Market theory – wage theories - compensation management - Manu Melwin Joy
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Classical economists argue that wages—the price of labor—are determined (like all prices) by supply and demand. They call this the market theory of wage determination.
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Wage theories - compensation management - Manu Melwin Joy
Classical economists argue that wages—the price of labor—are determined (like all prices) by supply and demand. They call this the market theory of wage determination.
Wage theory !!! mod 1
1. The wage fund theory advocated by John Stuart Mill assumes that the supply of labor is fixed and demand for labor consists of a fixed sum determined by capitalist employers, with demand determined by the size of the wage fund.
2. The standard of living theory advocated by Karl Marx assumes that wages should allow workers to support themselves and their families and live comfortably according to societal standards.
3. The bargaining theory proposed by John Davidson assumes that wages are determined by the relative bargaining power of employers and employees.
Subsistence theory – wage theories - compensation management - Manu Melwin Joy
This theory propounded by the economists in the 18th century was later explained by David Ricardo.
This theory is based on two assumptions, namely,
(a) The law of diminishing return applies to industry.
(b) There is a rapid increase in population.
Wage theories & Wage differentials
This document discusses various theories of wages and wage differentials. It begins by defining wages and providing historical context on the development of wage labor. It then outlines several theories of how wages are determined, including subsistence theory, wage fund theory, marginal productivity theory, residual claimant theory, bargaining theory of wages, and surplus value theory. The document also discusses concepts like money wages, real wages, and compensating wage differentials. Finally, it examines different types of wage differentials such as occupational differentials, inter-firm differentials, inter-area differentials, and inter-industry differentials.
Marginal productivity theory– wage theories - compensation management - Manu...
According to this theory, wages are based upon an entrepreneur’s estimate of the value that will probably be produced by the last or marginal workers.
Wage theories-Outliers
The document discusses several theories of wages:
1. General Theory of Wages argues that decreasing overall wages allows employers to hire more employees and create more job opportunities, but ignores motivational benefits of higher wages and potential buying power.
2. Efficiency Wage Theory claims productivity depends positively on wages, with higher wages incentivizing workers through models like shirking, gift-exchange, and fair wage-effort.
3. Investment Theory by H.M. Gitelman proposes workers are paid according to their education, experience, and training investments.
Wage theories
The document discusses various economic and behavioral theories of wages, including:
1) Early wage theories included the wage fund theory (1870-1914) and marginal productivity theory (1914-present), which involve wages being determined by demand and supply of labor.
2) Behavioral theories of motivation include equity theory, expectancy theory, and agency theory, which examine how motivation and wages can align employer and employee goals.
3) Wage differentials refer to differences in pay based on skills, industries, occupations, sectors, regions, and personal characteristics, and aim to incentivize workers.
Wage Theories
Wage theories explain how wages are determined. Historically, the subsistence theory viewed wages as only enough to provide basic sustenance. Modern wage theory sees wages as the price of labor set by the interaction of labor demand and supply in the market. Demand for labor depends on factors like productivity, technology, and demand for products, while supply relates to the number of available workers. Under competitive conditions, equilibrium wages are reached at the point where the labor demand and supply curves intersect.
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Wage theories - compensation management - Manu Melwin Joy
Classical economists argue that wages—the price of labor—are determined (like all prices) by supply and demand. They call this the market theory of wage determination.
Wage theory !!! mod 1
1. The wage fund theory advocated by John Stuart Mill assumes that the supply of labor is fixed and demand for labor consists of a fixed sum determined by capitalist employers, with demand determined by the size of the wage fund.
2. The standard of living theory advocated by Karl Marx assumes that wages should allow workers to support themselves and their families and live comfortably according to societal standards.
3. The bargaining theory proposed by John Davidson assumes that wages are determined by the relative bargaining power of employers and employees.
Subsistence theory – wage theories - compensation management - Manu Melwin Joy
This theory propounded by the economists in the 18th century was later explained by David Ricardo.
This theory is based on two assumptions, namely,
(a) The law of diminishing return applies to industry.
(b) There is a rapid increase in population.
Wage theories & Wage differentials
This document discusses various theories of wages and wage differentials. It begins by defining wages and providing historical context on the development of wage labor. It then outlines several theories of how wages are determined, including subsistence theory, wage fund theory, marginal productivity theory, residual claimant theory, bargaining theory of wages, and surplus value theory. The document also discusses concepts like money wages, real wages, and compensating wage differentials. Finally, it examines different types of wage differentials such as occupational differentials, inter-firm differentials, inter-area differentials, and inter-industry differentials.
Marginal productivity theory– wage theories - compensation management - Manu...
According to this theory, wages are based upon an entrepreneur’s estimate of the value that will probably be produced by the last or marginal workers.
Wage theories-Outliers
The document discusses several theories of wages:
1. General Theory of Wages argues that decreasing overall wages allows employers to hire more employees and create more job opportunities, but ignores motivational benefits of higher wages and potential buying power.
2. Efficiency Wage Theory claims productivity depends positively on wages, with higher wages incentivizing workers through models like shirking, gift-exchange, and fair wage-effort.
3. Investment Theory by H.M. Gitelman proposes workers are paid according to their education, experience, and training investments.
Wage theories
The document discusses various economic and behavioral theories of wages, including:
1) Early wage theories included the wage fund theory (1870-1914) and marginal productivity theory (1914-present), which involve wages being determined by demand and supply of labor.
2) Behavioral theories of motivation include equity theory, expectancy theory, and agency theory, which examine how motivation and wages can align employer and employee goals.
3) Wage differentials refer to differences in pay based on skills, industries, occupations, sectors, regions, and personal characteristics, and aim to incentivize workers.
Wage Theories
Wage theories explain how wages are determined. Historically, the subsistence theory viewed wages as only enough to provide basic sustenance. Modern wage theory sees wages as the price of labor set by the interaction of labor demand and supply in the market. Demand for labor depends on factors like productivity, technology, and demand for products, while supply relates to the number of available workers. Under competitive conditions, equilibrium wages are reached at the point where the labor demand and supply curves intersect.
Economic theories of wages
This document outlines 8 economic theories of wages: 1) Subsistence Theory, 2) Wages Fund Theory, 3) Residual Claimant Theory, 4) Surplus Value Theory, 5) Marginal Productivity Theory, 6) Bargaining Theory of Wages, 7) Employment Theory, and 8) Competitive Theory. It provides a brief description of each theory, including key assumptions and economists associated with each view of how wages are determined.
Wage determination
1) The document discusses wage determination in the English Blood Service (NHS BT), which employs 6,500 people across various occupational groups in blood donation and transplantation.
2) The median basic pay is £15,069 and mean pay is £19,019, with the majority of employees in lower paid roles like donor carers and lab support staff.
3) Wage determination is analyzed using theories of social structure, the interplay between social actors like unions and management, and how these mechanisms operate differently in organizations.
Wages Fund theory
The Wages Fund theory developed by Adam Smith and later expanded by Karl Marx and David Ricardo states that the total wages paid to laborers is fixed, or determined by the total capital invested in wages. As the labor supply increases, the average wages will decrease as the fixed wages fund is divided among more workers. The theory also argues that average wages will decline with increases in population and rise as the wages fund is enlarged or the labor supply decreases. However, the theory does not adequately explain variations in wages between different levels, regions, or account for differences in worker efficiency.
A Criticism of Efficiency Wage Models
This document provides a criticism of efficiency wage models from a heterodox perspective. It argues that wage stability is an integral feature of businesses, not a cause of unemployment as efficiency wage theorists claim. The document outlines an alternative heterodox approach involving market governance, organizational design, and decision making to explain wage setting and stability. Wages are set through "community wage surveys" conducted by businesses in cartels and adjusted semi-annually or annually for cost stability, not in response to market prices or unemployment.
Theory of Labour
This document discusses key concepts related to the theory of labour, including:
- The definition of labour and how it differs from other factors of production.
- The concept of division of labour and how it leads to increased specialization and output.
- Factors that influence the mobility, size, and structure of the labour force such as birth rates, death rates, and migration patterns.
- Key labour force metrics like the dependency ratio and participation rate.
Theories
This document provides an overview of different theories of wages. It discusses subsistence theory, which states that wages will tend toward the minimum needed to keep workers alive. Wages fund theory argues wages are paid from a predetermined fund. Surplus value theory says workers are paid less than the value they create, with the surplus going to expenses. Residual claimant theory views labor as the residual claimant to the value created after other factors are paid. Marginal productivity theory holds that wages are determined by how much value workers add at the margin.
Purchasing power theory– wage theories - compensation management - Manu Melw...
The purchasing power theory of wages concerns the relationship between wages, employment, and the business cycle. It argues that changes in wages will significantly impact consumption since wages make up a large percentage of national income. If wages fall more quickly than prices, real wages and consumption will decrease, leading to higher unemployment unless total spending increases through government investment. Conversely, if wages fall less quickly than prices, real wages and consumption may rise as long as investment remains stable, boosting total spending and employment. The theory gained prominence during the Great Depression when simply lowering wages did not increase employment as previously believed.
Wage fund theory – wage theories - compensation management - Manu Melwin Joy
This theory was developed by Adam Smith and was further expounded by J.S.Mill.
J.S. Mill said that wages mainly depend upon demand for and supply of labour or the proportion between population and capital available.
Modern theory of wage determination
A "wage determination" is the listing of wage rates and work benefit rates for each classification of labourers and mechanics. This is determined by skill, effort, knowledge, experience etc.
Wages: Concepts and Theories
Wages: Concepts and TheoriesWe Learn - A Continuous Learning Forum from Welingkar's Distance Learning Program.
In this presentation, we will understand concept theories and types of wages, compensations and earnings.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
Behavioral theory – wage theories compensation management - Manu Melwin Joy
Many behavioural scientists — notably psychologists and sociologists- like March and Simon, Robert Dubin, Eliot Jacques—have presented their views on wages and salaries on the basis of research studies and action programmes conducted by them.
Bargaining theory – wage theories - compensation management- Manu Melwin Joy
John Davidson propounded this theory. Under this theory, wages are determined by the relative bargaining power of workers of their union and of employers.
Compensation Management
This document discusses key concepts related to wages and compensation management. It defines wages, salaries and earnings and outlines the objectives of compensation programs such as maintaining equity and creating skilled workforces. It also examines factors that influence wage determination like ability to pay, demand and supply, prevailing market rates and cost of living. Methods of wage payment like time rates, piece rates and incentive plans are covered. The importance of wages and salary administration for attracting employees and ensuring satisfaction is also discussed.
Theories of wages
This document summarizes eight major theories of wages:
1) Subsistence theory argues wages are determined by the cost of basic needs.
2) Standard of living theory states wages are determined by workers' standard of living.
3) Wage fund theory claims wages are paid from a predetermined fund created by savings.
4) Residual claimant theory views wages as the remainder after other costs are paid.
5) Marginal productivity theory contends wages equal workers' marginal productivity.
6) Bargaining theory argues unions and employers determine wages through negotiations.
7) Behavioral theories examine social and psychological factors influencing wages.
8) Modern theory treats wages as the price of labor set by demand and supply
Chapter4: Distribution (group 3)
Submitted by : Madeliene Ocampo, Kalvin Kier Arao, Luisito Lumbre, Mirriam Ocenar
Submitted to : Prof. Thes Sagadraca
Subject : Principles of Economics
SChool : University of Makati
Theories of Unemployment, Philip Curve and its Controversies
This document discusses theories of unemployment including types of unemployment like frictional, structural, seasonal, and cyclical unemployment. It also discusses concepts like the natural rate of unemployment, disguised unemployment, efficiency wages, Okun's law, and the Phillips curve. The Phillips curve shows the relationship between inflation and unemployment in the short run and long run. Economists like Friedman, Phelps, Tobin, and Solow have criticized the Phillips curve, arguing that there is no long-run tradeoff between inflation and unemployment.
Giant labour market powerpoint
The document discusses labour markets and includes two parts. Part 1 discusses the supply and demand of labour and wage determination. The supply of labour depends on the wage rate and is generally upward sloping. The demand for labour is derived from the demand for the product/service. Factors like productivity and costs also impact demand. Wages are determined by the intersection of supply and demand. Part 2 will discuss labour market failures.
Wage determination and government intervention on private sectors
This document discusses industrial relations and wage determination in Malaysia. It covers the different types of wages like subsistence, living and fair wages. Minimum wage levels are determined by authorities using various criteria. While employers see wages as labor costs, workers define wages as direct payments received. The government has introduced reforms like the National Wage Consultation Council to improve wage determination and collective bargaining between employers and workers.
Market Equilibrium, Equalizing Differentials and Occupational Choice
Covers market equilibrium, equalizing differentials and the factors that affect the occupations we choose.
Theories of Unemployment, Philip Curve and its Controversies
This document discusses various theories related to unemployment, including:
1) Definitions of unemployment from various sources such as ILO and types of unemployment such as frictional, structural, seasonal, and cyclical.
2) Theories like efficiency wages, where increasing wages can increase productivity, and Okun's law relating GDP growth and unemployment changes.
3) The Phillips curve showing the relationship between inflation and unemployment and criticisms of the Phillips curve like it only applying in the short run.
4) Different views on the Phillips curve such as Friedman's vertical long run view, Tobin's kinked curve view, and Solow's vertical at positive inflation view.
Vskills Certified compensation and benefits manager brochure
The document provides information about the Certified Compensation and Benefits Manager certification from Vskills. It describes the objectives of the certification in assessing candidates' knowledge of compensation practices like ensuring fair pay and compliance with laws. It notes that the certification can help candidates seeking new jobs or promotions to prove their skills. It provides details about the test format, fees, and the types of companies that hire certified professionals.
Presentation mod 4
Compensation refers to the total remuneration provided to employees in return for work, including both financial and non-financial benefits. The main components of compensation are wages/salaries and employer social contributions. Compensation is influenced by factors like business strategy, labour markets, economy, and legal considerations. Theories of remuneration include need-based pay, market-based pay, and perception-based pay. Strategic compensation aims to motivate employees through a balanced pay mix beyond usual costs. Job evaluation systematically compares jobs to assess their relative worth and establish an equitable pay structure.
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Economic theories of wages
This document outlines 8 economic theories of wages: 1) Subsistence Theory, 2) Wages Fund Theory, 3) Residual Claimant Theory, 4) Surplus Value Theory, 5) Marginal Productivity Theory, 6) Bargaining Theory of Wages, 7) Employment Theory, and 8) Competitive Theory. It provides a brief description of each theory, including key assumptions and economists associated with each view of how wages are determined.
Wage determination
1) The document discusses wage determination in the English Blood Service (NHS BT), which employs 6,500 people across various occupational groups in blood donation and transplantation.
2) The median basic pay is £15,069 and mean pay is £19,019, with the majority of employees in lower paid roles like donor carers and lab support staff.
3) Wage determination is analyzed using theories of social structure, the interplay between social actors like unions and management, and how these mechanisms operate differently in organizations.
Wages Fund theory
The Wages Fund theory developed by Adam Smith and later expanded by Karl Marx and David Ricardo states that the total wages paid to laborers is fixed, or determined by the total capital invested in wages. As the labor supply increases, the average wages will decrease as the fixed wages fund is divided among more workers. The theory also argues that average wages will decline with increases in population and rise as the wages fund is enlarged or the labor supply decreases. However, the theory does not adequately explain variations in wages between different levels, regions, or account for differences in worker efficiency.
A Criticism of Efficiency Wage Models
This document provides a criticism of efficiency wage models from a heterodox perspective. It argues that wage stability is an integral feature of businesses, not a cause of unemployment as efficiency wage theorists claim. The document outlines an alternative heterodox approach involving market governance, organizational design, and decision making to explain wage setting and stability. Wages are set through "community wage surveys" conducted by businesses in cartels and adjusted semi-annually or annually for cost stability, not in response to market prices or unemployment.
Theory of Labour
This document discusses key concepts related to the theory of labour, including:
- The definition of labour and how it differs from other factors of production.
- The concept of division of labour and how it leads to increased specialization and output.
- Factors that influence the mobility, size, and structure of the labour force such as birth rates, death rates, and migration patterns.
- Key labour force metrics like the dependency ratio and participation rate.
Theories
This document provides an overview of different theories of wages. It discusses subsistence theory, which states that wages will tend toward the minimum needed to keep workers alive. Wages fund theory argues wages are paid from a predetermined fund. Surplus value theory says workers are paid less than the value they create, with the surplus going to expenses. Residual claimant theory views labor as the residual claimant to the value created after other factors are paid. Marginal productivity theory holds that wages are determined by how much value workers add at the margin.
Purchasing power theory– wage theories - compensation management - Manu Melw...
The purchasing power theory of wages concerns the relationship between wages, employment, and the business cycle. It argues that changes in wages will significantly impact consumption since wages make up a large percentage of national income. If wages fall more quickly than prices, real wages and consumption will decrease, leading to higher unemployment unless total spending increases through government investment. Conversely, if wages fall less quickly than prices, real wages and consumption may rise as long as investment remains stable, boosting total spending and employment. The theory gained prominence during the Great Depression when simply lowering wages did not increase employment as previously believed.
Wage fund theory – wage theories - compensation management - Manu Melwin Joy
This theory was developed by Adam Smith and was further expounded by J.S.Mill.
J.S. Mill said that wages mainly depend upon demand for and supply of labour or the proportion between population and capital available.
Modern theory of wage determination
A "wage determination" is the listing of wage rates and work benefit rates for each classification of labourers and mechanics. This is determined by skill, effort, knowledge, experience etc.
Wages: Concepts and Theories
Wages: Concepts and TheoriesWe Learn - A Continuous Learning Forum from Welingkar's Distance Learning Program.
In this presentation, we will understand concept theories and types of wages, compensations and earnings.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
Behavioral theory – wage theories compensation management - Manu Melwin Joy
Many behavioural scientists — notably psychologists and sociologists- like March and Simon, Robert Dubin, Eliot Jacques—have presented their views on wages and salaries on the basis of research studies and action programmes conducted by them.
Bargaining theory – wage theories - compensation management- Manu Melwin Joy
John Davidson propounded this theory. Under this theory, wages are determined by the relative bargaining power of workers of their union and of employers.
Compensation Management
This document discusses key concepts related to wages and compensation management. It defines wages, salaries and earnings and outlines the objectives of compensation programs such as maintaining equity and creating skilled workforces. It also examines factors that influence wage determination like ability to pay, demand and supply, prevailing market rates and cost of living. Methods of wage payment like time rates, piece rates and incentive plans are covered. The importance of wages and salary administration for attracting employees and ensuring satisfaction is also discussed.
Theories of wages
This document summarizes eight major theories of wages:
1) Subsistence theory argues wages are determined by the cost of basic needs.
2) Standard of living theory states wages are determined by workers' standard of living.
3) Wage fund theory claims wages are paid from a predetermined fund created by savings.
4) Residual claimant theory views wages as the remainder after other costs are paid.
5) Marginal productivity theory contends wages equal workers' marginal productivity.
6) Bargaining theory argues unions and employers determine wages through negotiations.
7) Behavioral theories examine social and psychological factors influencing wages.
8) Modern theory treats wages as the price of labor set by demand and supply
Chapter4: Distribution (group 3)
Submitted by : Madeliene Ocampo, Kalvin Kier Arao, Luisito Lumbre, Mirriam Ocenar
Submitted to : Prof. Thes Sagadraca
Subject : Principles of Economics
SChool : University of Makati
Theories of Unemployment, Philip Curve and its Controversies
This document discusses theories of unemployment including types of unemployment like frictional, structural, seasonal, and cyclical unemployment. It also discusses concepts like the natural rate of unemployment, disguised unemployment, efficiency wages, Okun's law, and the Phillips curve. The Phillips curve shows the relationship between inflation and unemployment in the short run and long run. Economists like Friedman, Phelps, Tobin, and Solow have criticized the Phillips curve, arguing that there is no long-run tradeoff between inflation and unemployment.
Giant labour market powerpoint
The document discusses labour markets and includes two parts. Part 1 discusses the supply and demand of labour and wage determination. The supply of labour depends on the wage rate and is generally upward sloping. The demand for labour is derived from the demand for the product/service. Factors like productivity and costs also impact demand. Wages are determined by the intersection of supply and demand. Part 2 will discuss labour market failures.
Wage determination and government intervention on private sectors
This document discusses industrial relations and wage determination in Malaysia. It covers the different types of wages like subsistence, living and fair wages. Minimum wage levels are determined by authorities using various criteria. While employers see wages as labor costs, workers define wages as direct payments received. The government has introduced reforms like the National Wage Consultation Council to improve wage determination and collective bargaining between employers and workers.
Market Equilibrium, Equalizing Differentials and Occupational Choice
Covers market equilibrium, equalizing differentials and the factors that affect the occupations we choose.
Theories of Unemployment, Philip Curve and its Controversies
This document discusses various theories related to unemployment, including:
1) Definitions of unemployment from various sources such as ILO and types of unemployment such as frictional, structural, seasonal, and cyclical.
2) Theories like efficiency wages, where increasing wages can increase productivity, and Okun's law relating GDP growth and unemployment changes.
3) The Phillips curve showing the relationship between inflation and unemployment and criticisms of the Phillips curve like it only applying in the short run.
4) Different views on the Phillips curve such as Friedman's vertical long run view, Tobin's kinked curve view, and Solow's vertical at positive inflation view.
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Compensation refers to the total remuneration provided to employees in return for work, including both financial and non-financial benefits. The main components of compensation are wages/salaries and employer social contributions. Compensation is influenced by factors like business strategy, labour markets, economy, and legal considerations. Theories of remuneration include need-based pay, market-based pay, and perception-based pay. Strategic compensation aims to motivate employees through a balanced pay mix beyond usual costs. Job evaluation systematically compares jobs to assess their relative worth and establish an equitable pay structure.
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Wage differentials due to market imperfections - compensation management - M...
In economics, there is a presumption that people will migrate to higher paying jobs from lower paying jobs of the same type and with the same requirements. However, this can only happen if people know about the jobs.
Salary surveys - compensation management - Manu Melwin Joy
Surveys collecting information about employee compensation, including salary and benefits, are commonly called salary surveys.
Chapter 11 - Motivating for High Performance
This document provides an overview of different motivation theories and how they can be applied in organizations. It discusses content motivation theories like Maslow's hierarchy of needs theory and process motivation theories like expectancy theory. It also covers reinforcement theory and different types of reinforcement. The document seeks to explain these theories and how managers can use them to motivate employees and improve performance.
Uberization of workforce - Human Resource management - Manu Melwin Joy
The document discusses the "uberization of the workforce", where traditional employment models are changing as more workers take on independent contractor roles similar to Uber drivers. This presents challenges for companies in managing a mobile, global workforce with different expectations. There are risks to both the talent, such as ensuring they have the right skills, and risks from the talent, like higher customer switching costs. The document provides tips for companies to effectively manage freelance talent such as developing their employer brand, building a talent community, and embracing a compliant regulatory approach.
Organizational Behavior : Motivation
The document discusses several motivational theories including Maslow's hierarchy of needs, Herzberg's two-factor theory, McClelland's acquired needs theory, equity theory, and expectancy theory. It analyzes the key elements and implications of each theory on motivating employees, such as understanding an individual's dominant needs, ensuring fair treatment and rewards, and establishing a clear link between performance and rewards. The theories provide insights for managers on evaluating what motivates different employees and how to apply motivational strategies appropriately.
Lussier3e ch12
This document discusses various theories of motivation and how they relate to job performance. It covers content theories like Maslow's hierarchy of needs theory and ERG theory, process theories like equity theory and expectancy theory, and reinforcement theory. The document also discusses how companies can apply these motivation concepts, such as through goal-setting, rewards, and praise.
Models of employment
This document discusses human resource development and management. It describes how companies previously invested in their employees' careers by providing training, opportunities for progression, and retirement benefits. It also discusses developing vocational profiles to guide career choices, sources for finding job opportunities, and principles of supported employment including integrated workplaces and paying market wages. The goal of supported employment is reducing reliance on welfare benefits.
Continuous candidates - Manu Melwin Joy
Continuous candidates are employee who are always looking for their next job opportunity. A new study from Manpower Group Solutions revealed that 37 percent of workers around the globe, and 41 percent of U.S. workers.
HRM dimensions to employee relations - industrial relations - Manu Melwin Joy
Traditional industrial relations focused on conflict between management and workers, while emerging employee relations emphasizes cooperation. The new economic environment requires companies to follow human resource development and welfare policies to have healthy employee relations. This presentation will outline the differences between traditional industrial relations centered on conflict versus the emerging model of employee relations that focuses on cooperation between employers and workers.
Creating Job Enrichment and Equity Theory .pptx
The document discusses job enrichment and equity theory. It defines job enrichment as giving employees greater autonomy and variety to motivate them. Five ways to create job enrichment are outlined, such as increasing skills variety and task significance. Strategies for job enrichment include rotating jobs and combining tasks. Equity theory states that employees identify inequities between themselves and peers and adjust work to make the situation fair. Employees are motivated when they perceive fair treatment and outcomes compared to others. The components of equity theory are inputs, outcomes, and comparison levels in relationships.
Motivation Theories
This document summarizes several theories of motivation:
- Maslow's Hierarchy of Needs which contends that humans seek to meet basic needs and progress to higher needs.
- Herzberg's Two-Factor Theory which identifies hygiene factors that prevent dissatisfaction and motivators that provide true motivation.
- Alderfer's ERG Theory which presents a needs hierarchy of existence, relatedness, and growth needs.
- McClelland's Theory of Needs which identifies three motivators - achievement, affiliation, and power - that are learned and influence behavior.
- Expectancy Theory which proposes motivation is influenced by expectancy, instrumentality, and valence (perceptions of effort-performance and performance-reward relationships
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This document discusses employee retention strategies and theories. It begins by defining employee retention and noting that the goal for employers is typically to decrease turnover in order to reduce costs. It then discusses several theories related to retention, including:
- Valence theory, which relates to aligning employee needs with rewards.
- Expectancy theory, which involves training employees and implementing an effective rewards system.
- Maslow's hierarchy of needs as it applies to identifying effective retention strategies by addressing employees' various needs.
- Herzberg's two-factor theory which separates motivators from hygiene factors that impact satisfaction.
- Equity theory which recognizes employees assess their rewards relative to external positions.
The document outlines
HRM_Introduction_2023.pptx
Here are the answers to the quiz questions:
1. True
2. True
3. Scientific Management Theory
4. True
5. Controlling involves measuring actual performance against the standards and taking corrective actions.
6. Support and advise
7. TATA Group
8. False
9. True
10. False (Moonlighting is having a secondary job, job shadowing is observing someone on the job)
TARGET.pptx
The document provides strategic HR recommendations for Target Corporation to address organizational challenges and support its objectives of a fast, fun, and friendly culture. The recommendations focus on four core areas: building an engaging organizational culture, effective staffing strategies, training and development, and performance management. Specifically, the HR function aims to create a respectful and inclusive working environment, implement an employee referral program, conduct performance reviews, and partner with colleges and technical schools to recruit qualified candidates. The overarching goals are attracting and retaining top talent while filling open positions quickly.
11.Describe types of compensation and outline the major .docx
1
1.Describe types of compensation and outline the major
influences on compensation plans
2.Describe major content and process theories of motivation and
their application to compensation plan design
Managing Hospitality Human Resources
Chapter 8: Compensation Administration
3.Outline methods of determining job worth and describe the
advantages and disadvantages of each
4.Describe the steps and identify options for establishing pay
structures
5.Describe current issues in compensation administration
Compensation Policy
• Articulates where the company wants its pay
policies to be in the marketplace and how the
company will reward and motivate employees
• Monetary compensation is commonly divided into
the following:
– Direct compensation
• payment of money to an employee in exchange for work
– Indirect compensation
• compensation given as a condition of employment rather
than in direct exchange for work.
Major Influences on Compensation Plans
• Cost of living
• Labor market influences
• Union influences
• Government influences
Cost of Living
• Refers to the real dollar value of a worker’s
purchasing power for ordinary necessities such as
food and clothing
• The cost of living in different regions is also a factor in
compensationcompensation.
• Consumer price index
– computed by comparing the retail prices of goods and
services at a fixed time with the prices at subsequent or
prior times
– is generally the best overall indicator of the real value of
wages or salaries.
Labor Market Influences
• The number of available workers varies
– Unemployment
– Type of work
– Location/regional economic conditions
• Compensation rates vary according to worker
availability
• Internal conditions of a company influence
compensation rates
Union Influences
• Unions influence compensation rates
– union contracts generally have same pay for all employees
who perform the same job
– raises based on seniority
• Non‐union companies typically reward individualNon union companies typically reward individual
employees
• Whether unionized or not, hotels in markets in which
unions are present generally have higher
compensation costs.
2
Government Influences
• Laws that mandate companies compensation for
their employees
– minimum wage
– wage rates
– overtime pay
– child‐labor restrictions
• Exempt
– An employee who is not subject to the minimum wage or
overtime provisions of the Fair Labor Standards.
• Non‐exempt
– An employee who is subject to the minimum wage or
overtime provisions of the Fair Labor Standards.
External and Internal Equity
• External equity
– pay variations among similar properties in a particular
market
• Salary Survey
– External analysis depends on direct collection of
information from competing organizations in the market
• Internal equity
– pay variations within a particular company
• Job Evaluation
– Internal analysis based on establishing meaningful
compensable factors
Job Evalu.
The matching model of HRM - human resource management - Manu Melwin Joy
One of the first explicit statements of the HRM concept was made by the Michigan School (Fombrun et al, 1984). They held that HR systems and the organization structure should be managed in a way that is congruent with organizational strategy (hence the name ‘matching model’).
Various challenges in employee retention
What are the various challenges in employee retention? Which employee retention strategies are effective in the management of human capital?
Week 8 Recruiting, Motivating & Keeping Quality Employees.pdf
The document discusses strategies for recruiting, motivating, and retaining quality employees. It covers topics such as:
- Performing job analyses to understand job requirements and develop job descriptions.
- Forecasting future hiring needs and beginning the recruiting process.
- Ensuring non-discrimination and equal opportunity in hiring.
- Training and developing new employees through orientation and ongoing learning.
- Theories about what motivates employees, such as Maslow's hierarchy of needs and Herzberg's two-factor theory.
- Strategies for creating a motivating work environment, such as job enrichment, flexible schedules, and competitive pay.
Strategic human resource management – a case study
This document provides an overview of strategic human resource management and different theories related to aligning human resources with organizational strategy. It discusses strategic human resource management, the best fit theory, best practice theory, and resource theory. The best fit theory links human resource strategy to the internal environment and categorizes organizations. The best practice theory aims to improve performance through developing employee commitment. The resource theory views an organization's resources as important assets for strategic positioning.
Motivation by elmusharaf
The document discusses motivation theories and how to motivate employees in the workplace. It covers several motivation theories including Maslow's hierarchy of needs, McClelland's three needs theory, and Herzberg's motivation-hygiene theory. It also discusses strategies for motivating employees such as setting goals, rewarding performance, ensuring fair treatment, and satisfying employee needs. Managers are advised to communicate effectively, involve employees in decision making, and match employees' skills to their job tasks to improve motivation and performance.
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The matching model of HRM - human resource management - Manu Melwin Joy
The matching model of HRM - human resource management - Manu Melwin Joy
Week 8 Recruiting, Motivating & Keeping Quality Employees.pdf
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Strategic human resource management – a case study
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Market theory – wage theories - compensation management - Manu Melwin Joy
- 1. Market theory – Wage theories Compensation Management
- 2. Prepared By Kindly restrict the use of slides for personal purpose. Please seek permission to reproduce the same in public forms and presentations. Manu Melwin Joy Assistant Professor Ilahia School of Management Studies Kerala, India. Phone – 9744551114 Mail – manu_melwinjoy@yahoo.com
- 3. Market theories • The most basic of these is the number of workers available (supply) and the number of workers needed (demand). In addition, wage levels are shaped by the skill sets workers bring and employers need, as well as the location of the jobs being offered.
- 4. Market theories • The interplay between all of these factors will eventually cause wages to settle—that is, the number of workers, the number of jobs, the skills involved, and the location of the jobs will eventually lead workers and employers to reach a series of wage agreements.
- 5. Market theories • If employers (demand) cannot find enough workers to meet their needs, they will keep raising their wage offers until more workers are attracted. If workers are in abundance (supply), wages will fall until the surplus labor decides to go elsewhere in search of jobs. When supply and demand meet, the equilibrium wage rate is established.
- 6. Market theories • If employers (demand) cannot find enough workers to meet their needs, they will keep raising their wage offers until more workers are attracted. If workers are in abundance (supply), wages will fall until the surplus labor decides to go elsewhere in search of jobs. When supply and demand meet, the equilibrium wage rate is established.