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Theory Z is a name for various theories of human motivation built on Douglas McGregor's Theory X and Theory Y.Theories X, Y and various versions of Z have been used in human resource management, organizational behavior, organizational communication and organizational development.
Theory X and Theory Y are theories of human work motivation and management. They were created by Douglas McGregor while he was working at the MIT Sloan School of Management in the 1950s, and developed further in the 1960s. [1] McGregor's work was rooted in motivation theory alongside the works of Abraham Maslow, who created the hierarchy of needs.
In labour economics, Shapiro–Stiglitz theory of efficiency wages (or Shapiro–Stiglitz efficiency wage model) [1] is an economic theory of wages and unemployment in labour market equilibrium. It provides a technical description of why wages are unlikely to fall and how involuntary unemployment appears.
Some theories focus on human capital, or entrepreneurship, (which refers to the skills that workers possess and not necessarily the actual work that they produce). Labour is unique to study because it is a special type of good that cannot be separated from the owner (i.e. the work cannot be separated from the person who does it).
Firms which experience wage compression usually value higher-skilled workers more than their lower-skilled counterparts because they have a higher level of productivity relative to their wages. Because of this, firms are less likely to make these employees redundant when costs need to be lowered and firms will prefer to keep high-skilled workers.
The theory states that workers will be hired up to the point when the marginal revenue product is equal to the wage rate. If the marginal revenue brought by the worker is less than the wage rate, then employing that laborer would cause a decrease in profit.
Social deprivation is the reduction or prevention of culturally normal interaction between an individual and the rest of society. This social deprivation is included in a broad network of correlated factors that contribute to social exclusion; these factors include mental illness, poverty, poor education, and low socioeconomic status, norms and values.
However, Herzberg added a new dimension to this theory by proposing a two-factor model of motivation, based on the notion that the presence of one set of job characteristics or incentives leads to worker satisfaction at work, while another and separate set of job characteristics leads to dissatisfaction at work. Thus, satisfaction and ...