To what extent could economics be useful in determining how managers should deal with staff?

Economics is integral to workplace productivity in a capitalist society. The ways in which managers can use economic incentives to increase productivity, maintain control, and foster improved employee relations are numerous, and when implemented properly, incentives can benefit those on all sides of the supply chain. Here are ten ways managers can use economics to effectively handle their staff:
1. Clearly define economic incentives from the outset and be clear on how they are linked to productivity. Employees who understand the remunerative benefits of their labor are more likely to proactively engage in their work or be willing to move to a position that better aligns with their qualifications.
2. Design economic incentives so that employees at every level of the company can benefit from them. Lower-level workers who feel as though they are being short-changed at the expense of higher-level workers can induce resentment, animosity, and strife within the ranks, resulting in decreased productivity.
3. Align individual economic incentives with the performance of a company division or the overall performance of the company itself. Employees who feel that their efforts are being recognized and rewarded vis-à-vis the accelerated performance of the company will foster better relations between the ranks and a greater incentive to produce.
4. Use economic measurements such as base salary, overtime, benefits packages, and union fees in relation to actual employee output in order to determine the number of employees and what qualifications they should have. A careful analysis might determine that three skilled union employees cost less in aggregate and have higher levels of overall productivity than seven unskilled nonunion employees.
5. Use economic measurements to determine whether automation is a viable path to increased productivity and profitability, including an assessment of how it would affect the time management spends dealing with flesh and blood staff. Automation might be a viable and cost-effective way to complement human labor and create new job positions rather than simply replace human labor.
6. Seek employee input or feedback on salaries, bonuses, stock options, and other components of their benefits package. Management's willingness to let staff be a contributing factor in setting fair wages and benefits will lead to increased morale and therefore higher levels of productivity.
7. Investing in employee training programs may be beneficial to the company in certain circumstances, such as when the job positions are especially skilled, the labor market is tightening, or there are a dearth of qualified individuals in the market seeking those positions.
8. Management should set up protocols to reward innovation. Employees who feel that their bright ideas will be listened to, taken seriously, and potentially rewarded will be less likely to take their intellectual capital elsewhere, particularly if the company is in a position to invest much larger sums of capital into the idea than the employees would be likely to raise on their own.
9. Provide additional or outside support for employees who truly need it. While this may be a matter of perspective, often times a small investment in third-party support services or even assistant-level labor can increase productivity in multiples and lead to less turnover from employees who otherwise might feel as if they have been placed in a position to fail.
10. Regular evaluations by management of all relevant economic factors as they relate to company performance and employee morale—including staff salaries and benefits, working hours, real output, and financial return—will allow the company to better pivot in an ever-changing global marketplace by making economic adjustments as necessary.
https://www.forbes.com/sites/victorlipman/2013/03/18/5-easy-ways-to-motivate-and-demotivate-employees/

https://www.forbes.com/sites/victorlipman/2013/06/17/7-management-practices-that-can-improve-employee-productivity/

https://www.nap.edu/read/2135/chapter/6