployment
A review of similar literature showed that this objective was been accomplished as a decision-support tool has been provided for use by labour authorities, politicians and citizens interested in labour policy
The Naturally Optimised Revenue Demand in Communities (NORDIC) model can be used to improve the workforce in a nation
Summary
Much attention has been devoted to the issue of unemployment. A high employment-to-population ratio has positive effects on the Gross Domestic Product (GDP) (Employment-to-population ratio, 2019). The objective of this study was to provide a new and practical method of improving the workforce by designing a decision-support tool for authorities, politicians and other citizens interested in labour policy issues to facilitate the daily use of the Naturally Optimised Revenue Demand in Communities, NORDIC model (Stenis, 2020; Stenis & Hogland, 2019). The research question was whether the workforce could be improved by employing economic instruments and whether this approach was feasible. The research design featured a logical approach in a historical context. This design supported the hypotheses that the logic was inherent in the mathematics employed by the NORDIC model, and backed up by historical data; a quantitative research methodology was predominant.
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