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Wage compression is a result of numerous underlying issues, all of which tend to transpire over a period of years. These issues may have varying effects on firms, employees and the overall economy, especially in times of high economic uncertainty.
Trade unions generally seek to reduce wage dispersion, the differences in wages between workers doing the same job. [3] Not all unions are successful, however. A 2008 study of collective bargaining agreements in the United States found that 25% of the union contracts surveyed included a two-tier wage system. [3]
Salary can also be considered as the cost of hiring and keeping human resources for corporate operations, and is hence referred to as personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts. [1] A salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed.
A pay scale (also known as a salary structure) is a system that determines how much an employee is to be paid as a wage or salary, based on one or more factors such as the employee's level, rank or status within the employer's organization, the length of time that the employee has been employed, and the difficulty of the specific work performed.
The lines that divide Americans by economic class have always been blurry. For many households, where they stand on the income ladder comes down to a feeling rather than numbers.
Base salary is provided for doing the job the employee is hired to do. The size of the salary is determined mainly by 1) the prevailing market salary level paid by other employers for that job, and 2) the performance of the person in the job. Many countries, provinces, states or cities dictate a minimum wage. Employees' individual skills and ...
Tournament theory is the theory in personnel economics used to describe certain situations where wage differences are based not on marginal productivity but instead upon relative differences between the individuals. [1] This theory was invented by economists Edward Lazear and Sherwin Rosen. [2]
Depending on the structure and traditions of different economies around the world, wage rates will be influenced by market forces (supply and demand), labour organisation, legislation, and tradition. Market forces are perhaps more dominant in the United States, while tradition, social structure and seniority, perhaps play a greater role in Japan.