Government legislation B. The product market c. The labor market d. Labor market competitors 6. (p. 195) Which of the following factors do not affect an employer's ability to pay high wages? a. product demand b. degree of competition c. productivity of labor D. All of these affect ability to pay 7. (p. 199) All of the following except ___________ is an important factor in defining a market for compensation purposes.
2.1 Productivity The competitive strategy of increasing productivity is mainly concentrated on enhancement of direct labor productivity. At the very beginning, from the presentation of this strategy, it can be seen that this measure can keep direct labor busy in producing as much product as possible during the regular working hours, contributing to rising work efficiency as well as productivity. The supportive actions, namely cutting down idle man hours between jobs, rising batch sizes to maximize runtime and reducing the setup times, all work to enhance efficiency. Since the manufacturing procedures in this industry are simple, winners in terms of productivity and work efficiency can win more market share and orders in busy times like harvest seasons for farmers (Walker, 2006). Furthermore the operational control system with direct information about earned labor hours can be transmitted to the
Briefly, what is "material participation"? Material participation is showing how active the taxpayer was in the activity that provided the income. For example the taxpayer going to work every day is material to the wages because the customer is paid for the work that they do. If they are not a material participant that means that they were not actively and directly involved in the income producing activity. Why is the determination of whether a taxpayer materially participates important?
For some individuals, the answer is yes. “The existence of trade unions still maintains an important counterbalance in even non-union employers, improving wages, benefits, workplace conditions, as well as reducing capricious management abuses” (Meyer, 2009, para. 3). The belief that unions are for the workers is still accurate. Employees in a unionized shop seem to receive better pay and benefits than non-unionized shops.
| _____ would be most concerned about executive pay. | | Managers | | | Employees | | | Society | | | Stockholders | Compensation policy choices affecting pay level are most closely associated with _____. | | internal alignment | | | external competitiveness | | | contributions | | | management | Variable pay may also be called | | exempt | | | non-exempt | | | stock options | | | incentives | Choices among pay for performance, flat rate pay and profit sharing are examples of _____ policy decisions. | | internal alignment | | | efficiency | | | | | | employee contributions | | | management | Hourly compensation costs for manufacturing workers are lower in _____ than the
Businesses often pay individuals a wage based on current market standards. Free-market economies usually dictate specific wages for various jobs. Governments attempting to subvert market prices can reduce the demand for new workers due to a high minimum wage. Individuals can face a few negative effects from minimum wage laws. Minimum wage increases an individual annual salary, bumping the employee into a higher marginal tax bracket.
Some believe that wage inequality was caused by educated people versus uneducated people. Many positions search for certain skills and if you happen to be in the right place at the right time then you would receive a position with a decent wage. The wage inequality for the building industry is based off of the fairness of wages paid to all involved. Even when the building industry is booming the wages generally stay the same and do not increase. This is because of the illegal immigrants that will quickly fill any openings and work for lower wages.
It would be beneficial to have him take the What Time of Day am I Most Productive survey to see if his poor decision making is based on his ability to focus. The characteristics of the employees make up the characteristic of the company, and both of these are a direct reflection of their leadership. Keeping employees happy is a key element to success, as noted in (Robbins & Judge, 2011), “Therefore, companies implement programs; such as piece-rate pay where workers are paid a fixed sum for each unit production completed”. It is imperative that a company can attract and retain a skilled workforce. Ensuring that their compensation is competitive with the market and valuing the employee’s opinions are just two ways to accomplish this.
Second, a high-wage economy can induce a regime of rapid technical change, and firms faced with high wages are forced to employ more advanced equipment and eliminate inefficiency or leave the industry, which results in a more productive society because companies are forced to embrace new technologies and processes. In the end, these new processes are disseminated throughout the economy. Third, the minimum wage is one among a number of factors that has the capacity to equalize bargaining power in labor markets, and enables people to 'earn a living,' which is an elementary component of human dignity and social justice.” Since the initial passage of the Fair Labor Standards Act of 1938, economists have generally been opposed to the minimum wage, and today, this consensus is the same as most introductory textbooks will indicate (Prasch). Prasch notes that over the last half century, “it has become an article of faith that any floor or ceiling placed upon a supposedly autonomous and self-ordering 'free market' will lead to a substantial misallocation of resources' (Prasch). Regarding the minimum wage, market intervention is thought to
I. Unionization a. Unionization in its simplest form is the collaboration of a group of workers in a certain industry. b. Motivations for unionization — Personal job dissatisfaction usually leads to the need for Collective Bargaining  Collective bargaining includes: o Salary improvement o Retirement requirement and benefits o Better working conditions o Management misbehavior against employees o Effective conflict resolution — Belief that unionization will lead to concrete improvements as a result of Collective Bargaining II. Economists have two different views of the effect of unionization in the economy: First view is that unionization is good for the economy and the other view states the contrary. A According to the organizers of the American Worker Project, David Madland and Karla Walter, whose goal is to conduct research on the increase of wages, benefits, and security of American workers – “the essence of labor unions is to allow workers to reap the benefits of the economic growth they help create.” i.