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Personnel economics has been defined as "the application of economic and mathematical approaches and econometric and statistical methods to traditional questions in human resources management". [1] It is an area of applied micro labor economics , but there are a few key distinctions.
Permanent employees are often eligible to switch job positions within their companies. Even when employment is "at will", permanent employees of large companies are generally protected from abrupt job termination by severance policies, like advance notice in case of layoffs, or formal discipline procedures. They may be eligible to join a union ...
The term "employee" also includes an officer of a corporation." [46] This definition does not exclude all those who are commonly known as 'employees'. "Similarly, Latham's instruction which indicated that under 26 U.S.C. § 3401(c) the category of 'employee' does not include privately employed wage earners is a preposterous reading of the statute.
A temp agency employee is the exclusive employee of the agency, not of the company in which they are placed (although subject to legal dispute). The temporary employee is bound by the rules and regulations of the temp agency, even if they contrast with those of the company in which they are placed.
A special economic zone produces fewer indirect jobs if it is isolated from the country's main economy, and more if it is well integrated. [7] For example, the special economic zone in the Dominican Republic provided 166,000 formal direct jobs plus 250,000 indirect jobs in 2017.
Labour economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers , usually in exchange for a wage paid by demanding firms.
In some cases the nature of the work itself may require that the employees work part time. For example, some amusement parks are closed during the winter months and keep only a skeleton crew on hand for maintenance and office work. As a result of this cutback in staffing during the off season, employees who operate rides, or run gaming stands ...
Economics of participation is an umbrella term spanning the economic analysis of worker cooperatives, labor-managed firms, profit sharing, gain sharing, employee ownership, employee stock ownership plans, works councils, codetermination, and other mechanisms which employees use to participate in their firm's decision making and financial results.