Discuss how workers who differ in their innate abilities sort themselves across piecerate and time-rate jobs. Also describe how the two compensation systems elicit different levels of effort from the workers.
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Discuss how workers who differ in their innate abilities sort themselves across piecerate and time-rate jobs. Also describe how the two compensation systems elicit different levels of effort from the workers.
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- In the labour-discipline model (LDM), the employer sets the wage to minimise the cost of effort. Using the LDM, illustrate and explain how a change in conditions affect the employee’s best response function (BRF) in the following scenarios: In relation to the hospitality sector (e.g. restaurant industry) in the US: a sharp increase in the pool of unemployed people due to a hiring freeze, combined with a rise in unemployment benefits.How will the following issues shape compensation professionals' work for years to come: Increased minimum wage rate. Gender pay gap. Workforce demographic shifts. Compensation-productivity gap.Wilson is injured on the job when a forklift tips over and falls on him. His boss knew the forklift was in disrepair and dangerous but allowed the forklift to be used. Can Wilson collect worker’s compensation benefits? Can Wilson sue his employer for negligence?
- Discuss how economic forces influence decisions about pay. Do U.S. companies pay their chief executive officers too much? Why or why not? What steps should be taken to ensure pay equity? Lastly, rather than focusing on past performance in a yearly review, should employee performance evaluation systems incorporate continuous feedback?Show that the competitive labor market compensates workers for the probability that they will be laid off.Using the threat of dismissal can Multiple Choice lower worker productivity. be effective only if there is also a performance bonus. have no effect on worker productivity. raise worker productivity.
- Which of the following regarding family-friendly workplace practice is correct? Multiple Choice None of the answer choices are correct. Empirical research finds little evidence to support the use of the theory of compensating wage differentials to explain family-friendly workplace practice. Conditions such as the availability of parental leave, flexible working hours, job sharing, and taking time off work and making it up later are all part of the family- friendly workplace programs advocated by the government. One cannot use the theory of compensating wage differentials to explain family- friendly workplace practice, since people are not willing to accept lower wages in return to family-friendly work environment. One cannot use the theory of compensating wage differentials to explain family- friendly workplace practice since it is not viewed as a job characteristic.You have two choices in jobs. Job A means you earn $70,000 a year, in an area where the average income is $80,000. Job B means you earn $60,000 a year in an area where the average income is $50,000. Assume all other factors such as housing quality, schooling, etc are the same. A "rational profit maximizer" would: Have an indeterminate choice. Be indifferent between the two wages. Always choose the lower wage. Always choose the higher wage.Discuss the contributions of economics to employee and management motivation and pay.
- When would you see the greatest gain if there is a compensating differential built into your salary? The differential is for a negative risk that you care about more than most people do. The differential is for a large negative risk that you don't care about as much as most people do. The differential is for a positive job aspect that you don't care about as much as most people do. The differential is for a slightly positive job aspect that you care about more than most people do.How does workforce demographic shifts affect compensation?Consider an employee with a reservation wage of $6 an hour. The employee chooses an effort level between zero and one. Which of the following statements regarding her best response curve is correct? The best response curve describes the effort that the employee would choose for each level of the hourly wage. The best response curve is upward-sloping and convex. The curve crosses the horizontal axis at the origin. The average effort per dollar is increasing in wages.